DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

Posted 12:55 -- May corn is up 25 cents per bushel, July soybeans are up 40 cents, July KC wheat is up 40 cents, July Chicago wheat is up 39 3/4 cents and July Minneapolis wheat is up 36 1/2 cents. The Dow Jones Industrial Average is down 288.88 points and June crude oil is down $0.03 per barrel. The U.S. Dollar Index is up 0.160 and June gold is down $11.20 per ounce. Corn, bean oil and Chicago and KC wheat all surged to limit gains, and while bean oil has backed off a bit, corn and wheat remain locked up the daily limit. The soaring U.S. corn and bean basis ahead of the May option expiration has short call traders scrambling to get out of their messes. Funds have once again added to their net long, buying sizable corn, wheat, soy and product futures.

Posted 10:34 -- May corn is up 22 1/4 cents per bushel, July soybeans are up 31 cents, July KC wheat is up 21 cents, July Chicago wheat is up 18 3/4 cents and July Minneapolis wheat is up 20 cents. The Dow Jones Industrial Average is down 81.94 points and June crude oil is up $0.04 per barrel. The U.S. Dollar Index is up 0.170 and June gold is down $13.60 per ounce. The sharp rally continues unabated with soybeans and bean oil, along with corn, leading the way higher. Tight world and U.S. supplies are leading to big speculative buying. Soybean oil has now locked up the daily limit, following the lead of palm and canola futures.

Posted 08:36 -- May corn is up 9 1/4 cents per bushel, July soybeans are up 16 1/4 cents, July KC wheat is up 8 3/4 cents, July Chicago wheat is up 5 3/4 cents and July Minneapolis wheat is up 8 cents. The Dow Jones Industrial Average is down 64.05 points and June crude oil is up $0.34 per barrel. The U.S. Dollar Index is up 0.060 and June gold is down $8.60 per ounce. Tight old-crop supplies of both corn and soybeans, bullish weather in Brazil and expanding fund buying has kept the rally going, with daily new contract highs seeming to be the rule. With corn and soy markets getting overbought, caution is advised, but so far that has not hindered the move higher.

Livestock

OMAHA (DTN) -- June live cattle are down $1.40 at $115.85, August feeder cattle are down $3.55 at $148.375, June lean hogs are down $0.98 at $103.55, May corn is up 25 cents per bushel and July soybean meal is up $9.20. The Dow Jones Industrial Average is down 332.52 points and NASDAQ is down 139.34 points. Thursday's Cold Storage Report shared that total red meat supplies in freezers were down 6% from the previous month and down 17% from last year. Total pounds of beef in freezers were down 6% from last month and down 4% from last year. Frozen pork supplies were down 7% from last month and down 27% from last year and stocks of pork bellies were down 6% from last month and down 55% from last year.

Posted 11:37 -- June live cattle are down $0.98 at $116.275, August feeder cattle are down $4.28 at $147.65, June lean hogs are down $0.40 at $104.125, May corn is up 25 cents per bushel and July soybean meal is up $10.20. The Dow Jones Industrial Average is down 37.57 points and NASDAQ is up 50.93 points. With corn prices finding a second wind, the cattle contracts are diving lower as input costs are becoming alarming problematic. The lean hog contracts are trying to keep their upward momentum, but the complex is being pressured in their nearby contracts. There's been a light cash cattle movement in the North at $192, but otherwise the countryside is quiet.

Posted 10:34 -- June live cattle are down $0.13 at $117.125, August feeder cattle are down $1.20 at $150.725, June lean hogs are up $0.78 at $105.3, May corn is up 22 1/2 cents per bushel and July soybean meal is up $5.30. The Dow Jones Industrial Average is down 84.29 points and NASDAQ is up 21.02 points. The cattle contracts are being pressured again to head lower as traders have sidelined their positions and aren't willing to support any higher trade at this point. Meanwhile, the lean hog complex is posting a moderate rally as demand continues to be the sustaining factor.

Posted 08:35 -- June live cattle are down $0.40 at $116.85, August feeder cattle are down $0.98 at $150.95, June lean hogs are up $0.78 at $105.3, May corn is up 10 1/2 cents per bushel and July soybean meal is up $2.30. The Dow Jones Industrial Average is down 74.37 points and NASDAQ is down 2.32 points. Beef net sales of 24,600 mt reported for 2021 were up 57% from the previous week and 38% from the prior four-week average. The three largest buyers were South Korea (7,800 mt), Japan (6,200 mt) and China (3,100 mt). Pork net sales reductions of 22,100 mt reported for 2021 -- a marketing year low -- were down noticeably from both the previous week and prior four-week average. The three largest buyers were China (13,100 mt), Japan (2,700 mt) and South Korea (1,500 mt).