DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- July corn is up 11 3/4 cents per bushel, August soybeans are up 3 1/2 cents, July KC wheat is up 5 3/4 cents, July Chicago wheat is up 9 1/4 cents and July Minneapolis wheat is up 3/4 cent. The Dow Jones Industrial Average is down 14.38 points and July crude oil is up $0.34 per barrel. The U.S. dollar index is down 0.120 and August gold is up $2.80 per ounce. Corn futures continue to be on fire following the much larger than expected cut (10 bushels per acre) in U.S. corn yield by USDA. Although there were only minor changes in wheat and soybeans, it looks like some sympathy buying is going on in those markets.

Posted 11:58 -- USDA's June WASDE report surprised many Tuesday morning with the extent of the corn yield reduction. After lowering corn acreage by 3 million acres from the March intentions, the USDA slashed yield at this early date by a huge 10 bushels per acre. Along with the reductions came a decline in anticipated usage of 425 million bushels (mb), giving us a 2019-20 ending stocks number of 1.675 billion bushels -- 810 mb lower than in May. July corn is up 13 1/4 cents per bushel, August soybeans are up 3 3/4 cents, July KC wheat is up 5 1/2 cents, July Chicago wheat is up 10 1/4 cents and July Minneapolis wheat is up 1/2 cent. The Dow Jones Industrial Average is down 33.50 points and July crude oil is up $0.02 per barrel. The U.S. dollar index is down 0.060 and August gold is up $2.50 per ounce.

Posted 10:35 -- July corn is down 3 1/2 cents per bushel, August soybeans are down 2 cents, July KC wheat is down 6 1/4 cents, July Chicago wheat is up 1/2 cent and July Minneapolis wheat is down 5 1/4 cents. The Dow Jones Industrial Average is up 57.29 points and July crude oil is up $0.38 per barrel. The U.S. dollar index is holding steady and August gold is up $0.80 per ounce. All three major ag futures markets are climbing their way back from early weakness, but only Chicago July wheat is in the green. As the trade awaits the USDA report, it is likely that most will assume much lower acres and yield than they expect to see at 11 a.m.

Posted 10:21 -- June live cattle are up $0.58 at $110.275, August feeder cattle are up $0.15 at $139.975, June lean hogs are down $0.18 at $79.1, July corn is down 4 3/4 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 66.13 points and NASDAQ is up 28.61 points. Firm buying seen earlier Tuesday eroded leaving cattle futures mixed in a very narrow range. Limited direction expected through most of the morning. Hog futures remain under light to moderate pressure as trade issues with China sparked additional news coverage surrounding pork exports and is weighing on the market.

Posted 08:37 -- July corn is down 3 1/2 cents per bushel, August soybeans are steady, July KC wheat is down 6 3/4 cents, July Chicago wheat is down 1 1/4 cents and July Minneapolis wheat is down 4 1/2 cents. The Dow Jones Industrial Average is up 172.62 points and July crude oil is up $0.45 per barrel. The U.S. dollar index is down 0.020 and August gold is down $1.50 per ounce. Corn and wheat are still lower on better than expected crop conditions ahead of Tuesday's USDA report. Minor changes are expected in the report, but private analysts have slashed U.S. corn acreage and production more than the USDA is likely to reveal.

Livestock

Posted 12:14 -- June live cattle are up $0.43 at $110.125, August feeder cattle are down $1.15 at $138.675, June lean hogs are down $0.13 at $79.15, July corn is up 13 1/2 cents per bushel and July soybean meal is up $1.50. The Dow Jones Industrial Average is down 42.51 points and NASDAQ is down 17.46 points. Active pressure developed midmorning in livestock futures following the USDA crop report. A strong rally in corn based on lower corn carryout estimates sparked aggressive triple-digit losses in most livestock futures. Trade has moderated at midday, pulling off session lows, but underlying pressure remains evident.

Posted 10:21 -- June live cattle are up $0.58 at $110.275, August feeder cattle are up $0.15 at $139.975, June lean hogs are down $0.18 at $79.1, July corn is down 4 3/4 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 66.13 points and NASDAQ is up 28.61 points. Firm buying seen earlier Tuesday eroded leaving cattle futures mixed in a very narrow range. Limited direction expected through most of the morning. Hog futures remain under light to moderate pressure as trade issues with China sparked additional news coverage surrounding pork exports and is weighing on the market.

Posted 09:28 -- June live cattle are up $0.83 at $110.525, August feeder cattle are up $0.38 at $140.2, June lean hogs are down $0.18 at $79.1, July corn is down 5 cents per bushel and July soybean meal is down $0.50. The Dow Jones Industrial Average is up 102.89 points and NASDAQ is up 52.80 points. Light to moderate buying is moving into cattle futures following mixed trade at the opening bell. The ability to spark follow through support is helping stimulate activity through the complex. Hog futures are under light to moderate pressure with traders slowly backing away from Monday's gains. Limited moves are expected in hog trade through most of the morning.

(BE)