DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- As we near the close for the day, December corn is down 40 cents, November soybeans are down 91 1/4 cents, July KC wheat is down 21 1/2 cents, July Chicago wheat is down 20 1/2 cents and September Minneapolis wheat is down 21 1/2 cents. The Dow Jones Industrial Average is down 172.51 points and July crude oil is down $1.58 per barrel. The U.S. Dollar Index is up .735 and August gold is down $84.00 per ounce. Grains have extended this session's losses, despite this week's U.S. Drought Monitor showing further deterioration for the Midwest. Increased chances of precipitation for the Midwest in the days to come, a higher U.S. dollar trade, weekly sales falling in the lower end of pre-report estimates and continued uncertainty surrounding the government's approach to biofuel blending have all combined to weigh heavily on grains.
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Posted 10:31 -- Midmorning trade has December corn down 18 3/4 cents, November soybeans are down 42 1/4 cents, July KC wheat is down 11 1/2 cents, July Chicago wheat is down 7 1/2 cents and September Minneapolis wheat is up 1/4 cent. The Dow Jones Industrial Average is down 230.29 points and July crude oil is down $1.06 per barrel. The U.S. Dollar Index is up .691 and August gold is down $88.70 per ounce. Wheat and corn futures have changed little over the morning while soybean futures have extended earlier losses. December corn has breached its 50-day moving average this session, while November soybeans have extended their move below its 50-day moving average. Weather remains viewed as a neutral factor for soybeans, corn and wheat, with increased chances of precipitation for the Midwest over the next seven days while a pattern of high temperatures is moving into southwest Russia. Weather remains favorable for the HRW harvest, with increased activity seen in south-central Kansas this week.
Posted 08:36 -- Just after Thursday morning's open, December corn is down 19 1/2 cents, November soybeans are down 29 1/4 cents, July KC wheat is down 10 1/2 cents, July Chicago wheat is down 7 3/4 cents and September Minneapolis wheat is up 1/4 cent. The Dow Jones Industrial Average is up 1.84 points and July crude oil is up $0.11 per barrel. The U.S. Dollar Index is up .529 and August gold is down $73.90 per ounce. Global markets are reacting to Wednesday's Federal Reserve comments, with the U.S. dollar index sharply higher as a result. Soybean oil remains the leader to the downside with expanded limits in effect on Thursday, with ongoing concern that the Biden administration will reduce the biofuel blending mandate. USDA reported weekly sales of soybeans, corn and wheat at the lower end of pre-report estimates, with sales of soybeans and wheat down from the previous week. USDA also announced a sale of 135,000 mt of soybean cake and meal to the Philippines for 2020-21 delivery.
LivestockPosted 11:35 -- August live cattle are down $1.55 at $123.375, August feeder cattle are up $1.30 at $159., July lean hogs are down $4.13 at $111.375, July corn is down 32 cents per bushel and July soybean meal is down $4.00. The Dow Jones Industrial Average is down 389.09 points and NASDAQ is up 19.34 points. As the corn market falls further Thursday, the feeder cattle contracts are rallying while the opportunity presents itself. The live cattle and lean hog contracts haven't gotten over the fact that both markets received a weaker export report and are both trading lower into the day's afternoon hours.
Posted 10:38 -- August live cattle are down $0.40 at $124.525, August feeder cattle are up $2.00 at $159.7, July lean hogs are down $2.70 at $112.8, July corn is down 22 1/4 cents per bushel and July soybean meal is down $1.40. The Dow Jones Industrial Average is down 230.47 points and NASDAQ is up 124.00 points. The feeder cattle contracts are continuing to rally despite the live cattle market's slight weakness. The feeder cattle market is continuing to rally as the corn market is falling as much as $0.18 to $0.22 cents in its nearby contracts.
Posted 08:34 -- August live cattle are down $0.33 at $124.6, August feeder cattle are up $1.18 at $158.875, July lean hogs are down $1.58 at $113.925, July corn is down 20 1/2 cents per bushel and July soybean meal is down $1.70. The Dow Jones Industrial Average is up 11.25 points and NASDAQ is down 33.18 points. Beef net sales of 12,800 mt reported for 2021 were down 20% from the previous week and 36% from the prior four-week average. The three largest buyers were Japan (4,400 mt), China (3,600 mt) and South Korea (1,700 mt). Pork net sales of 29,300 mt reported for 2021 were up 49% from the previous week and 8% from the prior four-week average. The three largest buyers were Mexico (19,100 mt), Japan (5,300 mt) and South Korea (2,300 mt).
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