DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is down 4 3/4 cents per bushel, November soybeans are down 5 1/4 cents, September KC wheat is up 1 1/2 cents, September Chicago wheat is down 1/4 cent and September Minneapolis wheat is up 3/4 cent. The Dow Jones Industrial Average is down 175.09 points and August crude oil is up $0.20 per barrel. The U.S. Dollar Index is up 0.090 and August gold is up $15.90 per ounce. The corn and soy markets appear to be siding with the weather model which is wetter for the central U.S., although the continued mostly hot and dry pattern will surely sap some moisture supplies. The fact that Argentine corn is roughly 45 cents per bushel cheaper than U.S. corn, and that U.S. wheat is severely overpriced compared to Black Sea, is pressuring markets. Egypt bought all Russian wheat for August.

Posted 10:39 -- December corn is down 3 1/2 cents per bushel, November soybeans are down 1 3/4 cents, September KC wheat is up 3 3/4 cents, September Chicago wheat is up 5 1/4 cents and September Minneapolis wheat is up 3/4 cent. The Dow Jones Industrial Average is down 188.03 points and August crude oil is up $0.07 per barrel. The U.S. Dollar Index is up 0.060 and August gold is up $13.10 per ounce. Corn remains lower on what appears to be a less threatening weather forecast than models indicated on Monday. Wheat is stronger on declining French and Ukraine production.

Posted 08:36 -- December corn is down 5 cents per bushel, November soybeans are down 2 3/4 cents, September KC wheat is up 1/4 cent, September Chicago wheat is up 1/4 cent and September Minneapolis wheat is down 1/4 cent. The Dow Jones Industrial Average is down 169.64 points and August crude oil is down $0.28 per barrel. The U.S. Dollar Index is up 0.080 and August gold is down $2.90 per ounce. Corn and soybeans are giving back some of Monday's gains as some weather watchers feel that, despite a hot and dry forecast over the next week that promises to steal soil moisture reserves from the Eastern Corn Belt, the ridge will not be long lasting. Also pressuring outside markets and demand ideas is a report from the EU calling for an 8.7% fall in GDP due to the pandemic.

Livestock

Posted 11:36 -- August live cattle are down $0.13 at $99.975, August feeder cattle are down $0.95 at $135.2, August lean hogs are up $0.10 at $49.375, December corn is down 4 1/2 cents per bushel and December soybean meal is down $1.80. The Dow Jones Industrial Average is down 210.80 points and NASDAQ is up 23.44 points. The optimism that was circulating throughout the livestock contracts late last week and Monday has disappeared, as all contracts are trading lower Tuesday afternoon. As strange as it may be -- going against all fundamentals -- the market seems to have some underlying support. Determining whether that support was short-lived, and if the market's regression on Tuesday is simply a chance to catch a break or a pivotal turning point back to lower trading ranges, is yet to be solidified.

Posted 10:37 -- August live cattle are down $0.33 at $99.775, August feeder cattle are down $0.85 at $135.3, August lean hogs are down $0.20 at $49.075, December corn is down 3 3/4 cents per bushel and December soybean meal is down $0.40. The Dow Jones Industrial Average is down 175.27 points and NASDAQ is up 75.95 points. Consigned to Wednesday's Fed Cattle Exchange there are 1,458 head of cattle primarily from Texas and Kansas with an even mix of delivery for one to nine days and one to 17 days. The entire livestock complex keeps scaling lower as the day progresses.

Posted 08:37 -- August live cattle are up $0.20 at $100.3, August feeder cattle are down $0.05 at $136.1, August lean hogs are down $0.53 at $48.75, December corn is down 4 1/2 cents per bushel and December soybean meal is up $1.00. The Dow Jones Industrial Average is down 175.49 points and NASDAQ is up 1.94 points. Live cattle contracts are seeing some resistance in deferred contracts, whereas the feeder cattle contracts are fighting nearby resistance Tuesday morning. Meanwhile, the lean hog complex isn't sure if any of the market should be trading higher. Time will show just how aggressive traders are of protecting their gains in the cattle contracts.