DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is up 21 cents per bushel, July soybeans are up 11 cents, July KC wheat is up 10 3/4 cents, July Chicago wheat is up 8 3/4 cents and July Minneapolis wheat is up 8 3/4 cents. The Dow Jones Industrial Average is down 111.46 points and June crude oil is up $0.85 per barrel. The U.S. Dollar Index is up 0.340 and June gold is down $15.40 per ounce. Corn and soy oil are once again leading ag futures higher. There does not appear to be any relief in sight for Brazil's corn crop with an arid outlook and warm temperatures for the next 10 to 15 days. An indication of crop yield declines can be found with the condition rating in Parana which has fallen to 28% good to excellent with a poor rating of 27%, up 9 points.

Posted 10:39 -- July corn is up 22 1/4 cents per bushel, July soybeans are up 18 1/2 cents, July KC wheat is up 8 3/4 cents, July Chicago wheat is up 8 1/4 cents and July Minneapolis wheat is up 6 1/2 cents. The Dow Jones Industrial Average is down 234.09 points and June crude oil is up $1.13 per barrel. The U.S. Dollar Index is up 0.360 and June gold is down $8.50 per ounce. Corn, soybeans and soy oil continue to soar, with July corn now breaching $7.00 as weather in central Brazil for the next 10 days or more looks devoid of moisture. Crop expectations are falling like a rock, with the Stone X the latest group to drop production estimates, with a 100.5 mmt estimate for Brazil corn -- 8.5 mmt under WASDE. Strong world veg oil demand and low soy supplies are driving the complex higher.

Posted 08:35 -- July corn is up 13 1/4 cents per bushel, July soybeans are up 18 cents, July KC wheat is up 7 3/4 cents, July Chicago wheat is up 7 1/4 cents and July Minneapolis wheat is up 8 1/2 cents. The Dow Jones Industrial Average is down 73.30 points and June crude oil is up $1.04 per barrel. The U.S. Dollar Index is up 0.310 and June gold is down $1.70 per ounce. Corn, soybeans and bean oil are again leading ag markets higher early on Tuesday. Bullish Brazilian weather and the strong domestic basis on both corn and beans, and an improving crush margin, is driving gains. Wheat markets are along for the ride.

Livestock

Posted 11:38 -- June live cattle are down $2.63 at $112.675, August feeder cattle are down $4.20 at $142.6, June lean hogs are down $0.48 at $112.175, July corn is up 22 1/4 cents per bushel and July soybean meal is up $6.60. The Dow Jones Industrial Average is down 151.82 points and NASDAQ is down 367.17 points. With the corn complex jumping $0.20 in their nearby contracts, the cattle contracts can't summon any trader interest. There's been some cash cattle trade develop for steady prices in the North and steady to $1.00 higher in the South.

Posted 10:33 -- June live cattle are down $1.60 at $113.7, August feeder cattle are down $3.20 at $143.6, June lean hogs are up $0.40 at $113.05, July corn is up 18 3/4 cents per bushel and July soybean meal is up $7.50. The Dow Jones Industrial Average is down 257.62 points and NASDAQ is down 347.12 points. With the corn market sticking to its rally, the feeder cattle and live cattle contracts are trading fully lower, unable to break out of the downward cycle. The feeder cattle contracts are taking the brunt of corn market's hit as the contracts dip as low as $3.00 lower and show no signs of support improving.

Posted 08:36 -- June live cattle are down $0.28 at $115.025, August feeder cattle are down $0.95 at $145.85, June lean hogs are down $0.03 at $112.625, July corn is up 14 3/4 cents per bushel and July soybean meal is up $5.40. The Dow Jones Industrial Average is down 57.87 points and NASDAQ is down 99.56 points. The livestock complex is trudging into Tuesday's trade much like how the complex boldly rolled into Monday's trade. The cattle contracts are depressed from the corn market's rally and the lean hog contracts are continuing to rally past pre-existing resistance levels. It's not likely that a significant volume of cash cattle trade will develop, but we could see asking prices surface.