DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is up 12 1/4 cents per bushel, July soybeans are up 7 1/2 cents, July KC wheat is up 1 3/4 cents, July Chicago wheat is up 4 3/4 cents and July Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is down 80.56 points and July crude oil is down $0.34 per barrel. The U.S. Dollar Index is up 0.200 and August gold is up $6.60 per ounce. Spot corn and soybean oil futures are leading the way higher near the close Tuesday, with July bean oil appearing to have broken out above the 20-day average. Corn is surging on increasing dryness and heat in the Midwest and Delta threatening the corn crop, which is expected to see lower conditions again Monday. The GFS weather model seems to have taken away significant rain chances next week, and subsoil levels are extremely low.

Posted 10:35 -- At midmorning Tuesday, wheat prices have given back early gains, related to the destruction of a vital dam in southern Ukraine. December corn is up 3/4 cents and November soybeans are up 6 cents, helped by a 1.22-cent gain in July soybean oil. Both canola and rapeseed oil prices are trading higher, partly helped by an official estimate of lower canola production for Australia in 2023-24. July KC wheat is down 10 3/4 cents and July Minneapolis wheat is down 12 1/4 cents. July crude oil is down $0.21 and Dow Jones futures are down 40 points. The U.S. Dollar Index is up 0.16 and August gold is up $2.30.

Posted 08:33 -- After Tuesday's 8:30 a.m. CDT bell, wheat prices remain higher after Russian forces presumably destroyed Ukraine's Kakhovka dam and power plant in southern Ukraine, an important source of farm irrigation and cooling at the nuclear plant in Zaporizhzhia. December corn is up 1 1/2 cents and November soybeans are up 3 cents. USDA reported 6.1 million bushels of old-crop soybeans were sold to Spain. July KC wheat is up 12 3/4 cents and July Minneapolis wheat is up 8 cents. July crude oil is down $1.54 and Dow Jones futures are down 40 points. The U.S. Dollar Index is up 0.26 and August gold is up $5.60.

Livestock

Posted 11:39 -- August live cattle are up $2.43 at $175.70, August feeder cattle are up $1.35 at $243.95, July lean hogs are up $3.58 at $87.725, July corn is up 7 1/2 cents per bushel and July soybean meal is down $3.10. The Dow Jones Industrial Average is down 36.60 points. With tremendous support stemming from the market's fundamentals, traders are opting to look past the corn market's rally as they continue to trade all three of the livestock contracts higher. The cash cattle market doesn't currently have any bids or asking prices available and it's likely trade is delayed until the second half of the week.

Posted 08:35 -- $0.33 at $242.275, July lean hogs are up $1.50 at $85.65, July corn is up 9 1/2 cents per bushel and July soybean meal is down $0.90. The Dow Jones Industrial Average is down 54.18 points. Both the live cattle and lean hog markets are trading higher, but the slightly higher price in corn is keeping feeders depressed. No cash cattle bids or asking prices have been shared yet, and it's likely that the market doesn't see much action ahead of Thursday.

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