DTN's Quick Takes

By DTN Analysts

Grains

Posted 11:50 -- July corn is down 25 3/4 cents per bushel, August soybeans are up 4 1/4 cents, September KC wheat is down 21 1/4 cents, September Chicago wheat is down 20 1/2 cents and September Minneapolis wheat is down 11 1/2 cents. The Dow Jones Industrial Average is up 109.71 points and August crude oil is down $0.05 per barrel. The U.S. dollar index is up 0.010 and August gold is up $2.30 per ounce. USDA's June seeding report was a surprise not only in corn, but also in beans. Corn acreage at 91.7 million acres (ma) compares to an average estimate of 87 ma, and soybeans at 80 ma were 4.5 ma below the average pre-report estimate.

Posted 10:35 -- July corn is steady, August soybeans are up 2 3/4 cents, September KC wheat is down 3 1/2 cents, September Chicago wheat is down 1 cent and September Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is up 47.61 points and August crude oil is down $0.05 per barrel. The U.S. dollar index is down 0.100 and August gold is up $1.50 per ounce. While hard wheat futures and corn hover around unchanged, soybeans got a minor boost from the unexpected China purchase of 19.9 mb of old crop beans. Some attribute this to a good will gesture ahead of the G-20 summit.

Posted 08:34 -- July corn is down 1 1/4 cents per bushel, August soybeans are up 5 3/4 cents, September KC wheat is down 3/4 cent, September Chicago wheat is down 1/2 cent and September Minneapolis wheat is down 1 1/4 cents. The Dow Jones Industrial Average is up 90.32 points and August crude oil is down $0.02 per barrel. The U.S. dollar index is down 0.120 and August gold is up $1.80 per ounce. In a confusing twist to ideas that China still has 200 million bushels (mb) of old crop U.S. bean purchases yet to be shipped, the USDA reported that China has bought another 19.9 mb of U.S. beans for 2018-19 Friday morning.

Livestock

OMAHA (DTN) -- August hogs are down 0.55, still pressured by Thursday's report of larger-than-expected hog inventories. August live cattle futures are down $0.32, still waiting for cash trade to develop later Friday afternoon. In USDA's morning report, choice boxed beef prices were up 0.89 at 219.92 and selects were down 0.83. August feeder cattle are up 0.12, not showing much of a bounce while corn is down 16 cents.

Posted 09:08 -- August hogs are down $0.75 after USDA showed 4% expansion of hog inventories on June 1 and a 4% larger March-to-May pig crop from a year ago. August cattle started higher, but are now down $0.32, waiting for cash trade to develop later Friday afternoon amid bearish clues this week. August feeder cattle are down $0.12 and have a stake in USDA's corn planting estimate at 11 a.m. CDT. Dow Jones projected cattle slaughter for Friday at 120,000 head, down from 120,325 a year ago. Hog slaughter is expected at 471,000 head, up from 430,192 a year ago.

(BE)

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