DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

Posted 10:36 -- July corn is up 1 1/2 cents per bushel, August soybeans are up 19 3/4 cents, July KC wheat is down 1 3/4 cents, July Chicago wheat is down 6 3/4 cents and July Minneapolis wheat is down 6 3/4 cents. The Dow Jones Industrial Average is down 282.90 points and July crude oil is down $1.75 per barrel. The U.S. dollar index is up 0.240 and June gold is up $3.30 per ounce. In a volatile session, corn has now traded within a 26-cent range, including the overnight. Having been extremely overbought, corn and wheat have seen some correction Wednesday morning. Soybeans and meal continue to roll to the upside, as once stubborn funds have begun to pay attention to the record slow soybean seeding pace.

Posted 08:37 -- July corn is up 8 cents per bushel, August soybeans are up 22 cents, July KC wheat is up 6 1/2 cents, July Chicago wheat is up 4 cents and July Minneapolis wheat is up 6 cents. The Dow Jones Industrial Average is down 190.07 points and July crude oil is down $1.32 per barrel. The U.S. dollar index is up 0.100 and June gold is up $5.40 per ounce. While the rally continues on early Wednesday, we are well below the overnight highs, with both wheat and corn overbought. A brief glimmer of hope for planting is a bit warmer and drier trend possible after Friday.

Livestock

OMAHA (DTN) -- June live cattle are up $0.28 at $111.825, August feeder cattle are down $1.73 at $140.5, June lean hogs are up $0.78 at $84.75, July corn is up 2 cents per bushel and July soybean meal is up $10.10. The Dow Jones Industrial Average is down 326.66 points and NASDAQ is down 75.54 points. Feeder cattle trade remains sharply lower late Wednesday morning even though corn prices backed away from initial gains. August feeder cattle trade is leading the complex lower, although growing concern of unchecked feed costs through the next few months is causing increased pressure across all contract months. Hog buyers are finding little resistance with triple-digit gains holding in many nearby contracts.

Posted 10:59 -- June live cattle are up $0.28 at $111.825, August feeder cattle are down $1.05 at $141.175, June lean hogs are up $0.33 at $84.3, July corn is up 2 1/4 cents per bushel and July soybean meal is up $10.10. The Dow Jones Industrial Average is down 380.39 points and NASDAQ is down 91.55 points. Lean hog futures have turned higher midmorning Wednesday with buyers moving into an oversold market as nearby contracts are 40 to 80 cents higher. The pullback from strong corn market gains has limited selling through the complex, although cattle futures continue to hold moderate o firm pressure in limited activity.

Posted 09:15 -- June live cattle are down $0.10 at $111.45, August feeder cattle are down $0.15 at $142.075, June lean hogs are down $0.63 at $83.35, July corn is steady and July soybean meal is steady. The Dow Jones Industrial Average is down 206.89 points and NASDAQ is down 56.03 points. Moderate to strong pressure seen at the opening bell has eased through the first hour of trade. This continues to focus on a pullback from recent highs in grain trade and the lack of volume seen through the complex.

(BE)