DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- September corn is up 9 1/2 cents per bushel, November soybeans are up 17 3/4 cents, September KC wheat is up 1 1/2 cents, September Chicago wheat is up 4 cents and September Minneapolis wheat is down 4 1/2 cents. The Dow Jones Industrial Average is down 21.72 points and August crude oil is up $0.40 per barrel. The U.S. Dollar Index is down 0.250 and August gold is down $20.70 per ounce. Funds continue to cover shorts in corn, meal and wheat, while adding to a modest net-long in soybeans. Funds are credited with buying more than 30,000 corn contracts again today along with 10,000 beans and 6,000 meal. Word is that farmers are choosing to finally reward this rally with remaining old crop supplies. While weather has taken a slightly bullish turn through mid-July, there is no sign of a lasting ridge on the horizon.

Posted 10:37 -- September corn is up 7 cents per bushel, November soybeans are up 14 1/2 cents, September KC wheat is down 1 1/2 cents, September Chicago wheat is up 1 cent and September Minneapolis wheat is down 5 cents. The Dow Jones Industrial Average is down 63.40 points and August crude oil is up $0.69 per barrel. The U.S. Dollar Index is down 0.290 and August gold is down $28.90 per ounce. Corn and soybean markets continue to ride higher on the largest March to June corn acreage drop in history. The warmer and drier weather pattern on tap for the next 10-12 days has also encouraged funds to lighten their bearish load. However, the rally could prove to be short lived, as Argentine corn is nearly a 50-cent per bushel discount to U.S. corn for August and over 30 cents cheaper in new crop.

Posted 09:48 -- September corn is up 8 cents per bushel, November soybeans are up 9 3/4 cents, September KC wheat is down 3 3/4 cents, September Chicago wheat is down 1 1/4 cents and September Minneapolis wheat is down 7 1/4 cents. The Dow Jones Industrial Average is up 144.88 points and August crude oil is up $0.35 per barrel. The U.S. Dollar Index is down 0.350 and August gold is down $27.50 per ounce. Ethanol production rose again in the week ending June 26, but by just 7,000 barrels per day to 900,000 barrels. That is still down 181,000 barrels per day from a year ago, or 16.7%. Ethanol inventory dropped by a larger than expected amount, falling 800,000 barrels to 20.2 million barrels. That compares to 22.3 million barrels last year at this time.

Posted 08:36 -- September corn is up 5 3/4 cents per bushel, November soybeans are up 4 3/4 cents, September KC wheat is up 3/4 cent, September Chicago wheat is up 3 cents and September Minneapolis wheat is down 2 1/4 cents. The Dow Jones Industrial Average is up 58.58 points and August crude oil is up $0.47 per barrel. The U.S. Dollar Index is down 0.030 and August gold is down $12.30 per ounce. Corn and soybeans continue to build off Tuesday gains following the much lower than expected seeding numbers from the USDA. Weather for the next two weeks will feature a warmer and drier pattern as we move into peak pollination time, but storms are moving across the northern Corn Belt early Wednesday.

Livestock

Posted 11:35 -- August live cattle are up $0.53 at $96.8, August feeder cattle are down $1.18 at $131.675, August lean hogs are up $0.45 at $49.475, September corn is up 8 1/4 cents per bushel and December soybean meal is up $8.50. The Dow Jones Industrial Average is up 62.09 points and NASDAQ is up 88.16 points. Live cattle contracts are trading mildly higher with the rest of the livestock complex trading lower. For the second day in row, cash hogs are trading higher, but unfortunately, the cash cattle market isn't celebrating the same news as prices continue to erode.

Posted 10:29 -- August live cattle are up $0.28 at $96.55, August feeder cattle are down $1.25 at $131.6, August lean hogs are up $0.55 at $49.575, September corn is up 8 cents per bushel and December soybean meal is up $7.90. The Dow Jones Industrial Average is down 34.78 points and NASDAQ is up 57.43 points. The Fed Cattle Exchange Auction listed a total of 1,814 head, with 144 actually sold, 1,352 head listed as unsold and 318 head listed as PO (Passed Offer). The state by state breakdown looks like this: Kansas 1,155 total head, with 144 head sold at $95.00, 693 head unsold, 318 head listed as PO ($93.00); Nebraska 194 total head, with no cattle sold; Texas 465 total head, with no cattle sold. The delivery date/weighted averages breakdown is as listed: one- to nine-day delivery: 768 head total, 144 head sold, with a weighted average price of $95.00; one- to 17-day delivery 1,046 head total, with no sales.

Posted 08:36 -- August live cattle are up $0.28 at $96.55, August feeder cattle are up $0.40 at $133.25, August lean hogs are down $0.65 at $48.375, September corn is up 6 1/2 cents per bushel and December soybean meal is up $3.80. The Dow Jones Industrial Average is up 125.52 points and NASDAQ is up 26.29 points. Cattle contracts are trading mostly higher, as they did Tuesday before falling lower into the day's close. Meanwhile the lean hog complex has shifted lower after closing higher Tuesday afternoon. Cash cattle trade has developed in bits and pieces through the North, but the South has yet to really develop this week's trade.