DTN's Quick Takes

Todd Hultman
DTN Analyst
and
Rick Kment
DTN Analyst

Grains

OMAHA (DTN) -- July corn is down 4 1/4 cents, July soybeans are down 1 3/4 cents, and July Chicago wheat is down 3/4 cent. Prices have not shown much movement the past couple hours and trading volume is light as often happens on Friday. This weekend's weather threats may make Sunday evening's session interesting, but for now, prices are showing more concern about this year's bearish possibilities than U.S. weather threats. Cattle prices have had a banner week, but it has been uneventful for most other commodities.

Posted 11:47 -- July corn is down 4 1/4 cents, July soybeans are down 2 cents, and July Chicago wheat is up 1/2 cent. July K.C. wheat is trading up 3 cents, holding a small gain with modest support coming from this weekend's weather concerns of flooding in the southern Midwest and snow in the western edge of the southwestern Plains. Soybeans are staying fairly quiet with slight losses in both soy products, while corn is threatening to give back the week's entire gain. Other commodities are mostly a little higher, including cattle.

Posted 09:47 -- July corn is down 4 cents, July soybeans are down 4 cents, and July Chicago wheat is up 1/4 cent. Early gains in wheat have fizzled with traders looking reluctant to bet on potential weather problems over the weekend. Corn has turned lower with better chances for planting in the extended forecast. Argentina's harvest is making better progress with drier weather now. The Buenos Aires Cereal Exchange estimated 26% of corn and 32% of soybeans are in.

Posted 08:35 -- After the 8:30 open, July corn is down 1 3/4 cents, July soybeans are down 2 3/4 cents, and July Chicago wheat is up 3 cents. Grains are off to a mixed start Friday and producers who have been sneaking planting in between showers probably won't have much chance this weekend. Rain is expected over most of the Corn Belt with heavy amounts in the southern Midwest -- even chances for snow in western Kansas and eastern Colorado. The June U.S. dollar index is down 0.13 after the U.S. Commerce Department reported U.S. real GDP up 1.9% in the first quarter from a year ago, less than expected.

Livestock

Posted 12:13 -- After spending most of Friday morning stuck in narrowly mixed trading ranges, aggressive buying moved into the livestock market within the last hour of trade. This could allow both cattle and hog futures to advance quickly and aggressively before the end of the month. August feeder cattle futures have moved to a $3-per-cwt rally, with most nearby contracts now holding triple-digit gains. Cattle contracts have expanded limits for Friday's trading session, which will allow even more room for markets to roam and prices to surge. Hog futures have posted firm gains, but volume remains light during early afternoon trade.

Posted 10:42 -- Livestock futures remain lightly traded midmorning with prices holding in the same price pattern seen during the first two hours Friday morning. Moderate to firm buyer support continues to be seen through most of the nearby lean hog futures markets as follow-through support is holding, even though it has been hard to draw additional support back into the market Friday. Cattle markets on the other hand have been content holding moderate losses with losses of 40 cents to $1 per cwt with traders adjusting to sharp gains seen over the last couple of weeks.

Posted 09:30 -- Firm follow-through buyer support is redeveloping in lean hog futures early Friday morning with gains from 60 cents to 80 cents in June through August contracts. Deferred futures have seen limited support, as end of the week buyer activity is sluggish with most traders focusing on squaring positions at the end of the month. Cattle futures are mixed to mostly lower as they try to take advantage of the recent price surges and contract highs on Thursday. These pullbacks in the morning are not expected to create concern at this point given aggressive buyer support over the last couple of weeks. Trade volume through the morning is expected to remain extremely light through the rest of the week as markets limp into the end of the weekend and month end.

(KA)

Copyright 2017 DTN/The Progressive Farmer. All rights reserved.