DTN's Quick Takes

Todd Hultman
DTN Analyst
and
Rick Kment
DTN Analyst

Grains

OMAHA (DTN) -- As we near the close, December corn is up 1/4 cent, November soybeans are up 7 cents and September K.C. wheat is up 2 1/4 cents. December soybean oil is up $0.94, still benefiting from Friday's court ruling, while trading in other grains has been quiet as Friday's sometimes go. Weather remains the main focus, and grains appear willing to take small gains into the weekend with a dry ten-day forecast. The September U.S. dollar index is down 0.48 as low inflation remains a concern for the Federal Reserve, but is offering some help to grain prices.

Posted 12:02 -- December corn is up 1 3/4 cents, November soybeans are up 10 cents and September K.C. wheat is up 5 3/4 cents. December soybean oil is up $0.97 after a federal appeals court ruled that the EPA incorrectly reduced the renewable fuel volume requirements in 2016. Otherwise, trading in the other grains has been light on Friday with most contracts holding modest gains. Other commodities are mixed with livestock lower, while energies and metals are mostly higher.

Posted 09:51 -- December corn is up 1 1/2 cents, November soybeans are up 3 1/2 cents and September K.C. wheat is up 7 3/4 cents. All three wheats are higher early Friday, and leading gains among grain contracts with no significant rain expected in the northwestern Plains the next 10 days. Heavy rain amounts are in the seven-day forecast for the western edge of the southwestern Plains, ahead of this fall's winter wheat planting season. The September U.S. dollar index is down 0.40, still near its lowest spot prices in a year.

Posted 08:35 -- After the 8:30 open, December corn is up 1 1/2 cents, November soybeans are up 2 1/2 cents, and September K.C. wheat is up 6 1/2 cents. Corn and soybeans are off to a little higher start early Friday with scattered showers around Arkansas and Tennessee while most of the Midwest is expected to be dry the next ten days. K.C. wheat is trading higher, finding support after three weeks of selling took prices to their five-week lows earlier this week. It is also helpful for wheat that the September U.S. dollar index is down 0.27 after the Labor Department's employment cost index was slightly less than expected.

Livestock

Posted 11:54 -- Pressure continues to hold across the cattle complex late Friday morning with losses in nearby contracts close to $2 per cwt. With Live cattle futures breaking through support levels during the morning, additional technical pressure is developing in live cattle contracts, leaving additional selling activity to follow in all cattle markets. Weakness in nearby hog markets has followed the trend of the cattle market through the morning due to very light volume, and general lack of direction in other markets.

Posted 11:20 -- Livestock markets remain inactive midmorning with triple-digit losses in cattle futures holding, following very light trade volume through much of the morning Friday. It is expected that traders are going to remain sluggish through the rest of the week with very little additional fundamental or technical direction available for market reaction.

Posted 09:20 -- Early narrow losses in cattle futures Friday morning have quickly turned into strong triple-digit pressure, in both live cattle and feeder cattle trade. Cattle futures are trading $1.30 to $1.80 per cwt lower during the first hour of trade, with additional aggressive liquidation developing Friday morning. Front month August live cattle futures have broken through previous support of $113.17 per and is trading at $112.85 per cwt. The underlying pressure in cattle trade has created additional softness in lean hog futures markets during the morning with losses of 40 to 80 cents per cwt.

(BE)

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