DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

Posted 10:36 -- July corn is down 2 3/4 cents per bushel, July soybeans are down 7 1/4 cents, July KC wheat is down 6 cents, July Chicago wheat is down 8 1/4 cents and July Minneapolis wheat is down 1/2 cent. The Dow Jones Industrial Average is down 45.68 points and June crude oil is up $0.38 per barrel. The U.S. dollar index is down 0.250 and June gold is up $4.10 per ounce. The wheat and soybean meltdown continues, with new contract lows in old crop soybeans and in all three wheat markets. Surely funds are jumping on the bearish bandwagon and likely adding to an already record net short in soybeans and Kansas City wheat. The weakness comes despite a feeling by U.S. trade representatives that we could see a final trade deal hammered out by the end of next week.

Posted 08:36 -- July corn is up 1 cent per bushel, July soybeans are up 2 1/4 cents, July KC wheat is down 1/2 cent, July Chicago wheat is down 1 3/4 cents and July Minneapolis wheat is up 1/2 cent. The Dow Jones Industrial Average is up 27.47 points and June crude oil is up $0.63 per barrel. The U.S. dollar index is down 0.320 and June gold is up $1.10 per ounce. Corn and soy recover from recent weakness, while wheat continues to grind lower on improving crop conditions and fierce export competition. Rains of 1" to 3" are expected to fall from TX to MI, with heavier amounts in some areas sure to delay seeding for days.

Livestock

OMAHA (DTN) -- June live cattle are down $0.18 at $114.625, May feeder cattle are down $0.90 at $142.5, June lean hogs are up $0.10 at $88.15, July corn is down 1 1/2 cents per bushel and July soybean meal is down $0.60. The Dow Jones Industrial Average is down 27.18 points and Nasdaq is down 67.74 points. Lean hog futures remain mixed at midday with initial early gains eroding through the morning as buyers backed out of the market once initial short covering needs were taken. Feeder cattle futures continues to draw cattle markets lower with May futures setting contract lows.

Posted 10:52 -- June live cattle are steady, May feeder cattle are down $0.85 at $142.55, June lean hogs are up $0.55 at $88.6, July corn is down 3 cents per bushel and July soybean meal is down $1.00. The Dow Jones Industrial Average is down 33.09 points and Nasdaq is down 80.12 points. Limited activity is seen across the livestock complex with prices moving little from early morning activity. Traders seem willing to allow markets to coast into the end of the month, with light volume and lack of direction.

Posted 09:31 -- June live cattle are down $0.08 at $114.725, May feeder cattle are down $0.70 at $142.7, June lean hogs are up $0.53 at $88.575, July corn is down 1 cent per bushel and July soybean meal is down $0.80. The Dow Jones Industrial Average is down 26.64 points and Nasdaq is down 56.74 points. Moderate gains are holding in lean hog futures, although traders have pulled back from initial morning support. Early gains have been cut in half through the first hour of trade as trades find it hard to spark additional buyer activity at the end of the month.

(BE)