DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- May corn is up 20 1/4 cents per bushel, May soybeans are up 8 1/2 cents, May KC wheat is up 14 cents, May Chicago wheat is up 12 3/4 cents and May Minneapolis wheat is up 18 1/4 cents. The Dow Jones Industrial Average is down 12.31 points and May crude oil is down $0.33 per barrel. The U.S. Dollar Index is down 0.420 and June gold is up $15.70 per ounce. Old-crop corn is exploding on the rising cash basis, as ethanol producers are trying to draw out stocks, and rumors of China interest in both U.S. old- and new-crop corn. Dryness expanding in the Northern Plains and Canada are driving wheat futures to major gains, in addition to rumors that China may be seeking U.S. hard red winter wheat. Funds have bought corn -- estimated to be over 15,000 contracts as of noon.

Posted 10:34 -- May corn is up 17 1/2 cents per bushel, May soybeans are up 3 1/2 cents, May KC wheat is up 14 1/4 cents, May Chicago wheat is up 11 1/4 cents and May Minneapolis wheat is up 16 cents. The Dow Jones Industrial Average is down 5.51 points and May crude oil is down $0.33 per barrel. The U.S. Dollar Index is down 0.310 and June gold is up $13.90 per ounce. Minneapolis wheat is making new highs on ongoing dryness and expansion of the northern drought, while spot corn futures are close to challenging the contract high. A dry forecast for Brazil's safrinha crop areas and solid U.S. demand have driven the corn inverses close to the widest level of the year.

Posted 08:35 -- May corn is up 4 1/2 cents per bushel, May soybeans are down 1/2 cent, May KC wheat is up 8 1/2 cents, May Chicago wheat is up 6 cents and May Minneapolis wheat is up 12 1/2 cents. The Dow Jones Industrial Average is down 25.04 points and May crude oil is down $0.53 per barrel. The U.S. Dollar Index is down 0.270 and June gold is up $14.10 per ounce. Soy complex values are hovering close to unchanged in slow trade, while corn and wheat are firm. The May-July corn spread has now moved to a nearly 15-cent inverse, suggesting strong export and domestic demand. Spring wheat futures are surging on dryness, but there is a better chance for rain 10 days from now.

Livestock

Posted 11:37 -- June live cattle are up $0.10 at $125.375, May feeder cattle are down $0.83 at $151.85, June lean hogs are up $0.53 at $108.425, May corn is up 20 1/4 cents per bushel and May soybean meal is down $1.10. The Dow Jones Industrial Average is up 13.27 points and NASDAQ is up 131.30 points. The feeder cattle contracts would love to keep trading higher and enjoy the exciting rally in the cash cattle market, but the steep rally in the corn contracts is putting a damper on the feeder market's wishes. Meanwhile, the live cattle and lean hog contracts are still rallying.

Posted 10:34 -- June live cattle are down $0.28 at $125., May feeder cattle are down $1.43 at $151.25, June lean hogs are up $0.60 at $108.5, May corn is up 17 cents per bushel and May soybean meal is down $2.00. The Dow Jones Industrial Average is down 10.01 points and NASDAQ is up 114.72 points. There's been some cattle trade in Eastern Nebraska for $196 dressed and $123 live. The dressed price is $6.00 higher than a week ago and the live business is $4.00 higher. More trade is expected to develop before the day's end and, as in most cases, packers' bids are getting more aggressive as time passes by.

Posted 08:35 -- June live cattle are up $0.33 at $125.6, May feeder cattle are up $0.45 at $153.125, June lean hogs are up $0.30 at $108.2, May corn is up 4 cents per bushel and May soybean meal is down $2.50. The Dow Jones Industrial Average is down 2.29 points and NASDAQ is up 121.42 points. Beef net sales of 18,200 mt reported for 2021 were down 3% from the previous week and 14% from the prior four-week average. The three largest buyers were for South Korea (9,100 mt), Japan (4,200 mt) and China (1,900 mt). Pork net sales of 33,400 mt reported for 2021 were down 45% from the previous week and 22% from the prior four-week average. The three largest buyers were Mexico (23,000 mt), Japan (3,400 mt) and Australia (1,600 mt).