DTN's Quick Takes

Grains

OMAHA (DTN) -- As we near the close, December corn is up 3/4 cent, November soybeans are down 29 1/2 cents, and September Chicago wheat is up 5 1/2 cents. November soybeans are on track to close below $10 for the first time in nearly three months, pressured by forecasts that should help crops at pod-filling time. Corn and wheat are holding higher on the day, helped by end-of-the-week bargain hunting with prices still near their contract lows. The U.S. dollar index is up .45, extending this week's new four-month high.

Posted 11:52 -- December corn is down 2 cents, November soybeans are down 35 1/2 cents, and September Chicago wheat is up 4 cents. Soybeans continue to trade lower although prices have held steadier since 10 a.m. CDT. Overall, soybean prices are looking at more rain in next week's forecast and moderate temperatures -- a bearish recipe for prices at pod-setting time. Wheat prices have gotten a small bounce from their contract low with help from noncommercial short-covering and in spite of the U.S. dollar trading up .49.

Posted 09:59 -- December corn is down 5 1/2 cents, November soybeans are down 45 3/4 cents, and September Chicago wheat is down 3 1/4 cents. Soybeans are dropping dramatically since 8:30 a.m. with traders finding the forecasts to be especially bearish as we get closer to pod-setting. December soybean meal is down $16.20 and December bean oil is down $.73, both also under bearish pressure. In outside markets, most commodities are lower with the U.S. dollar index up .28.

Posted 08:34 -- After the 8:30 open, December corn is down 4 3/4 cents, November soybeans are down 25 cents, and September Chicago wheat is down 6 3/4 cents. Excessive heat warnings are posted over the heart of the Corn Belt, but you can't tell by looking at grains prices as they are off to another lower start. There is rain falling around southern Illinois and DTN's forecast for next week is crop friendly with more moderate temperatures and broad rain coverage expected.

Livestock

Posted 11:55 -- August cattle are up 1.85 and October cattle are up 1.85, an unexpected show of bullish optimism ahead of Friday's cash sales, monthly on-feed and cold storage reports. USDA said choice boxed beef was down 0.34 at 200.36 while selects were up 0.14. August feeder cattle are up 2.62. August hogs are up 0.92 and October hogs are up 1.70 after USDA showed morning carcass value up 0.46 at 89.37 with 112.48 loads. Hams and bellies showed the largest gains ahead of Friday's cold storage report.

Posted 09:57 -- August cattle are up 1.07 and October cattle are up 0.70, finding commercial interest after Thursday's new contract lows. This week's heat wave continues to be mostly a non-factor for prices with traders expecting another week of lower cash sales to develop. August feeder cattle are up 1.37 with corn down a nickel. August hogs are down 0.25 and October hogs are down 0.15 in quiet trading at this week's new lows. Dow Jones projected Friday's hog slaughter at 405,000, up from 403,428 a year ago. Cattle slaughter is expected at 113,000, up from 97,514 a year ago.

(KA)

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