DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near the close, December corn is up 4 cents, November soybeans are up 1 cent, and September K.C. wheat is up 15 1/2 cents. All three wheats are higher with September Minneapolis wheat up 18 cents, prompted by new drought concerns in the Pacific Northwest and reports of wildfires in Oregon. Winter wheat prices are supported by milling prices in France trading at their highest level in three years. Row crops are holding on to this week's gains with help from dry weather concerns and the September U.S. dollar index trading down 0.67.

Posted 10:37 -- September corn is up 3 1/4 cents, August soybeans are up 1 1/4 cents, September K.C. wheat is up 12 1/2 cents, Chicago September wheat is up 10 3/4 cents and Minneapolis September wheat is up 17 3/4 cents. Wheat markets continue to feed off the strength in Paris milling wheat futures and talk of rains in central Russia causing quality and yield downgrades. However, the move higher in winter wheat prices is keep the U.S at a premium to Russian wheat prices. September crude oil prices have been trading both sides of unchanged this morning, while August is 40 cents per barrel higher ahead of expiration Friday. The U.S. dollar is still lower, down 0.5430.

Posted 08:35 -- After the open, September corn is up 1 1/2 cent, August soybeans are down 3/4 cent, September K.C. wheat is up 7 1/4 cents and Chicago September wheat is up 5 cents. Corn continues to find support in ongoing concerns over the dry weather that persists in the southwest. However, the statement by President Trump telling CNBC that he will add $500 billion in new Tariffs against China is causing soybeans to struggle again. Markets are getting some help from a downturn in the U.S dollar, down 0.573, after Thursday's strong gains.

Livestock

Posted 11:55 -- Triple-digit losses continue to hold in lean hog futures as prices are $1 to $1.62 per cwt lower at midday. The concern that additional selling pressure may redevelop next week is adding even more softness to the market. Cattle markets have backed away from the initial losses with feeder cattle trade holding losses of 30 to 80 cents per cwt after initial positioning was done ahead of the cattle on feed report. Expectations of light to moderate gains in placements, and overall cattle on feed, has markets showing narrow to moderate losses, but most of these factors have already been worked into the market earlier in the week.

Posted 11:04 -- Live cattle futures have eroded through midmorning with contract holding 40 to 60 cent losses in light to moderate trade. The pressure seen in feeder cattle trade is pressuring all other markets. Lean hog futures remain under pressure with $1 per cwt losses seen in all nearby contracts. Light trade volume is expected to be seen through most of the session as traders try to adjust to late week market activity.

Posted 09:32 -- Light buyer support is slowly trickling back into live cattle futures with prices 2 to 15 cents per cwt higher during the first hour of trade. This has moved markets from their initial losses as overall support continues to develop. Feeder cattle and lean hog futures remain moderately lower, as overall pressure is focusing on end of week selling activity, as well as potential shifts ahead of the afternoon cattle on feed report. Nearby feeder cattle futures are holding $1 per cwt losses, even though trade volume remains extremely light.

(BE)

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