DTN's Quick Takes

Todd Hultman
DTN Analyst
and
Rick Kment
DTN Analyst

Grains

OMAHA (DTN) -- As we near the close, December corn is down 5 1/4 cents, November soybeans are down 5 1/2 cents, July K.C. wheat is down 4 1/2 cents. Grains have extended their losses toward the end of Friday's trade and December corn is on track for a new low close in 2017. In spite of Friday's flooding in central and southern Indiana, traders remain focused on a seven-day forecast that has moderate summer temperatures and occasional showers ahead. Winter wheat contracts have turned lower, but July Minneapolis wheat is still higher, trading up 5 3/4 cents.

Posted 11:55 -- December corn is down 2 3/4 cents, November soybeans are down 4 1/4 cents, July K.C. wheat is up 2 1/4 cents. December corn continues to trade near its lowest price in 2017 with little help from buyers this week. Friday's rains across the eastern Midwest are not all welcome with areas around the Mississippi Delta and Ohio River Valley at risk for flooding, but traders are paying no attention to potential problems. All three wheats are trading higher Friday with July Minneapolis wheat up 9 3/4 cents, continuing to find support from a lack of rain in the northwestern Plains.

Posted 11:15 -- December corn is down 1 1/2 cents, November soybeans are down 3/4 cent, July K.C. wheat is up 1 cent. December corn dipped its toe below the 2017 low of $3.78 1/4, but is hesitant to plunge lower just yet. There is nothing in the forecast to hold up row crop prices Friday so it may come down to traders' willingness to take a new low home over the weekend. The September U.S. dollar index is down 0.39, but not having much impact on Friday's grain prices while the forecasts look so good for the Midwest.

Posted 08:37 -- After the 8:30 open, December corn is down 1/2 cent, November soybeans are up 1/4 cent, July K.C. wheat is down 1/2 cent. Corn and soybeans are off to a quieter start early Friday and not really arguing with this week's lower prices while rain is falling across the eastern Midwest and down the Mississippi Delta. DTN's 15-day forecast looks nearly ideal for the Midwest with moderate temperatures and occasional showers expected. The September U.S. dollar index is down 0.23.

Livestock

Posted 12:00 -- Cattle markets are mixed midmorning as extremely light trade has still remained focused on position-taking activity following the market volatility seen across the complex. Feeder cattle trade has pulled back from the triple-digit gains seen in the early minutes of trade, but holding gains of 30 to 80 cents per cwt. This may be enough to sustain higher prices through the end of the session. Live cattle futures are now mixed in a narrow to moderate trading range from 50 cents lower to 15 cents per cwt higher. The lack of follow-through buyer support may limit activity during the rest of the session. Lean hog futures remain under pressure midmorning as traders are sharply lower in light trade.

Posted 11:15 -- Cattle markets are mixed midmorning as extremely light trade has still remained focused on position taking activity following the market volatility seen across the complex. Feeder cattle trade has pulled back from the triple-digit gains seen in the early minutes of trade, but holding gains of 30 to 80 cents per cwt. This may be enough to sustain higher prices through the end of the session. Live cattle futures are now mixed in a narrow to moderate trading range from 50 cents lower to 15 cents per cwt higher. The lack of follow-through buyer support may limit activity during the rest of the session. Lean hog futures remain under pressure midmorning as traders are sharply lower in light trade.

Posted 9:44 -- Light to moderate gains continue to hold in cattle markets Friday morning as short-covering activity and moderate to aggressive losses developed earlier in the week. The light volume at the end of the week is expected to keep markets sluggish through the rest of the complex, which could bring more volatility in the market and increased trade to the market. Feeder cattle futures are leading the complex higher with gains of 90 to $1.10 per cwt higher. Lean hog futures have tumbled lower with most nearby contracts posting sharp triple-digit losses. The lack of volume is allowing for unchecked market losses at the end of the week despite strong fundamental support still seen in the market.

(KA)

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