DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is down 1 1/2 cents per bushel, November soybeans are down 3 3/4 cents, July KC wheat is down 8 1/2 cents, July Chicago wheat is down 1/4 cent and September Minneapolis wheat is down 2 1/4 cents. The Dow Jones Industrial Average is up 592.97 points and July crude oil is up $2.22 per barrel. The U.S. Dollar Index is down 0.370 and August gold is up $14.00 per ounce. Spot soybeans and bean oil have rallied for the second straight day following last week's meltdown. Tight old crop supplies headed into first notice day for July, and rumors of additional China bean purchases are driving the market gains. Production ideas on Brazil's corn crop continue to slide lower after just 5% of the safrinha crop harvested with reports of disappointing yields thus far.

Posted 10:36 -- July corn is up 3 cents per bushel, November soybeans are up 1 1/2 cents, July KC wheat is up 3/4 cent, July Chicago wheat is up 9 1/4 cents and September Minneapolis wheat is up 9 cents. The Dow Jones Industrial Average is up 503.34 points and July crude oil is up $1.19 per barrel. The U.S. Dollar Index is down 0.320 and August gold is up $15.20 per ounce. As the grain and soy markets continue to trade in an extremely volatile manner, spot soybeans have moved higher and are now 44 cents above the lows; November is 35 cents higher than the low. USDA announced new soybean sales of 16.7 mb combined sold to China and unknown for new crop 2021-22.

Posted 08:33 -- July corn is down 18 1/2 cents per bushel, November soybeans are down 31 1/2 cents, July KC wheat is down 18 1/2 cents, July Chicago wheat is down 15 3/4 cents and September Minneapolis wheat is down 16 cents. The Dow Jones Industrial Average is up 213.20 points and July crude oil is up $0.17 per barrel. The U.S. Dollar Index is down 0.220 and August gold is up $9.40 per ounce. USDA's 8 a.m. sales confirmed the much talked about new-crop soybean purchases, with 336,000 mt (12.3 mb) of soybeans sold to China for 2021-22 and another 120,000 mt (4.4 mb) of soybeans sold to unknown destination. However, grain and soy markets remain under pressure following better-than-expected weekend rains.

Posted Sunday, June 20, at 7:05 p.m. -- After Sunday evening's open, grains are starting lower. December corn is down 12 1/2 cents, November soybeans are down 10 1/4 cents, July Kansas City wheat is down 3 3/4 cents and September Minneapolis wheat is down 2 1/2 cents. Light to moderate rain amounts fell across the northern Midwest during the weekend, including Iowa. The seven-day forecast expects heavy rains over much of the Corn Belt, but only light amounts for western states. Outside influences are mostly quiet with the September Dow Jones futures trading down 39 points and the September U.S. Dollar Index trading up 0.05. August gold is down 30 cents and July crude oil is up 17 cents.

Livestock

Posted 11:41 -- August live cattle are down $0.83 at $120.725, August feeder cattle are down $0.95 at $154.075, July lean hogs are down $1.15 at $107.525, July corn is up 8 3/4 cents per bushel and July soybean meal is up $0.30. The Dow Jones Industrial Average is up 495.14 points and NASDAQ is up 104.13 points. The cattle contracts would love nothing more than to see the corn market dip lower again this week. But thus far, the nearby corn contracts are posting a mild rally, which hasn't casted any favors to the cattle sector. Meanwhile, the lean hog contracts continue to scale lower as the market makes a correction from its recent high.

Posted 10:31 -- August live cattle are down $0.70 at $120.85, August feeder cattle are down $0.60 at $154.425, July lean hogs are down $0.75 at $107.925, July corn is up 1 1/2 cents per bushel and July soybean meal is up $1.70. The Dow Jones Industrial Average is up 507.77 points and NASDAQ is up 87.89 points. The corn market is stabilizing and is trading only mildly lower, which has taken the rally out of the feeder cattle contracts. The live cattle and lean hog contracts are lower as traders look for direction from the market.

Posted 08:37 -- August live cattle are down $0.10 at $121.45, August feeder cattle are up $0.73 at $155.75, July lean hogs are down $0.25 at $108.425, July corn is down 13 1/2 cents per bushel and July soybean meal is down $1.90. The Dow Jones Industrial Average is up 168.24 points and NASDAQ is down 28.52 points. Monday morning's regression in the corn market is allowing for the feeder cattle contracts to rally once again. The lean hog and live cattle contracts are trading in a more skeptical manner, fighting resistance in their nearby contracts as traders aren't committed to supporting either market just yet.