DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is up 9 3/4 cents per bushel, July soybeans are down 13 1/4 cents, July KC wheat is down 9 cents, July Chicago wheat is down 11 1/2 cents and July Minneapolis wheat is down 1 1/4 cents. The Dow Jones Industrial Average is up 274.60 points and June crude oil is up $0.90 per barrel. The U.S. Dollar Index is down 0.330 and June gold is up $24.40 per ounce. July corn is withstanding profit-taking in both the soybean and wheat markets as the moisture outlook for central Brazil remains bone dry to the middle of the month. The recent rise in both margins and daily futures limits is resulting in some profit-taking by long traders in soy and wheat markets.

Posted 10:33 -- July corn is up 8 3/4 cents per bushel, July soybeans are down 8 3/4 cents, July KC wheat is down 1 3/4 cents, July Chicago wheat is down 6 1/4 cents and July Minneapolis wheat is up 1 1/4 cents. The Dow Jones Industrial Average is up 303.17 points and June crude oil is up $0.90 per barrel. The U.S. Dollar Index is down 0.320 and June gold is up $23.20 per ounce. The huge volatility continues in the grain and soy complex. Soybeans are now down 37 cents from the morning high, with bean oil down more than 5 cents from the overnight high on spot May. July corn remains firm, though also down 16 cents from the overnight high.

Posted 08:35 -- July corn is up 20 1/4 cents per bushel, July soybeans are up 13 1/4 cents, July KC wheat is up 9 1/2 cents, July Chicago wheat is up 7 1/2 cents and July Minneapolis wheat is up 12 cents. The Dow Jones Industrial Average is up 186.36 points and June crude oil is up $0.39 per barrel. The U.S. Dollar Index is down 0.220 and June gold is up $22.70 per ounce. The bullish surge in grain and soy markets continues early Monday, with the new price limits now in place, promising to raise the already volatile futures trade. Corn limits expand to 40 cents and beans to $1.00 per bushel, while CME again raised margins on Friday, making it more costly to play the futures game. Dry weather in Brazil and tightening stocks of corn, soybeans and veg oil are driving gains.

Posted Sunday, May 2, at 7:05 p.m. -- After the open on Sunday evening, July corn is up 17 1/2 cents, July soybeans are up 19 cents and July KC wheat is up 13 1/2 cents. The seven-day forecast remains mostly dry for Brazil's second corn crop with above normal temperatures hurting yield potential. Starting Sunday evening, corn has a new daily price limit of 40 cents per bushel -- not just an expanded limit from Friday. The new daily limits are $1.00 for soybeans and 45 cents for winter wheat. Outside markets are slightly supportive for commodities. June Dow Jones futures are trading up 102 points and the June U.S. Dollar Index down 0.04. June gold is down $0.20 and June crude oil is up $0.15 a barrel.

Livestock

Posted 11:39 -- June live cattle are down $0.75 at $115.825, August feeder cattle are up $0.45 at $147.2, June lean hogs are up $1.63 at $111.35, July corn is up 7 3/4 cents per bushel and July soybean meal is down $8.80. The Dow Jones Industrial Average is up 276.44 points and NASDAQ is down 58.49 points. The cattle contracts are continuing to eye the corn market as its choppy trade has sent the contracts trading on both sides of steady. The lean hog contracts are standing firm in their higher trade and seem unpressured at this point to trade lower.

Posted 10:33 -- June live cattle are down $1.50 at $115.075, August feeder cattle are down $1.25 at $145.5, June lean hogs are up $2.08 at $111.8, July corn is up 12 cents per bushel and July soybean meal is down $5.80. The Dow Jones Industrial Average is up 320.40 points and NASDAQ is down 44.53 points. The corn market is being indecisive in determining just how strong its rally is going to be throughout Monday's trade, but whether it's sharply higher or modestly higher, the cattle contracts are doomed to trade lower. The lean hog market is still rallying past the market's resistance at $110.00, and if demand continues to shine through the market, a steady to somewhat higher continuation is expected.

Posted 08:35 -- June live cattle are down $0.58 at $116., August feeder cattle are down $1.80 at $144.95, June lean hogs are up $2.08 at $111.8, July corn is up 21 1/4 cents per bushel and July soybean meal is down $2.40. The Dow Jones Industrial Average is up 190.01 points and NASDAQ is up 69.64 points. With corn prices eager to jump into the new week with stout gains, the cattle contracts merely rolled their eyes to the start of Monday's trade and began their lower quest as the contracts continue to be pressured by higher inputs. Meanwhile, the lean hog contracts are blowing past resistance levels at $110 and are trading upward of $111.00 with little trader hesitancy.