DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- December corn is down 9 1/2 cents per bushel, November soybeans are down 10 3/4 cents, September KC wheat is down 6 cents, September Chicago wheat is up 11 cents and September Minneapolis wheat is down 2 cents. The Dow Jones Industrial Average is up 249.66 points and August crude oil is up $0.69 per barrel. The U.S. Dollar Index is down 0.080 and August gold is down $0.70 per ounce. Corn and soybeans are crumbling following the July WASDE report, which featured rising 2019-20 ending stocks for corn and soybeans, and higher wheat and soy stocks than expected for 2020-21. Although 2020 corn ending stocks fell by 675 mb on reduced acres, the trade fears further demand cuts down the road.
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Posted 10:33 -- December corn is down 4 cents per bushel, November soybeans are down 1 3/4 cents, September KC wheat is down 2 3/4 cents, September Chicago wheat is up 4 cents and September Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is up 165.04 points and August crude oil is up $0.62 per barrel. The U.S. Dollar Index is down 0.150 and August gold is down $0.70 per ounce. Corn continues to falter despite the nearly 54-million-bushel sale of corn to China announced Friday morning, with the largest portion of that in the 2019-20 crop year. Assuming no major surprises in the July WASDE report, it is likely that the corn and soy markets will again be focused on upcoming weather forecasts as pollination advances.
Posted 08:33 -- December corn is down 1 cent per bushel, November soybeans are up 1/4 cent, September KC wheat is up 1 cent, September Chicago wheat is up 2 1/4 cents and September Minneapolis wheat is up 1 3/4 cents. The Dow Jones Industrial Average is up 24.52 points and August crude oil is up $0.08 per barrel. The U.S. Dollar Index is down 0.150 and August gold is up $9.10 per ounce. The Foreign Agricultural Service (FAS) reported a huge corn sale to China -- a sale of 1.365 mmt (53.7 million bushels) of corn, with 30 mb of that for old crop 2019-20 and 23.6 mb for new crop, 2020-21. In addition, China was reported to have bought 130,000 mt (4.8 mb) of hard red winter wheat and 190,000 mt (6.98 mb) of hard red spring wheat.
LivestockPosted 11:36 -- August live cattle are up $0.45 at $99.7, August feeder cattle are up $0.78 at $135.3, August lean hogs are down $0.68 at $49.55, December corn is down 8 cents per bushel and December soybean meal is down $3.60. The Dow Jones Industrial Average is up 166.78 points and NASDAQ is down 13.78 points. Cattle contracts are trading sideways after Friday morning progressed the complex higher, but lean hogs are trading mostly lower as the support needed to rally the complex just isn't surfacing. Cattle contracts seem to be firm in their position and could end up closing the day with the same strength that the complex offers at midday, as the week's stronger cash cattle prices seem to somewhat back the rally.
Posted 10:37 -- August live cattle are up $0.48 at $99.725, August feeder cattle are up $0.50 at $135.025, August lean hogs are down $0.50 at $49.725, December corn is down 4 1/2 cents per bushel and December soybean meal is down $2.10. The Dow Jones Industrial Average is up 151.65 points and NASDAQ is down 16.72 points. As Friday progresses, cattle contracts are still optimistic, but the lean hog contracts are now trading $0.50 to $0.95 lower. Cash cattle trade is extremely quiet with bids and asking prices still hard to find.
Posted 08:40 -- August live cattle are up $0.10 at $99.25, August feeder cattle are up $0.48 at $134.52, August lean hogs are up $2.28 at $50.22, December corn is up 2 3/4 cents per bushel and December soybean meal is up $3.60. The Dow Jones Industrial Average is down 361.19 points and NASDAQ is up 55.25 points. The cash markets have fared well over the last week and hopefully that steam will continue to close the week.
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