DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is up 1/2 cent per bushel, November soybeans are up 2 1/4 cents, September KC wheat is down 11 cents, September Chicago wheat is down 8 3/4 cents and September Minneapolis wheat is down 7 1/2 cents. The Dow Jones Industrial Average is up 220.74 points and September crude oil is up $0.89 per barrel. The U.S. Dollar Index is up 0.240 and December gold is up $1.80 per ounce. Wheat remains under heavy selling pressure due to record yields in Russia. Soybeans remain higher, but down from the early high, fueled by the world's surging vegetable oil market, with September bean oil now trading at the high. Traders expect another atypical rise in crop ratings for both corn and beans from already lofty levels in Monday afternoon's crop progress report.

Posted 10:32 -- December corn is up 1 cent per bushel, November soybeans are up 2 1/2 cents, September KC wheat is down 13 3/4 cents, September Chicago wheat is down 12 1/4 cents and September Minneapolis wheat is down 8 1/4 cents. The Dow Jones Industrial Average is up 233.13 points and September crude oil is up $0.80 per barrel. The U.S. Dollar Index is up 0.340 and December gold is up $2.30 per ounce. The wheat markets continue to melt down on improving world crop prospects, especially in Russia and Australia. Soybeans have retreated from the overnight and morning highs, despite another new sale of nearly 10 mb of beans to "unknown" early on Monday. Crop conditions for this time of year continue to suggest trend or above yields for corn and beans.

Posted 08:33 -- December corn is steady, November soybeans are up 4 1/2 cents, September KC wheat is down 7 1/4 cents, September Chicago wheat is down 8 cents and September Minneapolis wheat is down 6 cents. The Dow Jones Industrial Average is up 117.24 points and September crude oil is up $0.09 per barrel. The U.S. Dollar Index is up 0.580 and December gold is down $0.10 per ounce. The Foreign Agricultural Service (FAS) reported a new sale of U.S. soybeans to unknown -- 260,000 mt (9.55 million bushels), with just 8,000 mt (294,000 bushels) of that for 2019-20 and the balance (9.26 mb) for 2020-21.

Posted 8/2 at 19:09 -- After the open on Sunday evening, December corn is down 1/2 cent, November soybeans are up 1/2 cent and September KC wheat is down 4 1/2 cents. Light rain fell over the eastern Midwest over the weekend, while the rest of the corn and soybean region was mostly dry with cooler summer temperatures prevailing. The forecast is mostly dry for the Midwest the next seven days with increased chances for rain in the eastern Midwest in the 6- to 10-day period. Outside markets are quiet with the Dow Jones futures down 8 points and the September U.S. Dollar Index up 0.05. October gold is up $12.30 and September crude oil is down 15 cents.

Livestock

Posted 11:33 -- October live cattle are up $0.25 at $108.125, September feeder cattle are up $0.85 at $147.075, October lean hogs are down $0.75 at $48.875, December corn is down 1/4 cent per bushel and December soybean meal is steady. The Dow Jones Industrial Average is up 241.65 points and NASDAQ is up 157.13 points. Though feeder cattle contracts flirted with some pressure midmorning, the complex is now trading higher in nearby contracts and lower in deferred. Thankfully the feeder contracts were able to ride on the coattails of the live cattle complex, which has traded steadily higher throughout Monday's early trade.

Posted 10:36 -- October live cattle are down $0.13 at $107.75, September feeder cattle are up $0.03 at $146.25, October lean hogs are down $1.38 at $48.25, December corn is up 3/4 cent per bushel and December soybean meal is down $2.20. The Dow Jones Industrial Average is up 243.14 points and NASDAQ is up 144.58 points. The feeder cattle complex has been the driving force pushing the livestock sector higher over the last month, but as Monday progresses into the midmorning the feeder cattle market is trading slightly lower. Feeder cattle and lean hog contracts are trading mostly lower while the live cattle market is trading mixed; higher in deferred contracts and lower in nearby.

Posted 08:39 -- October live cattle are up $0.08 at $107.95, September feeder cattle are down $0.43 at $145.8, October lean hogs are down $0.63 at $49., December corn is up 3/4 cent per bushel and December soybean meal is down $1.50. The Dow Jones Industrial Average is up 124.66 points and NASDAQ is up 109.76 points. Following Friday's price jump in the feeder cattle complex, cattle contracts will be pressured Monday to see how serious last week's strength was. The lean hog complex is hoping to have another week of strong cash trade and aggressive slaughter to hopefully get closer to having the backlog cleaned up.

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