DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
Posted 12:53 -- July corn is up 7 3/4 cents per bushel, July soybeans are down 17 3/4 cents, July KC wheat is up 27 cents, July Chicago wheat is up 23 3/4 cents and July Minneapolis wheat is up 25 1/4 cents. The Dow Jones Industrial Average is up 633.13 points and July crude oil is down $0.33 per barrel. The U.S. Dollar Index is down 1.010 and June gold is up $8.20 per ounce. Wheat and corn continue to be firm on ideas that little corn or wheat is likely to be exported out of that area due to port blockage and infrastructure damage, and more drought damage in Brazilian corn. Soybeans and products are a bit weaker on profit-taking, and a weak meal market again. Corn is gaining some strength that Argentina may soon raise export taxes.
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Posted 10:31 -- July corn is up 5 cents per bushel, July soybeans are down 18 1/4 cents, July KC wheat is up 17 1/2 cents, July Chicago wheat is up 13 3/4 cents and July Minneapolis wheat is up 10 1/2 cents. The Dow Jones Industrial Average is up 636.75 points and July crude oil is up $0.50 per barrel. The U.S. Dollar Index is down 1.010 and June gold is up $9.20 per ounce. Soybeans and products are now sagging despite another new old crop sale of 4.78 mb of U.S. soybeans to Egypt for 2021-22. Wheat markets have now given up 10-15 cents of early morning strength. Corn inspections were hefty, at over 60 mb, but total inspections remain down 17% versus a year ago.
Posted 08:35 -- July corn is up 3 1/2 cents per bushel, July soybeans are up 1 1/2 cents, July KC wheat is up 17 1/2 cents, July Chicago wheat is up 20 1/4 cents and July Minneapolis wheat is up 15 1/2 cents. The Dow Jones Industrial Average is up 253.53 points and July crude oil is down $0.02 per barrel. The U.S. Dollar Index is down 0.810 and June gold is up $12.60 per ounce. USDA announced another new sale of old crop soybeans, as the ending stocks level continues to move lower: A sale of 130,000 mt (4.78 million bushels) were announced sold to Egypt for the 2021-22 crop year. Wheat is the headliner early in the week, as Russia has rejected efforts to reestablish Ukraine shipping, as they refuse to allow without an unlikely removal of all sanctions.
Posted Sunday, May 22, at 7:30 p.m. -- After the Sunday evening open, grains are starting higher, relieved to see stocks also trading higher. July corn is up 3 3/4 cents and July soybeans are up 8 1/2 cents. July KC wheat is up 19 cents. U.S. temperatures are expected to turn gradually higher later this week, more favorable for planting and crop emergence. Moderate showers will move across much of the Corn Belt this week with heavier amounts in the southeastern U.S. The seven-day forecast remains dry for central Brazil, while southern Brazil and Paraguay have chances for light to moderate showers. June crude oil is up $0.36 and Dow Jones futures are up 257 points. The U.S. Dollar Index is down 0.12 and June gold is up $5.90.
LivestockOMAHA (DTN) -- August live cattle are up $1.43 at $132.975, August feeder cattle are up $1.70 at $165.625, July lean hogs are up $1.85 at $110.85, July corn is up 7 1/2 cents per bushel and July soybean meal is down $7.40. The Dow Jones Industrial Average is up 592.64 points. Monday's Cold Storage report shared that red meat supplies in freezers were up 4% from the previous month and up 16% from last year. Total pounds of beef in freezers were down 1% from the previous month but up 18% from last year. Frozen pork supplies were up 9% from the previous month and up 16% from last year. Stocks of pork bellies were up 3% from last month and up 67% from last year.
Posted 11:47 -- August live cattle are up $0.88 at $132.425, August feeder cattle are up $0.88 at $164.8, July lean hogs are up $1.18 at $110.175, July corn is up 5 1/2 cents per bushel and July soybean meal is down $7.50. The Dow Jones Industrial Average is up 648.54 points. With packers having committed 44% of last week's purchase to the deferred delivery, this week's cash market will again be pressured as showlists grow and packer interest falls. The live cattle contracts are trending higher into Monday afternoon but staying within the sideways trading range is expected.
Posted 08:35 -- August live cattle is steady, August feeder cattle are down $0.45 at $163.475, July lean hogs are up $0.45 at $109.45, July corn is up 4 cents per bushel and July soybean meal is down $2.70. The Dow Jones Industrial Average is up 272.47 points. Heading into the new week, the cattle contracts are hoping more support lies in this week's market than compared to last. Showlists are expected to be greater than last week as cash cattle sales were thin. Meanwhile, the lean hog complex is hoping that support continues to be found at the meat counter as higher pork cutout prices have helped spur on the market's higher trend.
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