DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- May corn is up 3/4 cent per bushel, May soybeans are down 12 1/4 cents, May KC wheat is up 15 3/4 cents, May Chicago wheat is up 13 cents and MIAX May Minneapolis wheat is up 14 1/4 cents. The Dow Jones Industrial Average is up 13.12 points. The U.S. Dollar Index is down 0.100 and May crude oil is up $2.38 per barrel. June gold is down $20.20 per ounce. Heading for the Monday close, soybeans and bean oil are extending losses and spot corn futures are moving back toward unchanged. All three wheat markets remain very firm.
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Posted 10:29 -- May corn is up 3 1/2 cents per bushel, May soybeans are down 7 3/4 cents, May KC wheat is up 21 1/4 cents, May Chicago wheat is up 15 cents and MIAX May Minneapolis wheat is up 15 1/4 cents. The Dow Jones Industrial Average is down 265.26 points. The U.S. Dollar Index is up 0.130 and May crude oil is up $5.93 per barrel. June gold is down $60.00 per ounce. At midmorning, bean oil has done a turnaround and is now trading lower while soybean are down hard and wheat sharply higher. Corn is still up a few cents as it had been all day. Crude oil is still higher but well off the morning high.
Posted 08:32 -- May corn is up 1 1/2 cents per bushel, May soybeans are down 5 1/4 cents, May KC wheat is up 15 cents, May Chicago wheat is up 11 cents and MIAX May Minneapolis wheat is up 8 1/4 cents. The Dow Jones Industrial Average is down 283.20 points. The U.S. Dollar Index is up 0.230 and May crude oil is up $6.93 per barrel. June gold is down $29.40 per ounce. Corn, wheat and bean oil are reacting by adding back some war/energy premium as the expected blockade of the Strait of Hormuz has sent crude oil futures back up. Soybeans are weaker on the prospect that a longer war could derail the scheduled Trump-Xi meeting in mid-May.
Posted 19:09 Sunday -- May corn is up 4 cents and May soybeans are up 1 1/2 cents. May KC wheat is up 15 cents, May Chicago wheat is up 12 1/4 cents, and May MIAX Minneapolis wheat is up 8 1/4 cents. May crude oil is up $8.45 and Dow Jones futures are down 518 points. The U.S. Dollar Index is up 0.46 and June gold is down $98.10. Row crop futures, especially wheat markets, are firm to open Sunday evening trade. Energy markets are leading the path higher (with crude oil futures gapping higher) to begin the new week after weekend negotiations between the U.S. and Iran failed to result in any agreement. President Trump stated that the U.S. will blockade the Strait of Hormuz beginning on Monday. The already fragile ceasefire (which has been in effect since Tuesday evening) appears to be on the verge of collapse and energy markets are reacting accordingly. Otherwise, Ag traders will continue to monitor weather conditions closely, with recent rainfall providing some drought alleviation for corn and soybean regions in the U.S. but may also cause delays to planting, though it is still early. Meanwhile, as of last week 68% of U.S. winter wheat areas remained in some form of drought.
LivestockPosted 11:43 -- June live cattle are down $0.48 at $248.725, May feeder cattle are up $0.33 at $372.675, June lean hogs are down $0.68 at $103.05, May corn is up 2 1/2 cents per bushel and May soybean meal is up $1.70. The Dow Jones Industrial Average is down 47.77 points and NASDAQ is up 130.60 points. The livestock complex is trading mixed into Monday's noon hour as the live cattle contracts would like to rally alongside the feeder cattle contracts but need to first see more fundamental support before doing so. New showlists appear to be to be slightly higher in Nebraska/Colorado, and higher in Kansas and Texas.
Posted 08:37 -- June live cattle are down $0.55 at $248.65, May feeder cattle are down $0.35 at $372., June lean hogs are down $0.65 at $103.075, May corn is up 1 3/4 cents per bushel and May soybean meal is down $1.40. The Dow Jones Industrial Average is down 329.34 points and NASDAQ is down 69.11 points. The livestock complex is off to a weaker start at Monday's open as traders long to see what's going to develop fundamentally this week before they'll likely advance the contracts again. Last week's cash cattle trade was very limited, so the dynamics in this week's cash market could be greater than most weeks as packers didn't get many cattle bought last week.
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