DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

Posted 10:38 -- July corn is up 7 cents, July soybeans are up 5 cents, July K.C. wheat is up 19 1/2 cents and Minneapolis July wheat is up 16 1/4 cents. USDA report aside, the markets are looking at the extreme heat settling in over the Corn Belt this weekend, with some concern it may stress the crops, especially in areas where corn is pollinating. The wheat markets have moved higher as the U.S. dollar moves lower, overlooking Stats Can report that Canada planted their largest acreage of wheat in five years. The U.S. dollar is down 0.67.

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Posted 08:36 -- After the 8:30 open, July corn is up 2 1/2 cents, July soybeans are down 1/4 cent, July K.C. wheat is up 6 1/2 cents and Chicago July wheat is up 6 1/2 cents. Markets are looking ahead to the USDA's Acreage and Grain Stocks report due out at 11 a.m. CDT. Friday is also first notice for July futures, so traders will be moving positions to the next month ahead of first delivery day Monday. Friday morning, USDA reported a fresh sale of 130,632 metric tons of soybeans sold to Mexico in 2018-19. The U.S. dollar is lower, down 0.50.

Livestock

OMAHA (DTN) -- August cattle are up $1.45 and October cattle are up $1.45, trading a second day higher even though this week's cash prices were $2 to $3 lower, so we have to suspect better demand. Similarly, August feeder cattle are up $2.82. July hogs are up $1.37 and October hogs are down $1.57, still pressured by Thursday's report of a 4% increase in the spring pig crop.

Posted 09:17 -- August cattle are down $0.12 and October cattle are up $0.05, off to a quiet start after cash cattle went for $106 live and $169 to $170 dressed earlier this week. August feeder cattle are up $0.95. July hogs are up $0.37 and October hogs are down $2.55, pressured by Wednesday's report showing 33.7 million head in the spring pig crop, up 4% from a year ago. Dow Jones projected Friday's cattle slaughter at 117,000, down from 118,770 a year ago. Hog slaughter is estimated at 433,000, up from 418,660 a year ago.

(BE)

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