DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- May corn is up 20 3/4 cents per bushel, July soybeans are up 23 1/4 cents, July KC wheat is up 14 cents, July Chicago wheat is up 16 1/4 cents and July Minneapolis wheat is up 12 cents. The Dow Jones Industrial Average is up 241.21 points and June crude oil is down $1.40 per barrel. The U.S. Dollar Index is down 0.090 and June gold is up $14.90 per ounce. Ahead of Wednesday's close, grain and soy markets are again surging. New contract highs have been reached on old- and new-crop corn and beans and bean oil, with Minneapolis new crop wheat challenging the high. No doubt speculative funds are adding to bullish bets on corn and the soy complex.

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Posted 10:33 -- May corn is up 15 3/4 cents per bushel, July soybeans are up 19 cents, July KC wheat is up 14 cents, July Chicago wheat is up 18 1/4 cents and July Minneapolis wheat is up 12 cents. The Dow Jones Industrial Average is up 151.06 points and June crude oil is down $0.79 per barrel. The U.S. Dollar Index is down 0.120 and June gold is up $15.70 per ounce. The early correction was short-lived as old- and new-crop corn and beans are again forging new contract highs. World veg oils are soaring and spot bean futures are just 7 cents away from $15. Brazil's weather and tightening U.S. and world supplies of corn and beans are the driving force behind the rally.

Posted 08:37 -- May corn is down 1 cent per bushel, July soybeans are down 3 1/2 cents, July KC wheat is down 1 3/4 cents, July Chicago wheat is up 1/4 cent and July Minneapolis wheat is down 1 cent. The Dow Jones Industrial Average is down 13.86 points and June crude oil is down $1.47 per barrel. The U.S. Dollar Index is up 0.180 and June gold is up $7.00 per ounce. Strong early gains in corn, soybeans and wheat are dissipating, as those markets correct from sharp gains Tuesday. Soybean oil stands alone in strength as the world veg oil markets are strong throughout.

Livestock

Posted 11:37 -- June live cattle are down $1.50 at $117.7, May feeder cattle are down $2.80 at $139.975, June lean hogs are down $1.50 at $104.85, May corn is up 18 3/4 cents per bushel and July soybean meal is up $0.50. The Dow Jones Industrial Average is up 205.40 points and NASDAQ is up 88.70 points. The Fed Cattle Exchange Auction listed a total of 4,972 head, of which 1,517 actually sold at $120 and $124, 2,252 head were listed as unsold, as they did not meet the reserve price that ranged from $120 to $125, and 1,203 head in Nebraska were scratched from the auction. Opening prices ranged from $118.50 to $125, high bids ranged from $119 to $124. The state-by-state breakdown looks like this: Kansas 884 total head, with 58 head sold at $120, 826 head unsold; Nebraska 2,080 total head, with 457 head sold at $124, 420 head unsold, and 1,203 head scratched from auction; Texas 2,008 total head, with 1,002 head sold at $120, 1,006 head unsold.

Posted 10:38 -- June live cattle are down $1.68 at $117.525, May feeder cattle are down $2.25 at $140.525, June lean hogs are down $1.95 at $104.4, May corn is up 16 3/4 cents per bushel and July soybean meal is down $0.60. The Dow Jones Industrial Average is up 166.34 points and NASDAQ is up 87.02 points. The gust of support that led the livestock contracts higher Tuesday is nowhere to be found, as the live cattle, feeder cattle and lean hog contracts all fall sharply lower. Adding even more pressure to the feeder cattle complex is the rally that continues in the corn market, as nearby corn prices jump $0.11 to $0.17 per bushel and now have both the May and July contracts above $6.00.

Posted 08:37 -- June live cattle are up $0.18 at $119.375, May feeder cattle are up $0.15 at $142.925, June lean hogs are down $0.15 at $106.2, May corn is down 1/4 cent per bushel and July soybean meal is down $3.10. The Dow Jones Industrial Average is down 35.79 points and NASDAQ is down 51.51 points. Breaking into another new day, the livestock complex isn't quite as confident as it was when the day clocked out Tuesday afternoon. The cattle contracts are holding their own and rallying modestly but the lean hog complex has now shifted to trading lower after two days of wildly successful gains.

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