DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is down 8 3/4 cents per bushel, July soybeans are up 27 3/4 cents, July KC wheat is down 20 1/2 cents, July Chicago wheat is down 14 cents and July Minneapolis wheat is down 7 1/2 cents. The Dow Jones Industrial Average is down 465.83 points and June crude oil is up $1.09 per barrel. The U.S. Dollar Index is up 0.570 and June gold is down $11.70 per ounce. While the soy complex remains solidly higher, though off morning highs, wheat and corn are suffering from a bearish WASDE report, with new--crop December corn now off 22 cents on the hard-to-explain 325 mb reduction in new-crop corn exports.

Posted 11:34 -- Following the May WASDE report July corn is down 4 1/4 cents per bushel, July soybeans are up 36 1/2 cents, July KC wheat is down 13 1/2 cents, July Chicago wheat is down 8 1/4 cents and July Minneapolis wheat is up 1/2 cent. The Dow Jones Industrial Average is down 419 points and June crude oil is up $0.67 per barrel. The U.S. Dollar Index is up 0.622 and June gold is down $13 per ounce. Wednesday's report can be viewed as bearish for corn, neutral for soybeans and mixed for wheat. Both U.S. domestic and global corn stocks for 2021-22 are higher than predicted in pre-report estimates, while global wheat stocks are to grow only modestly in 2021-2022, by an amount less than expected in pre-report estimates and despite record global production.

Posted 10:32 -- July corn is up 1 1/4 cents per bushel, July soybeans are up 46 cents, July KC wheat is down 7 cents, July Chicago wheat is down 3 cents and July Minneapolis wheat is up 1 1/2 cents. The Dow Jones Industrial Average is down 290.10 points and June crude oil is up $1.06 per barrel. The U.S. Dollar Index is up 0.530 and June gold is down $12.70 per ounce. Soybeans, soy oil and meal are surging ahead of the May WASDE, with soybeans moving ever so close to the $17 level, and bean oil appearing to be heading for limit gains. New crop November beans have also moved to a new contract high, at $14.51 1/4.

Posted 09:59 -- July corn is down 1/2 cent per bushel, July soybeans are up 38 1/4 cents, July KC wheat is down 8 3/4 cents, July Chicago wheat is down 6 1/4 cents and July Minneapolis wheat is up 3/4 cent. The Dow Jones Industrial Average is down 293.87 points and June crude oil is up $0.99 per barrel. The U.S. Dollar Index is up 0.530 and June gold is down $11.60 per ounce. Wednesday's Energy Information Administration's weekly petroleum report featured some bullish ethanol news. Ethanol production rose by a greater than expected 27,000 barrels per day to 979,000 bpd. That is some 362,000 bpd above last year's COVID-impacted production, and perhaps more significant was the 5.1% draw of ethanol stocks, down 1 million barrels to 19.4 mb.

Posted 08:33 -- July corn is up 2 1/4 cents per bushel, July soybeans are up 20 cents, July KC wheat is down 3 3/4 cents, July Chicago wheat is down 4 1/2 cents and July Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is down 147.86 points and June crude oil is up $0.63 per barrel. The U.S. Dollar Index is up 0.210 and June gold is down $4.70 per ounce. USDA's Foreign Agricultural Service reported another new corn sale early on Wednesday, this time to Mexico: a total of 100,000 mt (3.9 million bushels) of corn sold to Mexico, with 30,000 mt for 2020-21 and 70,000 mt for the 2021-22 crop year. Corn and the soy complex are very firm ahead of the May WASDE report on expectations of further tightening of balance sheets. Brazil's ag statistics agency CONAB cut Brazil's corn crop to 106.4 mmt versus 109 mmt in previous estimate.

Livestock

Posted 11:42 -- June live cattle are up $0.45 at $119.075, August feeder cattle are up $1.50 at $150.35, June lean hogs are up $0.95 at $112.125, July corn is down 3 1/2 cents per bushel and July soybean meal is up $2.70. The Dow Jones Industrial Average is down 433.75 points and NASDAQ is down 301.49 points. The Fed Cattle Exchange Auction listed a total of 2,749 head, of which 1,458 actually sold, 82 head were scratched from the auction, and 1,209 head were listed as unsold, as they did not meet the reserve prices, that ranged from $118.25 to $120. Opening prices ranged from $117.50 to $119, high bids ranged from $118.50 to $120.25. The state-by-state breakdown looks like this: Texas 1,712 total head, with 82 head scratched from the auction, and 1,158 head sold at $119.25-$120.25, 472 head unsold; Nebraska 783 total head, with 232 head sold at $120, 551 head unsold; Kansas 254 total head, with 68 head sold at $120.00, 186 head unsold.

Posted 10:36 -- June live cattle are up $0.63 at $119.25, August feeder cattle are up $0.98 at $149.825, June lean hogs are up $1.20 at $112.375, July corn is up 1/4 cent per bushel and July soybean meal is up $7.80. The Dow Jones Industrial Average is down 312.53 points and NASDAQ is down 262.59 points. The corn market has kept to mostly trading lower, which is allowing the entire livestock complex to trade higher. The cash cattle market is still quiet following Tuesday's trade, but more trade is expected to develop at Wednesday morning's online auction.

Posted 08:35 -- June live cattle are up $0.23 at $118.85, August feeder cattle are up $0.53 at $149.375, June lean hogs are up $1.00 at $112.175, July corn is up 1/2 cent per bushel and July soybean meal is up $2.10. The Dow Jones Industrial Average is down 101.46 points and NASDAQ is down 143.62 points. The lean hog contracts are finally arriving to the week's party and now trading fully higher after trading lower earlier in the week. The cattle contracts are trying to keep their rally as well but largely their fate will be dependent on how strong the corn market decides to trade Wednesday. The market is expecting to see some more cash cattle trade develop following Tuesday's light movement.

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