DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is up 4 1/2 cents and July soybeans are down 10 cents. New-crop December corn is up 1/2 a cent and new-crop November soybeans are down 9 3/4 cents. July KC wheat is up 1 1/2 cents, July Chicago wheat is up 6 1/4 cents, and July Minneapolis wheat is up 1/4 cents. June crude oil is down $1.99 and Dow Jones futures are down 123 points. The U.S. Dollar Index is up 0.14 and June gold is down $13.20. Heading into the last half hour of trade, corn and wheat markets continue to trade higher in what has felt like action driven primarily by technical factors amid thin fundamental news. Weak energy markets are the likely catalyst to the selloff in the soybean complex, led by soybean oil. Outside equity markets are recovering from early Wednesday losses as despite U.S. GDP showing the first quarterly contraction in 3 years, consumer spending soared in March and inflation was cooler than expected, leading to some optimistic takeaways among investors.

Posted 10:35 -- July corn is up 5 3/4 cents and July soybeans are down 7 3/4 cents. New crop December corn is up 1 1/4 and new crop November soybeans are down 6 1/2. July KC wheat is up 5 3/4 cents, July Chicago wheat is up 10 1/4 cents, and July Minneapolis wheat is up 3 3/4 cents. June crude oil is down $0.43 and Dow Jones futures are down 271 points. The U.S. Dollar Index is up 0.37 and June gold is down $13.70. Markets are mixed thus far Wednesday with July corn futures recovered slightly from Tuesday's double-digit losses but stalling out at chart resistance. The soybean complex is under pressure driven by profit taking in the soybean oil market. Lastly, wheat futures are attempting a recovery thus far Wednesday driven by short covering amid contract lows on both KC and Chicago contracts.

Posted 08:31 -- July corn is up 1 1/4 cents per bushel, July soybeans are down 13 cents, July KC wheat is up 1 3/4 cents, July Chicago wheat is up 2 1/2 cents and July Minneapolis wheat is up 4 cents. The Dow Jones Industrial Average is down 366.49 points. The U.S. Dollar Index is up 0.190 and June crude oil is down $0.59 per barrel. June gold is down $17.90 per ounce. Soybeans and soy products are under heavy pressure, while corn and wheat are mixed to firmer. USDA: Private exporters reported sales of 120,000 mt (4.7 mb) of corn for delivery to unknown destinations during the 2024/2025 marketing year.

Livestock

Posted 11:35 -- June live cattle are down $0.60 at $209.6, August feeder cattle are down $1.80 at $295.1, June lean hogs are down $1.70 at $97.75, May corn is up 7 1/2 cents per bushel and May soybean meal is down $0.00. The Dow Jones Industrial Average is down 295.92 points and NASDAQ is down 269.14 points. A single bid of $218 is currently being offered in Nebraska, but otherwise the cash cattle market is still silent. Asking prices are noted in the South at $216-plus, but are still not established for the North.

Posted 08:35 -- June live cattle are up $0.03 at $210.225, August feeder cattle are down $0.33 at $296.575, June lean hogs are down $0.23 at $99.225, May corn is up 1 1/4 cents per bushel and May soybean meal is down $2.30. The Dow Jones Industrial Average is down 302.45 points and NASDAQ is down 358.45 points. A few asking prices have been noted in the South at $216 plus, but otherwise the fed cash cattle market remains silent. It's still likely that the week's trade will be delayed until Thursday or Friday.

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