DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Friday's close, grains are trading even higher. December corn is up 38 1/2 cents, November soybeans are up 67 1/4 cents, July KC wheat is up 26 1/2 cents and September Minneapolis wheat is up 21 cents. Friday is turning out to be a classic slight of hand. One day after China's Premier talked down grain prices and noncommercial selling ensued, now there are unconfirmed rumors of China possibly buying new-crop soybeans from the U.S. Outside influences remain mostly bearish early Friday with the September Dow Jones futures trading down 406 points and the September U.S. Dollar Index trading up 0.34. July crude oil is up 85 cents. The price of the 2021 biomass diesel R4 RIN is on track for a 46-cent drop this week.

Posted 10:38 -- At midmorning Friday, grains are rediscovering some of their bullish swagger. December corn is up 24 1/2 cents, November soybeans are up 50 1/4 cents, July KC wheat is up 17 cents and September Minneapolis wheat is up 15 cents. Thursday's large losses ignored the likely news that row crop conditions probably declined this week and are in line to show lower ratings from USDA on Monday afternoon. There are favorable rain chances the next seven days, but states in the western Plains will mostly be missed. Outside influences are mostly bearish early Friday with the September Dow Jones futures trading down 476 points and the September U.S. Dollar Index trading up 0.49 at a new two-month high. July crude oil is up 86 cents.

Posted 08:36 -- Shortly after Friday's 8:30 a.m. CDT open, December corn is up 15 3/4 cent, November soybeans are up 37 3/4 cents, July KC wheat is up 8 1/4 cents and September Minneapolis wheat is up 4 1/2 cents. Grains are getting an early lift after Thursday's harsh sell-off, a day that was likely dominated by noncommercial selling. While row crop conditions likely declined this week, next week is expecting cooler weather and increased chances for rain in much of the Midwest. Other commodities are mixed to lower with the September Dow Jones futures trading down 388 points and the September U.S. Dollar Index up 0.31. July crude oil is down 23 cents.

Livestock

Posted 11:33 -- August live cattle are up $1.25 at $122.35, August feeder cattle are down $0.63 at $156.775, July lean hogs are down $0.43 at $110.575, July corn is up 17 1/2 cents per bushel and July soybean meal is up $10.10. The Dow Jones Industrial Average is down 393.35 points and NASDAQ is down 72.29 points. It's unlikely that the feeder cattle contracts are going to improve much with the corn market posting a stout $0.18 to $0.32 rally. Meanwhile, both the live cattle and lean hog contracts are fully absorbing all the support the market has to offer after Thursday's dismal close.

Posted 10:35 -- August live cattle are up $0.80 at $121.9, August feeder cattle are down $0.83 at $156.575, July lean hogs are down $0.28 at $110.725, July corn is up 13 3/4 cents per bushel and July soybean meal is up $4.00. The Dow Jones Industrial Average is down 472.46 points and NASDAQ is down 146.23 points. The fearless feeder cattle complex has traded in its quest for higher prices to once again scale lower amid rallying corn prices. The live cattle and lean hog contracts are trading higher after a tough week, hoping to regain some position before the week's end. The cash cattle market hasn't seen a bid renewed, and it's looking like the week's business is essentially done.

Posted 08:36 -- August live cattle are up $1.78 at $122.875, August feeder cattle are down $0.65 at $156.75, July lean hogs are up $0.15 at $111.15, July corn is up 9 1/2 cents per bushel and July soybean meal is up $2.90. The Dow Jones Industrial Average is down 311.81 points and NASDAQ is down 97.16 points. After trading lower this week, the lean hog contracts are attempting to rally upon Friday's arrival after being pushed substantially lower. The live cattle contracts are coming back with vengeance after trading sharply lower Thursday, but the feeder cattle contracts are still fighting nearby resistance as the corn market rallies.

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