DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is up 4 cents per bushel, November soybeans are up 5 cents, September KC wheat is up 4 3/4 cents, September Chicago wheat is up 13 cents and September Minneapolis wheat is up 6 1/4 cents. The Dow Jones Industrial Average is down 348.77 points and August crude oil is down $1.19 per barrel. The U.S. Dollar Index is up 0.310 and August gold is down $15.00 per ounce. Corn and soybeans are down from sharp early gains as near-term weather features some showers for the Corn Belt; however, late next week extreme heat and dryness could return. Funds are buying in shorts in wheat, corn and meal -- 5,000 to 8,000 contracts each -- while adding another 7,000 contracts to the bean long. Argentine corn has moved to a 50-cent discount to U.S. corn.

Posted 10:34 -- December corn is up 5 1/2 cents per bushel, November soybeans are up 6 3/4 cents, September KC wheat is up 2 1/2 cents, September Chicago wheat is up 10 cents and September Minneapolis wheat is up 2 3/4 cents. The Dow Jones Industrial Average is down 448.24 points and August crude oil is down $1.17 per barrel. The U.S. Dollar Index is up 0.260 and August gold is down $12.60 per ounce. The corn and soy markets are adding back some weather premium to account for the more bullish hot and dry forecast for mid-July. Rains moved across portions of the northern and Western Corn Belt overnight and today, but the focus will be on dry Illinois, Indiana and Ohio in the next week. Offsetting bearish pressure is coming from the weaker energy and equity markets.

Posted 08:33 -- December corn is up 6 1/4 cents per bushel, November soybeans are up 10 3/4 cents, September KC wheat is up 4 1/4 cents, September Chicago wheat is up 4 cents and September Minneapolis wheat is up 3 1/4 cents. The Dow Jones Industrial Average is down 4.67 points and August crude oil is down $0.30 per barrel. The U.S. Dollar Index is down 0.080 and August gold is up $1.00 per ounce. The ever-changing weather forecasts for the second and third week in July is creating some volatility. Overnight models seemed to move into a more bullish posture. Following a week of hot and dry weather, crop ratings are expected to fall by 2 to 3 points in the good-to-excellent category. Rain is needed in Illinois, Indiana and Ohio soon.

Livestock

Posted 11:27 -- August live cattle are up $1.03 at $100.175, August feeder cattle are up $1.13 at $135.175, August lean hogs are up $2.38 at $50.325, December corn is up 5 1/2 cents per bushel and December soybean meal is up $3.90. The Dow Jones Industrial Average is down 367.85 points and NASDAQ is down 14.56 points. Rolling into the noon hour, the livestock complex had a change of heart as all three markets trade higher. Feeder cattle and live cattle are rallying with the same aggression, as multiple contracts jump upwards of $1.00 higher, and the lean hog complex is seeing positive support through nearby contracts while deferred contracts aren't as sold on the notion. Thankfully, cash trade is higher in the lean hog complex Thursday morning, helping to aid the movement along.

Posted 10:32 -- August live cattle are up $0.95 at $100.1, August feeder cattle are up $0.98 at $135.025, August lean hogs are up $2.10 at $50.05, December corn is up 4 3/4 cents per bushel and December soybean meal is up $3.80. The Dow Jones Industrial Average is down 519.97 points and NASDAQ is down 100.51 points. Livestock contracts are back at rallying support as all three markets trade higher midmorning. Cattle contracts are fully higher while the lean hog complex fights some resistance through the deferred half. Cash cattle trade is quiet again Thursday morning with just a few bids on the table, as asking prices remain hard to find.

Posted 08:34 -- August live cattle are down $0.13 at $99.025, August feeder cattle are down $0.20 at $133.85, August lean hogs are up $1.28 at $49.225, December corn is up 7 cents per bushel and December soybean meal is up $4.70. The Dow Jones Industrial Average is up 8.82 points and NASDAQ is up 66.37 points. Thursday's export report shared that beef net sales totaled 9,500 mt for the week ending July 2, down 23% from the previous week and down 51% from the prior four-week average. The three primary increases were from Japan (2,900 mt including decreases of 500 mt), South Korea (2,300 mt including decreases of 500 mt) and China (1,000 mt). Pork net sales of 31,500 mt were reported for 2020, down 20% from the previous week but up 6% from the prior four-week average. The three primary increase were from Mexico (9,100 mt including decreases of 300 mt), China (8,100 mt including decreases of 4,500 mt) and Japan (5,300 mt including decreases of 200 mt).