DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Todd Hultman
By  Todd Hultman , DTN Lead Analyst
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Illustration by Nick Scalise

Grains

OMAHA (DTN) -- As we near the 12:05 p.m close, March corn is down 5 1/2 cents, January soybeans are up 1/2 cent, and March Chicago wheat is down 8 1/4 cents. Corn and wheat remain under bearish pressure while the U.S. dollar index trades up .25, slightly above the 100-point mark and near its highest level in eight months. Soybeans are slightly higher after Yahoo News reported increased incidents of soy rust in southern Brazil where conditions have been wet.

Posted 09:44 -- March corn is down 4 cents, January soybeans are down 1 1/4 cents, and March Chicago wheat is down 8 1/4 cents. Commercial selling in wheat is taking prices toward their September low of $4.63 with first notice day for December grains set for Monday, Nov. 30. The U.S. dollar index is up .26, above the 100-point mark and adding bearish pressure on all commodity prices. Don't forget: Trading in U.S. grain futures closes early Friday with the Chicago Board of Trading ending at 12:05 p.m. CST.

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Posted 08:38 -- After the 8:30 open, March corn is down 1 3/4 cents, January soybeans are down 1 1/4 cents, and March Chicago wheat is down 2 1/4 cents. USDA's weekly report of export sales kept marketing year totals bearish for corn and wheat, neutral-to-bearish for soybeans. One piece of bullish news was the new marketing year high of 80.2 million bushels of corn sales with Mexico, unknown, and Japan listed as top customers.

Livestock

Posted 10:31 -- December cattle are up .62 and February cattle are up .52, still waiting for some cash trade on Friday. January feeder cattle are up .70, holding a modest gain for the week. December hogs are down .15 and February hogs are down .35. USDA reported net sales of 10,200 metric tons of beef for last week, down 13% from the previous week. Net sales of pork totaled 9,000 metric tons and were down 57% from the previous week with Japan listed as the top customer. Don't forget that livestock futures quiet trading at 12:15 p.m. CST on Friday.

Posted 09:15 -- December cattle are up 1.37 and February cattle are up 1.32 with expectations for minimal cash trade on Friday. January feeder cattle are up 1.27, still holding above last week's low. December hogs are down .37 and February hogs are down .67 with steady cash bids expected. Dow Jones projected Friday's cattle slaughter at 102,000, down from 104,551 a year ago. Hog slaughter is expected at 424,000, up from 407,487 a year ago.

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Todd Hultman