DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
Posted 11:34 -- September corn is down 4 1/2 cents per bushel, November soybeans are down 2 1/2 cents, September KC wheat is down 7 1/4 cents, September Chicago wheat is down 5 1/2 cents and September Minneapolis wheat is down 3 1/2 cents. The Dow Jones Industrial Average is up 236.85 points and August crude oil is up $0.42 per barrel. The U.S. Dollar Index is up 0.090 and August gold is up $8.30 per ounce. After three days of sharply higher prices, corn, soybean and wheat markets are setting back. Major resistance just above recent highs, along with a pick-up of farmer selling, has turned the tide ahead of the holiday long weekend. It will be all about weather and China in the weeks ahead. Funds end the week with a still sizable net short in corn.
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Posted 10:32 -- September corn is down 4 1/2 cents per bushel, November soybeans are down 1 1/2 cents, September KC wheat is down 8 1/4 cents, September Chicago wheat is down 6 3/4 cents and September Minneapolis wheat is down 4 1/2 cents. The Dow Jones Industrial Average is up 182.34 points and August crude oil is up $0.26 per barrel. The U.S. Dollar Index is up 0.040 and August gold is up $9.70 per ounce. After a 40-cent rally over the past three days in both corn and beans on fund buying tied to lower than expected seeding and warm and dry weather, both markets have hit solid resistance areas at the same time that old crop farmer selling picks up. Wheat is under serious pressure, with Minneapolis new crop September within a few cents of the contract low.
Posted 08:35 -- September corn is down 2 3/4 cents per bushel, November soybeans are down 2 1/4 cents, September KC wheat is down 4 3/4 cents, September Chicago wheat is down 4 1/4 cents and September Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is up 369.36 points and August crude oil is up $0.54 per barrel. The U.S. Dollar Index is down 0.110 and August gold is down $1.10 per ounce. The USDA's Foreign Agricultural Service announced new sales to China -- 202,000 mt (7.9 million bushels) of corn for 2020-21, and 126,000 mt (4.6 mb) of soybeans also for 2020-21. The corn and soybean rallies ran into a roadblock of major resistance after rising sharply in the past three days. The job gains and U.S. unemployment numbers were much better than most had expected, moving equities sharply higher.
LivestockOMAHA (DTN) -- August live cattle are up $2.10 at $99.4, August feeder cattle are up $2.05 at $135.125, August lean hogs are up $0.08 at $49.15, September corn is down 3 3/4 cents per bushel and December soybean meal is down $0.50. The Dow Jones Industrial Average is up 229.12 points and NASDAQ is up 108.13 points. Heading into the noon hour of the last trading day for this week, cattle contracts remain optimistic and the lean hog complex is split. Shortened holiday weeks are tough because one minute the market can be as painfully boring as attending a third-grader's concert and the next minute you're sitting back on your chair wondering what the heck these bullish cattle contracts are thinking!
Posted 10:28 -- August live cattle are up $1.35 at $98.65, August feeder cattle are up $1.23 at $134.3, August lean hogs are up $0.20 at $49.275, September corn is down 3 3/4 cents per bushel and December soybean meal is down $0.90. The Dow Jones Industrial Average is up 165.86 points and NASDAQ is up 86.40 points. Cattle contracts are trading higher while the lean hog complex continues to regress. Cash cattle trade has been quiet Thursday morning with no bids/asking prices renewed as of yet. Packers may be needing less cattle as this week will post a smaller kill, and over the last couple of weeks their purchases have been notably bigger.
Posted 08:35 -- August live cattle are up $0.18 at $97.475, August feeder cattle are up $0.18 at $133.25, August lean hogs are up $0.35 at $49.425, September corn is down 2 cents per bushel and December soybean meal is down $0.70. The Dow Jones Industrial Average is up 359.30 points and NASDAQ is up 116.00 points. Thursday's export report shared that beef net sales of 12,300 mt were reported for 2020, which was down 49% from the previous week and down 36% from the prior four-week average. The three primary increases were from Japan (3,800 mt including decreases of 500 mt), South Korea (2,900 mt, including decrease of 600 mt) and Taiwan (1,700 mt, including decreases of 100 mt). Pork net sales of 39,200 mt were reported for 2020, which was up 63% from the previous week and up 61% from the prior four-week average. The three primary increase were from China (21,600 mt, including decreases of 900 mt), Mexico (8,400 mt including decreases of 4,300 mt) and Japan (2,200 mt including decreases of 300 mt).
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