DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is up 2 1/2 cents per bushel, November soybeans are up 7 cents, September KC wheat is down 1 3/4 cents, September Chicago wheat is down 4 cents and September Minneapolis wheat is down 3 1/4 cents. The Dow Jones Industrial Average is up 271.43 points and September crude oil is up $0.98 per barrel. The U.S. Dollar Index is up 0.080 and December gold is up $12.60 per ounce. Funds are covering part of their net-short position in both corn and meal, while soybeans gather strength from more China demand. Rumor has it that China could have bought another half million or more metric tons of new crop U.S. soybeans on Monday. Bearish is the fact that rains are moving west to east over much of Iowa on Monday, with some totals close to 1 1/2 inch.

Posted 10:33 -- December corn is up 2 1/2 cents per bushel, November soybeans are up 6 1/4 cents, September KC wheat is down 2 1/4 cents, September Chicago wheat is down 2 1/4 cents and September Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is up 221.78 points and September crude oil is up $0.58 per barrel. The U.S. Dollar Index is up 0.030 and December gold is up $15.00 per ounce. Corn and soybeans are getting a mild bounce following last week's weakness. Soybeans are getting a boost from more China business and the fact that U.S. soybeans are the bargain basement for world importers over the next few months. China is estimated to need at least 24 mmt (882 million bushels) of beans from October through December.

Posted 08:33 -- December corn is up 1/2 cent per bushel, November soybeans are up 1/4 cent, September KC wheat is down 3 1/4 cents, September Chicago wheat is down 2 3/4 cents and September Minneapolis wheat is down 1 1/2 cents. The Dow Jones Industrial Average is up 115.64 points and September crude oil is up $0.84 per barrel. The U.S. Dollar Index is up 0.050 and December gold is up $17.50 per ounce. China again showed up as a buyer of U.S. soybeans, taking a total of 588,000 mmt (21.6 million bushels) of new crop 2020-21 soybeans, with another 111,000 mt (4 mb) of new crop sold to "unknown." In the past two business days, China has bought 38.5 million bushels of U.S. beans.

Posted 8/9 at 19:28 -- After the open on Sunday evening, December corn is up 3/4 cent, November soybeans are up 1 1/2 cents and September Kansas City wheat is down 1/4 cent. Southeastern South Dakota, eastern Missouri and southwestern Illinois were among select areas that received rain over the weekend. Light to moderate rain amounts are expected for most of the Corn Belt the next seven days with high temperatures in the 80s. Outside markets are quiet with the Dow Jones futures down 27 points and the September U.S. Dollar Index down 0.01. December gold is up $8.40 and September crude oil is up 33 cents.

Livestock

Posted 11:29 -- Monday's encouragement is starting to trickle into the livestock sectors as even the feeder cattle contracts are starting to show some stronger support. Meanwhile, the live cattle and lean contracts trade steadily higher without any wavering support. Cash cattle trade is idle thus far, though northern feedlots have already set their asking prices for the week. October live cattle are up $0.70 at $107.15, September feeder cattle are up $0.05 at $145.175, October lean hogs are up $3.10 at $54.075, December corn is up 1 3/4 cents per bushel and December soybean meal is up $4.10. The Dow Jones Industrial Average is up 265.98 points and NASDAQ is down 81.48 points.

Posted 10:38 -- October live cattle are up $0.58 at $107.025, September feeder cattle are down $0.55 at $144.575, October lean hogs are up $3.00 at $53.975, December corn is up 2 1/2 cents per bushel and December soybean meal is up $3.60. The Dow Jones Industrial Average is up 235.30 points and NASDAQ is down 85.53 points. Lean hog and live cattle contracts are taking advantage of the support in Monday morning's trade, but the feeder cattle contracts are still immensely pressured. Asking prices and showlists are still needing to be generated, and bids are obsolete thus far. With the $3.00 to $4.00 gain that the cash cattle market was able to secure last week, feeders are optimistic about this week's trade as well.

Posted 08:38 -- October live cattle are up $0.23 at $106.675, September feeder cattle are up $0.08 at $145.2, October lean hogs are up $1.53 at $52.5, December corn is up 1/4 cent per bushel and December soybean meal is down $0.20. The Dow Jones Industrial Average is up 151.47 points and NASDAQ is up 10.78 points. Heading into the early hours of Monday's trade, establishing the week's showlists will be a priority, as well as feeder asking prices. Last week cattle contracts fell, feeling immense pressure as the market has slowly been tracking upward. Hog contracts closed sharply higher Friday afternoon and, thus far, the market's momentum has carried healthy into Monday's trade.

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