DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- Heading in to the close, not much has changed as corn remains flat and wheat prices are mixed as the dollar moves higher Friday. December corn is down 1/4 cent, November soybeans are up 3 cents, September KC wheat is up 3/4 cent, September Chicago wheat is up 1 1/2 cents and Minneapolis September wheat is down 2 3/4 cents. Soybean oil continues to support the soybean market and is up 76 basis points, while Malaysian palm oil futures were closed for a holiday. September crude oil is higher, up 28 cents, with supportive news from Baker Hughes reporting the U.S. oil rig count dropped by one, the 19th drop in 20 weeks. The September U.S. Dollar Index continues higher, up 0.24 at 96.25.

Posted 10:34 -- December corn is unchanged, November soybeans are up 3 3/4 cents, September KC wheat is up 1 1/4 cents, September Chicago wheat is up 1 3/4 cents and Minneapolis September wheat is down 2 cents. The corn market is once again showing little excitement on another fresh sale announced Friday, looking ahead to mostly favorable weather over the weekend. Soybean oil is trading at its highest level in five months, which is supportive to the soybean market along with good export sales recently. September crude oil is bouncing around the $40 mark, up 8 cents, while slowing gasoline demand has September RBOB is down 2.82 cents. The September U.S. Dollar Index continues higher, up 0.12 at 93.14.

Posted 08:35 -- After the 8:30 a.m. open, December corn is down 1/2 cent, November soybeans are up 2 1/4 cents, September KC wheat is up 2 1/2 cents, September Chicago wheat is up 2 1/2 cents and Minneapolis September wheat is up 1/4 cent. Before the open, USDA announced that private exporters sold 114,300 metric tons of corn to Mexico during the 2020-21 marketing year, another sale for corn on top of the large sales reported Thursday. USDA also announced that 222,000 metric tons of soybean cake and meal were sold to the Philippines during the 2020-21. September crude oil was higher after a dismal close Thursday, up 50 cents, and the September U.S. Dollar Index is higher, up .08, at 93.09. Friday is first notice day for August futures.

Livestock

Posted 11:35 -- October live cattle are up $0.30 at $107.05, September feeder cattle are up $0.28 at $144.7, October lean hogs are up $0.65 at $48.975, December corn is up 1/4 cent per bushel and December soybean meal is down $0.90. The Dow Jones Industrial Average is down 201.65 points and NASDAQ is up 25.73 points. Steady, manageable gains seem to be the trend in the livestock complex heading into Friday afternoon, which could lead the day to close fully higher. The cash markets are extremely quiet as packers are having submission problems with cash hog prices.

Posted 10:31 -- October live cattle are up $0.58 at $107.325, September feeder cattle are up $0.28 at $144.7, October lean hogs are up $1.23 at $49.55, December corn is steady and December soybean meal is steady. The Dow Jones Industrial Average is down 86.85 points and NASDAQ is up 85.97 points. As Friday progresses, the main turn of events has been the support developing in the lean hog contracts. Cattle contracts continue to trade higher, meanwhile the cash cattle market remains mostly quiet Friday morning.

Posted 08:35 -- October live cattle are down $0.08 at $106.675, September feeder cattle are down $0.05 at $144.375, October lean hogs are down $0.18 at $48.15, December corn is down 3/4 cent per bushel and December soybean meal is up $1.40. The Dow Jones Industrial Average is up 31.19 points and NASDAQ is up 146.01 points. Heading into the week's final trading day, if cattle contracts are able to keep with their upward momentum, watching how the contracts trade once near resistance will be critical. The lean hog complex may continue with its recent downward trend and the market has been adamant about scaling lower this past week.