DTN's Quick Takes

Grains

OMAHA (DTN) -- As we near the close, July corn is up 1 1/2 cents, July soybeans are down 8 1/2 cents, and July Chicago wheat is up 7 3/4 cents. Wheat is holding on to its gains, thanks to commercial buying and this week's concerns of flooding around Texas and in Europe. July soybeans were down 17 cents at one point, but have cut that loss in half as spot prices show some nervousness at their highest level in 22 months. The U.S. dollar index is down 1.51 after Friday's weak jobs report, on track for its lowest close in three weeks.

Posted 11:50 -- July corn is unchanged, July soybeans are down 13 cents, and July Chicago wheat is up 7 1/4 cents. July soybean meal is down $5.00, which could either be profit-taking at the end of the week or an early sign that the latest surge of commercial demand has met its needs -- in a demand market like this, it is hard to tell. Trading in corn is quiet, but wheat is trading higher with commercial buying evident in all three contracts. July crude oil is down 32 cents, but most other commodities are higher on a day when the U.S. dollar index is down 1.5%.

Posted 09:46 -- July corn is down 2 1/4 cents, July soybeans are down 5 3/4 cents, and July Chicago wheat is up 1/4 cent. Soybeans were higher for one minute after the 8:30 open and then it has been all downhill since as Friday morning's commercial buying quickly turned to selling. July meal also lost its earlier gains, but is still trading up $1.70 on the day. Earlier Friday, USDA's weekly report of export sales was uneventful with wheat shipments falling 78 million bushels short of USDA's export estimate in their final report for 2015-16. The U.S. dollar index is down 1.40.

Posted 08:35 -- After the 8:30 open, July corn is up 2 cents, July soybeans are up 20 1/4 cents, and July Chicago wheat is up 5 1/2 cents. Soybeans are at it again, trading higher with more commercial buying evident in soybeans and meal. July soybean oil is trading up .33 with help from a .9% gain in August palm oil overnight. Wheat prices are getting early help from a 1.3% drop in the U.S. dollar index after the U.S. Labor Department reported a non-farm payroll increase of only 38,000 in May, much less than expected.

Livestock

Posted 11:55 -- June cattle are up .50 and August cattle are up .55, holding a little higher even after USDA's morning report showed choice boxed beef down .55 at 222.73 and selects down .64. So far, cash sales have yet to develop. Likewise, August feeder cattle are up .60. July hogs are up 1.25 and August hogs are up 1.60, likely to finish the week with carcass values still higher this week in spite of Friday morning's drop of .77 to 85.60 on 150.79 loads.

Posted 10:45 -- June cattle are up 40 cents and August cattle are up 57 cents, keeping a positive tone while cash sales are slow to develop. August feeder cattle are up 5 cents with corn prices also steady. July hogs are up $1.32 and August hogs are up $1.55, likely to finish the week with another round of new contract highs while pork demand continues to bring bullish news in 2016.

Posted 09:35 -- June cattle are up 37 cents and August cattle are up 75 cents, holding in a narrow range this week while cash bids and offers start the day far apart. August feeder cattle are up 20 cents. July hogs are up $1.72 and August hogs are up $1.90, surging to new contract highs after USDA showed last week's pork exports up 59% from the previous week with China listed as the top buyer. Dow Jones projected Friday's hog slaughter at 431,000, up from 408,287 a year ago. Cattle slaughter is expected at 112,000, up from 103,531 a year ago.

(KA)

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