DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is up 4 1/2 cents per bushel, November soybeans are down 2 1/2 cents, September KC wheat is up 11 1/4 cents, September Chicago wheat is up 6 3/4 cents and September Minneapolis wheat is up 14 3/4 cents. The Dow Jones Industrial Average is down 13.11 points and August crude oil is up $0.32 per barrel. The U.S. Dollar Index is unchanged and August gold is up $6.20 per ounce. Spot corn futures and all three wheat markets are higher; bean oil is looking to close higher for the fourth consecutive day. Minneapolis wheat has again risen above $8.00 as more hot-and-dry weather is headed for the moisture-starved Northern Plains. The July-December calendar spread in corn has rallied to a $1.31 inverse on tight supplies -- moving up 55 cents in the past three weeks.

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Posted 10:35 -- July corn is up 3 1/4 cents per bushel, November soybeans are down 4 1/4 cents, September KC wheat is up 8 1/4 cents, September Chicago wheat is up 5 cents and September Minneapolis wheat is up 16 cents. The Dow Jones Industrial Average is up 45.86 points and August crude oil is up $0.78 per barrel. The U.S. Dollar Index is up 0.250. The Energy Information Administration reported that ethanol production rose 23,000 barrels to 1.048 million barrels per day, while inventory, which was expected to fall, rose by 2.5% to 21.1 million barrels. Corn, soybean, and soybean meal all continue to trade lower as the market seems to be waiting to see how much precipitation develops in the central and Eastern Corn Belt come Thursday.

Posted 08:36 -- July corn is up 1 3/4 cents per bushel, November soybeans are down 3 1/4 cents, September KC wheat is up 10 1/4 cents, September Chicago wheat is up 6 1/4 cents and September Minneapolis wheat is up 14 cents. The Dow Jones Industrial Average is up 45.86 points and August crude oil is up $1.15 per barrel. The U.S. Dollar Index is up 0.250. USDA reported another sale of soybeans for the 2021-22 calendar year to China of 330,000 mt (12.1 million bushels). While the July corn future continue to be strong for the spot month, the new-crop corn and beans have faded as there are expectations that heavy rains could affect the central and Eastern Corn Belt starting Thursday.

Livestock

Posted 11:41 -- August live cattle are down $0.90 at $122.275, August feeder cattle are down $2.15 at $156.2, August lean hogs are down $3.00 at $100.7, July corn is up 4 cents per bushel and July soybean meal is down $7.50. The Dow Jones Industrial Average is down 26.23 points and NASDAQ is up 13.69 points. The Fed Cattle Exchange Auction listed a total of 5,844 head, of which 64 actually sold, 226 were scratched from the auction, 5,554 head were listed as unsold, as they did not meet the reserve prices that ranged from $118 to $124. Opening prices ranged from $118 to $120, one lot at $90, high bids ranged from $120 to $122. The state-by-state breakdown looks like this: Texas 4,449 total head, all of which went unsold; Kansas 341 total head, with 64 head sold at $122, 170 head went unsold and 107 head were scratched from the auction; Oklahoma 1,054 total head, none of which sold; 935 went head unsold, and 119 head were scratched from the auction.

Posted 10:35 -- August live cattle are down $0.40 at $122.775, August feeder cattle are down $1.25 at $157.1, August lean hogs are down $2.40 at $101.3, July corn is up 2 cents per bushel and July soybean meal is down $5.50. The Dow Jones Industrial Average is down 23.74 points and NASDAQ is up 17.96 points. Livestock markets have all moved lower, with July hogs gapping lower and trading below the 100-day moving average for the first time since November. Live cattle futures are lower with cash prices at $124 in the South and $204 in the North. Feeder cattle are under a bit of pressure despite most corn futures being lower.

Posted 08:35 -- August live cattle are up $0.53 at $123.7, August feeder cattle are up $0.63 at $158.975, August lean hogs are down $1.58 at $102.125, July corn is up 1 1/4 cents per bushel and July soybean meal is down 2.20. The Dow Jones Industrial Average is up 33.98 points and NASDAQ is up 11.19 points. Stronger cash cattle trades on Tuesday, with prices as high as $126 continuing to underpin the live cattle market, while feeder cattle futures are responding to weaker overall corn prices. July lean hog futures have resumed their downward path and look to be headed for the ninth lower close in the past 11 days, as pork cutout prices continue lower.

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