DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
Grains
Posted 11:49 -- March corn is up 1 cent, March soybeans are up 11 cents, and March Chicago wheat is down 2 1/4 cents. Soybeans are getting all the attention on Thursday, helped by a surprising show of commercial buying which also includes meal and oil. The U.S. dollar index is 0.51 lower, offering some relief to U.S. grain prices. Most other commodity prices, however, are lower Thursday with ongoing concerns about slower world growth.
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Posted 09:47 -- March corn is up 1 3/4 cents, March soybeans are up 8 1/4 cents, and March Chicago wheat is up 1 3/4 cents. Grains have turned higher since 8:30, helped by commercial buying in corn, soybeans, and soybean oil. The U.S. dollar is trading down .45 to a new three-month low, offering some protection to grain prices from Thursday's bearish investor influence as the Dow Jones Industrial Average is down 1.8%.
Posted 08:36 -- After the 8:30 open, March corn is down 1 cent, March soybeans are up 1 1/2 cents, and March Chicago wheat is up 3/4 cent. At 8 a.m., USDA announced that 6.0 million bushels (152,400 mt) of U.S. corn were sold to unknown destinations for 2015-16, a welcome amount that still did not make up for the bearishness of Thursday's weekly export sales report for all three grains. U.S. and European stock markets are starting lower with investors spooked by overnight news of disappointing earnings from a European bank.
LivestockOMAHA (DTN) -- Strong losses continue to hold in live cattle futures markets with February live cattle futures holding a $1.70 per cwt loss. Cash cattle trade continues to develop at lower prices compared to last week. This is creating additional pressure across the cattle complex, and limiting buyer support. Hog futures remain firmly higher retracting midweek losses as fundamental support continues to redevelop through nearby and deferred contracts.
Posted 10:32 -- Cattle futures have rallied back from early morning losses with live cattle and feeder cattle futures holding $1 to $1.50 per cwt losses midmorning. Nearby live cattle futures were able to bounce off limit lows following the lack of additional market pressure in the market Thursday, which could create some additional market support through the rest of the session. Strong buyer support is seen in lean hog contracts with April futures holding a $1.12 per cwt rally as the entire complex has given up early losses.
Posted 09:37 -- Nearby live cattle futures are testing limit lower trade with February holding losses of $2.95 per cwt. Lack of support in the complex countered the midweek buyer support that developed late in the day Wednesday. Traders are cautiously focusing on outside market pressure. Feeder cattle futures are also holding sharp triple-digit losses, with nearby contracts holding $2.30 to $2.60 per cwt lower as traders are focused on widespread pressure across all cattle markets. Early mixed trade in lean hog trade has drawn additional support in nearby contracts pulling additional buyers into the complex. This may help to regain some of the midweek pressure.
(KA)
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