DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is up 8 1/2 cents per bushel, July soybeans are up 3 cents, September Kansas City wheat is up 10 3/4 cents, September Chicago wheat is up 14 cents and September Minneapolis wheat is up 1 cent. The Dow Jones Industrial Average is up 500.55 points and August crude oil is up $1.16 per barrel. The U.S. Dollar Index is up 0.140 and August gold is up $0.50 per ounce. Corn and Chicago wheat are on fire to the upside as funds buy in some of their corn and wheat shorts. As of noon, funds are estimated to have bought 12,000 contracts of corn and 5,000 wheat. Concern over a warmer and drier pattern ahead has led to strength.

Posted 10:33 -- July corn is up 7 1/2 cents per bushel, July soybeans are down 1/2 cent, September KC wheat is up 2 1/2 cents, September Chicago wheat is up 7 1/2 cents and September Minneapolis wheat is up 1 cent. The Dow Jones Industrial Average is up 443.25 points and August crude oil is up $0.49 per barrel. The U.S. Dollar Index is up 0.070 and August gold is up $3.90 per ounce. Corn is mounting a nice rally early Monday due to the drier and warmer pattern for next week. The weekend of July 4, a high-pressure ridge sets up in the Midwest, with above normal temps throwing some stress at the corn crop. Soybeans are struggling on ideas of higher acreage and no China purchases to begin the week.

Posted 08:33 -- July corn is up 3 1/4 cents per bushel, July soybeans are up 1 1/4 cents, September KC wheat is down 1/2 cent, September Chicago wheat is up 3 cents and September Minneapolis wheat is unchanged. The Dow Jones Industrial Average is up 205.75 points and August crude oil is up $0.25 per barrel. The U.S. Dollar Index is down 0.190 and August gold is up $3.10 per ounce. Corn is higher as the next 10-day forecast appears to be drying for the more needy Eastern Corn Belt. No new soybean sales to China were announced as China returns from last week's holiday. Stats Canada reports all wheat planting to be up 1.5% from last year, at nearly 25 million acres, with much of the gain coming from a sharp jump in durum planting.

Posted 6/28 at 19:06 -- On Sunday evening, December corn is down 1/2 cent, November soybeans are down 1/2 cent and September KC wheat is down 3/4 cent. Moderate rains fell around the Ohio River Valley over the weekend and more are expected in the area the next five days. Lighter amounts were scattered across the central Corn Belt. The extended forecast looks drier than it did Friday with above normal temperatures expected across the central and northern Corn Belt. Outside markets are leaning bearish with the September Dow Jones futures down 86 points and August crude oil is down 68 cents a barrel. The September U.S. dollar index is up 0.05 and August gold is up $3.90.

Livestock

Posted 11:29 -- August live cattle are down $0.20 at $95.825, August feeder cattle are down $0.98 at $131.625, August lean hogs are up $0.80 at $48.925, July corn is up 6 1/2 cents per bushel and July soybean meal is down $0.40. The Dow Jones Industrial Average is up 446.29 points and NASDAQ is up 90.88 points. Livestock contracts are trading without a major consensus of where the market should align its trajectory for the week. Throughout the day thus far, live cattle and lean hog contracts have toyed with the idea of trading higher, but the feeder cattle contracts are adamant about bowing lower and continue to scale back.

Posted 10:40 -- August live cattle are down $0.55 at $95.475, August feeder cattle are down $1.35 at $131.25, August lean hogs are up $0.10 at $48.225, July corn is up 7 1/2 cents per bushel and July soybean meal is down $1.30. The Dow Jones Industrial Average is up 424.05 points and NASDAQ is up 65.50 points. The live cattle complex is trading with some support, while the lean hog and feeder cattle contracts dip lower. Bids and asking prices are yet to be determined for the week's cash cattle market, and given that it's a shortened-holiday week, packer aggression may be slim.

Posted 08:37 -- August live cattle are down $0.03 at $96., August feeder cattle are down $0.25 at $132.35, August lean hogs are down $0.48 at $47.65, July corn is up 3 cents per bushel and July soybean meal is down $0.20. The Dow Jones Industrial Average is up 189.13 points and NASDAQ is down 2.29 points. Entering into the holiday shortened week, trade is expected to be sluggish and mostly uneventful. Slaughter may be a touch lighter this week, but hopefully in the days leading up to the weekend, processing speeds will be at full bore.