DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is down 3 1/2 cents per bushel, July soybeans are down 8 1/4 cents, July KC wheat is up 6 1/2 cents, July Chicago wheat is up 6 1/2 cents and July Minneapolis wheat is up 4 cents. The Dow Jones Industrial Average is down 261.81 points and July crude oil is up $0.12 per barrel. The U.S. Dollar Index is up 0.080 and June gold is up $23.60 per ounce. Soybeans and corn continue to struggle ahead of a 2 p.m. EDT news conference at which the Trump administration is likely to enact some sanctions against China. The weakness in beans comes as China continues to favor higher-priced Brazilian beans despite a 40- to 50-cent advantage of U.S. Gulf bean offers.

Posted 10:31 -- July corn is down 3 1/2 cents per bushel, July soybeans are down 4 3/4 cents, July KC wheat is up 5 3/4 cents, July Chicago wheat is up 5 cents and July Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average is down 194.67 points and July crude oil is up $0.07 per barrel. The U.S. dollar index is down 0.170 and June gold is up $21.80 per ounce. Soybeans continue to be under pressure on idea that new sanctions may be forthcoming against China, placing the phase-one trade agreement in jeopardy, and soybean meal is nearing its contract low again. Thursday's sharp corn rally was rebuffed at the 50-day moving average and just under major resistance at $3.45 to $3.47.

Posted 08:35 -- July corn is down 2 cents per bushel, July soybeans are down 7 1/2 cents, July KC wheat is up 1 cent, July Chicago wheat is down 1 cent and July Minneapolis wheat is down 3 cents. The Dow Jones Industrial Average is down 144.19 points and July crude oil is down $0.82 per barrel. The U.S. dollar index is down 0.160 and June gold is up $12.40 per ounce. A new sale of 132,000 mt (4.8 million bushels) of soybeans were announced sold to China, with half old and half new crop, and 101,600 mt 4 mb) of corn sold to unknown. China's rumored purchase of 600,000 mt (22 mb) of higher priced Brazilian beans this week has traders assuming that the Trump administration is set to impose sanctions on China at Friday's White House press conference..

Livestock

Posted 11:29 -- August live cattle are down $2.93 at $98.25, August feeder cattle are down $2.70 at $132.8, July lean hogs are down $0.80 at $54.85, July corn is down 3 3/4 cents per bushel and July soybean meal is down $1.80. The Dow Jones Industrial Average is down 264.52 points and NASDAQ is down 14.30 points. As most people jump with joy and sip their coffee thinking, "Thank God it's Friday," the livestock contracts have merely done the opposite. As tensions rise between China and Hong Kong, and some packing plants are seeing a second round of COVID-19 breakout, the board has seemed to have thrown in the towel and is giving back some of the ground gained earlier in the week.

Posted 10:31 -- August live cattle are down $1.70 at $99.475, August feeder cattle are down $1.23 at $134.275, July lean hogs are down $0.90 at $54.75, July corn is down 3 3/4 cents per bushel and July soybean meal is down $2.00. The Dow Jones Industrial Average is down 194.77 points and NASDAQ is down 10.80 points. Livestock contracts are continuing to push lower with live cattle contracts seeing the biggest losses, as the day seems to be petering out and interest dwindling. Cash cattle trade is quiet Friday morning, and thus far packers haven't shown much interest at all.

Posted 08:36 -- August live cattle are down $0.63 at $100.55, August feeder cattle are down $0.53 at $134.975, July lean hogs are down $0.85 at $54.8, July corn is down 2 3/4 cents per bushel and July soybean meal is down $1.30. The Dow Jones Industrial Average is down 144.88 points and NASDAQ is up 8.35 points. Hitting the morning bell at a lower tune, the livestock complex begins trading solidly lower. The cash cattle market has been set for the week, and if some trade develops Friday it will most likely be in the pre-established ranges. The futures board is where the market's attention gravitates as the complex did a tremendous job rallying in the early part of the week and it would disappoint to see Friday throw away the market's progress.

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