DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Illustration by Nick Scalise

Grains

OMAHA (DTN) -- December corn is down 16 1/4 cents per bushel, November soybeans are up 8 3/4 cents, September KC wheat is down 8 1/2 cents, September Chicago wheat is up 1/4 cent and September Minneapolis wheat is down 4 3/4 cents. The Dow Jones Industrial Average is up 392.92 points and September crude oil is up $2.04 per barrel. The U.S. dollar index is up 0.400 and December gold is down $4.30 per ounce. Corn and wheat continue their downward plunge with December corn having now filled an open chart gap at $3.77 1/2 from May 13, while Kansas City wheat has made a new contract low. Soybeans continue to buck the bearish trend on supportive acreage data from Monday's WASDE along with the news that any new tariffs on China would be delayed until Dec. 15, or dropped altogether, leaving the door open for U.S. China negotiators who will talk in two weeks.

Posted 10:36 -- December corn is down 12 cents per bushel, November soybeans are up 9 cents, September KC wheat is down 3 3/4 cents, September Chicago wheat is up 6 cents and September Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is up 342.37 points and September crude oil is up $2.02 per barrel. The U.S. dollar index is up 0.330 and December gold is down $3.90 per ounce. Corn futures continue to be under pressure, with December now down 36 cents in just two days following the larger yield, acreage and production on corn than many thought possible. Managed funds that came into Monday trade with a net long were estimated to have sold 45,000 contracts on Monday, and are likely selling much of the balance of their long on Tuesday, estimated to be still 34,000 contracts. Soybeans are up 9 cents and nearly back to Friday's close.

Posted 08:35 -- December corn is down 13 1/4 cents per bushel, November soybeans are up 1 1/2 cents, September KC wheat is down 7 cents, September Chicago wheat is down 4 3/4 cents and September Minneapolis wheat is down 2 3/4 cents. The Dow Jones Industrial Average is down 29.03 points and September crude oil is down $0.38 per barrel. The U.S. dollar index is up 0.030 and December gold is up $12.00 per ounce. The bearish fallout continues after Monday's surprising USDA report, with December corn headed for the open chart gap at $3.77 1/2.

Livestock

Posted 12:23 -- August live cattle are down $4.50 at $100.55, August feeder cattle are down $4.63 at $129.775, August lean hogs are down $0.30 at $78.875, September corn is down 17 1/2 cents per bushel and August soybean meal is up $5.30. The Dow Jones Industrial Average is up 431.02 points and the NASDAQ is up 154.21 points. Cattle futures continue to lead the complex lower with August through December live cattle futures locked in expanded limit losses. This may lead to additional weakness through the entire complex through the remainder of the week.

Posted 10:33 -- August live cattle are down $4.50 at $100.55, August feeder cattle are down $3.43 at $130.975, August lean hogs are down $0.05 at $79.125, September corn is down 13 cents per bushel and August soybean meal is up $5.30. The Dow Jones Industrial Average is up 346.59 points and NASDAQ is up 125.68 points. Triple-digit losses continue in cattle futures with traders looking for increased pressure as August and October live cattle have not been able to break out of the weaker pattern. Mixed feeder cattle have vanished, following the live cattle complex lower. Hog trade remains mixed in light activity as traders try to balance pork fundamentals with outside market weakness.

Posted 09:19 -- August live cattle are down $4.38 at $100.675, August feeder cattle are down $1.30 at $133.1, August lean hogs are down $0.03 at $79.15, September corn is down 9 1/2 cents per bushel and August soybean meal is up $2.80. The Dow Jones Industrial Average is up 408.70 points and NASDAQ is up 150.80 points. August live cattle have pulled away from expanded limit losses of $4.50 per cwt during the first hour of trade, although the complex remains under extreme pressure. Spring and summer 2020 live cattle contracts are showing less market pressure in morning trade with traders speculating that more stability will be seen in the next six to 10 months. Feeder cattle futures are mixed with prices shifting from initial losses. The continued pressure in corn markets is allowing limited buyer support in deferred feeder cattle trade. Hog futures are mixed in limited trade.

(BE)