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 11 1/2 cents, November soybeans are down 8 1/2 cents and September K.C. wheat is down 6 cents. Grains are keeping their bearish tone Friday with moderate volume in row crops, even though price movement has been limited the past few hours. It is no secret that crops remain under stress on July 21 with Friday's heat possibly capping off the hottest week this year. Even so, December corn looks headed for a weekly close back below $4.00. December soybean meal is down $2.00 and December soybean oil is down 0.22.

Posted at 11:49 -- December corn is down 7 cents, November soybeans are down 5 1/2 cents and September K.C. wheat is down 2 cents. Although down on the day, corn and soybean prices have held steady to higher the past two hours with little trading volume responding to Friday's trade. Next week's temperatures across the Midwest are expected to ease back a little from the extreme readings seen this week. The September U.S. dollar index is down 0.31 and other commodities are higher, but September crude oil is down $1.11.

Posted 09:45 -- December corn is down 7 3/4 cents, November soybeans are down 8 1/2 cents and September K.C. wheat is up 1 3/4 cents. Row crops continue to trade lower Friday with rain falling in northern Iowa, southern Minnesota and southern Ohio. As bad as this year's row crop conditions are, December corn continues to struggle just to get over the $4.00 mark and November soybeans are staying shy of last week's high at $10.47. Meanwhile, it is looking like September K.C. wheat is finding support at $5.00 after falling over 60 cents the past two weeks. The September U.S. dollar index is down 0.26.

Posted 08:40 -- After the 8:30 open, December corn is down 7 3/4 cents, November soybeans are down 6 cents, and September K.C. wheat is down 3/4 cent. Corn and soybeans are starting lower even though Friday's temperatures will be extremely hot across the central and western Plains, as has been expected all week. Morning showers are falling from eastern South Dakota to Ohio, catching parts of northern Iowa and southern Minnesota along the way. The seven-day forecast still looks stressful for crop conditions overall, but row crop prices are showing reluctance to trade higher.

Livestock

Posted 11:52 -- Trade activity remained sluggish at midday Friday with cattle and hog markets moving very little in either direction since midmorning. The overall lack of volume in the market, as well as traders seemingly waiting for additional direction from the afternoon release of the July 1st Cattle on Feed report, is likely to keep markets lightly traded through the rest of the day. Firm gains continue to hold across live and feeder cattle contracts, while lean hog futures remain mixed to mostly higher. The pullback in grain trade Friday has also helped to spark some underlying buyer activity early in the session into livestock markets.

Posted at 11:02 -- Feeder cattle futures are holding triple-digit gains with nearby contracts posting prices above $1 per cwt. The support in the feeder cattle market is helping to draw additional underlying support through the live cattle complex, which is now firmly planted 50 to 70 cents per cwt higher. Even though trade remains sluggish across the complex. Buyer support is trying to offset earlier pressure seen Thursday. Hog markets are now mostly higher with the firm nearby gains drawing additional buyer support from nearly all contracts months.

Posted 09:36 -- Firm gains have developed in cattle futures during the first hour of trade, with feeder cattle markets leading the market support with a 70 to 90 cent gain. Traders are attempting to square positions following aggressive triple-digit losses seen Thursday. Live cattle contracts continue to draw support from commercial traders moving into nearby futures. August futures are leading the market higher with a 70 cent gain, although trade volume remains sluggish. Mixed trade is seen across the lean hog futures complex with nearby support offset by traders backing away from previous buyer interest in deferred contracts.

(BE)

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