DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is up 6 1/4 cents per bushel, July soybeans are down 18 cents, July KC wheat is up 1/2 cent, July Chicago wheat is down 2 cents and September Minneapolis wheat is up 7 3/4 cents. The Dow Jones Industrial Average is up 133.87 points and July crude oil is up $0.14 per barrel. The U.S. Dollar Index is down 0.050 and August gold is up $1.50 per ounce. Early strong gains in corn following the bullish June WASDE are dissipating; corn has now fallen nearly 19 cents below the high. Spot soybeans are under severe pressure as USDA cut soybean crush by 15 mb, raising both old and new carryout.

Posted 11:35 -- Following Thursday's June WASDE report, July corn is up 18 cents per bushel, July soybeans are down 12 cents, July KC wheat is up 4 3/4 cents, July Chicago wheat is unchanged and September Minneapolis wheat is up 9 3/4 cents. The Dow Jones Industrial Average is up 112.76 points and July crude oil is down $0.29 per barrel. The U.S. Dollar Index is unchanged and August gold is down $0.40/ounce. Thursday's USDA report left 2021 production of both corn and soybeans unchanged from the previous month. This report is viewed as slightly bearish for soybeans and neutral to slightly bearish for wheat, but bullish for U.S. corn. Both corn exports and ethanol use were revised higher, with ending stocks for 2020-21 estimated below the average of pre-report estimates. July corn has traded in both directions following the report release, reaching a high of $7.17 1/2, currently holding above $7.00.

Posted 10:33 -- July corn is up 12 1/2 cents per bushel, July soybeans are up 1/2 cent, July KC wheat is up 4 1/4 cents, July Chicago wheat is up 1 1/4 cents and September Minneapolis wheat is up 7 1/2 cents. The Dow Jones Industrial Average is up 111.59 points and July crude oil is up $0.25 per barrel. The U.S. Dollar Index is up 0.030 and August gold is down $1.40 per ounce. Corn continues to be the bullish leader on the ag commodities board as traders expect a bullish USDA report, and weather for the next 10 days promises very little moisture and high heat in the western Plains and Midwest. A ridge of high pressure in the West could move east across the Corn Belt.

Posted 08:35 -- July corn is up 5 1/4 cents per bushel, July soybeans are up 4 cents, July KC wheat is down 3 3/4 cents, July Chicago wheat is down 8 1/4 cents and September Minneapolis wheat is down 2 cents. The Dow Jones Industrial Average is up 213.25 points and July crude oil is up $0.37 per barrel. The U.S. Dollar Index is up 0.060 and August gold is down $7.80 per ounce. Corn and beans continue to trade higher on expectations for a bullish USDA report, especially on corn where exports and possibly ethanol usage could be revised higher.

Livestock

Posted 11:43 -- August live cattle are up $0.08 at $118.35, August feeder cattle are down $1.08 at $147.2, July lean hogs are up $0.03 at $121.525, July corn is up 19 1/2 cents per bushel and July soybean meal is down $1.70. The Dow Jones Industrial Average is up 125.00 points and NASDAQ is up 72.47 points. There's been relatively no new excitement develop throughout the livestock sector, as traders are cautious about all three of the markets for different reasons. The cash cattle market has yet to see any new business develop and the only bid currently being offered is that of $194 in Eastern Nebraska.

Posted 10:32 -- August live cattle are up $0.40 at $118.675, August feeder cattle are down $0.25 at $148.025, July lean hogs are up $0.23 at $121.725, July corn is up 13 3/4 cents per bushel and July soybean meal is up $1.20. The Dow Jones Industrial Average is up 115.29 points and NASDAQ is up 53.50 points. Even though the cash cattle market hasn't seen the attention it would like to, or the prices it desires, it is interesting to see bids of $194 surfacing in Eastern Nebraska, which is $3.00 to $4.00 higher than the week's earlier trade. The livestock contracts are mostly trading mixed, other than the feeder cattle contracts, which are back to their lower succession given the modestly higher corn prices.

Posted 08:35 -- August live cattle are up $0.28 at $118.55, August feeder cattle are down $0.25 at $148.025, July lean hogs are down $0.30 at $121.2, July corn is up 7 1/4 cents per bushel and July soybean meal is up $1.30. The Dow Jones Industrial Average is up 187.10 points and NASDAQ is up 24.71 points. Beef net sales of 16,100 mt reported for 2021 were up 28% from the previous week, but down 17% from the prior four-week average. The three largest buyers were Japan (4,800 mt), South Korea (4,000 mt) and Mexico (2,500 mt). Pork net sales of 19,700 mt reported for 2021 were down 19% from the previous week and 24% from the prior four-week average. The three largest buyers were China (8,100 mt), Mexico (6,400 mt) and Colombia (1,600 mt).