DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- December corn is up 1/2 cent per bushel, November soybeans are up 5 1/4 cents, September KC wheat is down 3 1/2 cents, September Chicago wheat is up 4 1/4 cents and September Minneapolis wheat is up 1 3/4 cents. The Dow Jones Industrial Average is up 348.34 points and August crude oil is up $0.19 per barrel. The U.S. Dollar Index is down 0.230 and August gold is down $1.50 per ounce. Corn traders continue to be unimpressed with China's purchase of nearly 70 mb of U.S. corn that effectively doubled their purchase total of corn split between both crop years. Rumors are out there that China may have picked up more U.S. beans on Tuesday following the 129,000 mt announced early in the morning. Russia again satisfied the Egypt tender, with GASC buying another 114,000 mt (4.2 mb) to go with the 230,000 mt (8.4 mb) sold a few days ago.
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Posted 10:32 -- December corn is up 1 cent per bushel, November soybeans are up 6 1/2 cents, September KC wheat is up 4 cents, September Chicago wheat is up 7 1/2 cents and September Minneapolis wheat is up 4 1/2 cents. The Dow Jones Industrial Average is up 231.95 points and August crude oil is up $0.30 per barrel. The U.S. Dollar Index is down 0.190 and August gold is down $1.00 per ounce. Corn futures are not exactly surging on what is the fourth largest corn sale on record. China booked 69.4 mb of new crop corn. Keeping corn under pressure is the forecast for some decent rain coverage to fall in dry Iowa, Illinois and Indiana in the next few days. Egypt's GASC received 10 offers for wheat, with Russia and Ukraine again the cheapest offers.
Posted 08:33 -- December corn is up 2 3/4 cents per bushel, November soybeans are up 2 cents, September KC wheat is up 8 3/4 cents, September Chicago wheat is up 6 3/4 cents and September Minneapolis wheat is up 4 cents. The Dow Jones Industrial Average is down 41.21 points and August crude oil is down $0.90 per barrel. The U.S. Dollar Index is up 0.040 and August gold is down $14.90 per ounce. A huge new corn sale was announced to China by the Foreign Agricultural Service (FAS) -- 1.762 mmt (69.4 mb) sold for 2020-21. Also, 129,000 mt (4.7 mb) of soybeans were sold to China for 2020-21.
LivestockPosted 11:33 -- August live cattle are down $0.70 at $98.95, August feeder cattle are down $0.13 at $136.925, August lean hogs are down $0.28 at $51., December corn is steady and December soybean meal is up $2.00. The Dow Jones Industrial Average is up 291.76 points and NASDAQ is up 0.88 points. The livestock complex hasn't fully decided if Monday's rally is where the market needs to lean. The lean hog complex could trade higher Tuesday afternoon as pork cutout values are slightly higher and cash hogs are trading modestly higher as well. Meanwhile, the cattle contracts are sitting idly, letting time pass as certainty in where prices should trade this week are slim.
Posted 10:33 -- August live cattle are down $0.40 at $99.25, August feeder cattle are up $0.28 at $137.325, August lean hogs are up $0.33 at $51.6, December corn is up 1 cent per bushel and December soybean meal is up $1.80. The Dow Jones Industrial Average is up 230.68 points and NASDAQ is down 46.49 points. Hesitation is growing in the live cattle sector as most of the contracts are now trading for $0.27 to $0.82 lower. With the uncertainty, feeders may want to push cash cattle trade later in the week to see if prices improve. Cash cattle bids are still hard to come by but could surface at any time.
Posted 08:33 -- August live cattle are down $0.38 at $99.275, August feeder cattle are down $0.23 at $136.825, August lean hogs are down $0.20 at $51.075, December corn is up 2 cents per bushel and December soybean meal is up $0.10. The Dow Jones Industrial Average is down 27.33 points and NASDAQ is down 71.93 points. Following Tuesday's mostly bullish trade, the complex will be offered another opportunity to trade higher if support is carried over. Packers are anticipated to be more aggressive through Tuesday and we could see some possible trade throughout the day. Dressed cattle are priced at $162 and live cattle at $100 -- feeders are hoping to push prices past last week's progression.
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