DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is down 21 1/4 cents per bushel, July soybeans are down 6 cents, July KC wheat is down 33 cents, July Chicago wheat is down 31 1/4 cents and July Minneapolis wheat is down 42 cents. The Dow Jones Industrial Average is up 236.82 points and June crude oil is up $0.07 per barrel. The U.S. Dollar Index is down 0.080 and June gold is up $5.90 per ounce. The Monday meltdown continues with a half hour to go, with corn and wheat feeling the brunt of long liquidation, while a higher soymeal market is keeping July beans at modest losses. Funds are lightening the load ahead of Wednesday's major May WASDE report, selling 12,000 corn contracts, along with 9,000 wheat and 5,000 beans. Minneapolis new-crop September wheat needed only some showers to send it down 43 cents.

Posted 10:31 -- July corn is down 10 1/2 cents per bushel, July soybeans are down 1/4 cent, July KC wheat is down 25 cents, July Chicago wheat is down 26 3/4 cents and July Minneapolis wheat is down 37 1/2 cents. The Dow Jones Industrial Average is up 307.29 points and June crude oil is down $0.21 per barrel. The U.S. Dollar Index is down 0.120 and June gold is up $9.00 per ounce. The mini correction continues at midmorning, with December corn leading losses at down 18 cents, while July is off 10 1/2 cents, as China again canceled some old-crop sales but bought more new crop. Ag Rural revised downward by 8 mmt their estimate of Brazil corn production to the lowest in print, at 95.5 mmt -- 13.5 mmt (531 mb) below that of the USDA in April.

Posted 08:34 -- July corn is down 6 1/2 cents per bushel, July soybeans are down 5 3/4 cents, July KC wheat is down 15 1/4 cents, July Chicago wheat is down 17 3/4 cents and July Minneapolis wheat is down 19 3/4 cents. The Dow Jones Industrial Average is up 169.32 points and June crude oil is up $0.51 per barrel. The U.S. Dollar Index is down 0.150 and June gold is up $13.20 per ounce. USDA reported that China has again bought new-crop U.S. corn -- 1,020,000 mt (40.2 mb) for 2021-22 crop year. They also canceled 280,000 mt of old-crop corn on the books. In the past week, China has bought a total of 2.2 mmt (93.7 mb) of new-crop corn, while net cancelling 340,000 mt (13.4 mb) of old crop.

Posted May 9 at 7:03 p.m. -- Better than expected weekend rains in the western Midwest are starting markets on a weak note Sunday night, but there is still little relief in sight for dry safrinha corn areas of Brazil, leading to even lower crop projections in Brazil. The 10-day forecast also continues to look arid for the Northern Plains and southern Canadian Prairies. July corn is down 2 cents per bushel, July soybeans are down 5 1/4 cents, July KC wheat is down 1 1/4 cents, July Chicago wheat is down 2 1/4 cents and July Minneapolis wheat is down 1 1/2 cents. The Dow Jones Industrial Average is up 229.23 points and June crude oil is up $0.60 per barrel. The U.S. Dollar Index is down 0.070 and June gold is up $4.80 per ounce.

Livestock

Posted 11:38 -- June live cattle are up $2.10 at $118.125, August feeder cattle are up $3.83 at $148.1, June lean hogs are down $0.90 at $111.95, July corn is down 19 1/4 cents per bushel and July soybean meal is down $1.20. The Dow Jones Industrial Average is up 268.33 points and NASDAQ is down 189.66 points. After trading lower since the end of March, the feeder cattle contracts will gladly continue to jump higher if the corn market continues to trade lower. Lofty cost of gains have hindered cattle buyers ability to support feeder cattle prices, so Monday's weaker corn trade is widely accepted on the livestock front.

Posted 10:35 -- June live cattle are up $1.75 at $117.775, August feeder cattle are up $3.08 at $147.35, June lean hogs are down $0.95 at $111.9, July corn is down 10 3/4 cents per bushel and July soybean meal is down $0.10. The Dow Jones Industrial Average is up 299.80 points and NASDAQ is down 208.40 points. The day is thus far steady with its initial determination that corn was going to trade lower and cattle were going to be given a chance to trade higher. Thankfully both the live cattle and feeder cattle markets are jumping at the day's opportunity, but the lean hog market isn't as hopeful early in the week. Given the strong advancements made last week in the lean hog market, traders are wanting to see follow-through support before they take the market any higher.

Posted 08:36 -- June live cattle are up $0.65 at $116.675, August feeder cattle are up $2.38 at $146.65, June lean hogs are down $0.80 at $112.05, July corn is down 7 1/4 cents per bushel and July soybean meal is down $2.10. The Dow Jones Industrial Average is up 166.83 points and NASDAQ is down 96.20 points. While the corn market takes a drive to lower prices Monday morning, the cattle contracts jump at the opportunity to trade higher while the chance remains. The lean hog contracts aren't extending a warm welcome to the new week as traders seem to be sitting on the sidelines until they can get a grasp how this week will treat the market's fundamentals.