DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

Todd Hultman
By  Todd Hultman , DTN Lead Analyst
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(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is up 12 cents per bushel, November soybeans are up 18 cents, September KC wheat is up 18 cents, September Chicago wheat is up 23 1/2 cents and September Minneapolis wheat is up 34 1/2 cents. The Dow Jones Industrial Average is up 117.12 points and August crude oil is down $0.88 per barrel. The U.S. Dollar Index is up 0.130 and August gold is down $5.50 per ounce. Minneapolis wheat futures are flying high following a more bullish spring wheat production number than traders had expected, along with a return of the heat and dryness that has plagued the Northern Plains, the northwest and the Canadian Prairies for months. Other spring wheat production fell to just 345 million bushels (mb) compared to 586 mb a year ago, impacted by drought.

Posted 11:30 -- Following the July WASDE report, December corn is up 6 3/4 cents per bushel, November soybeans are up 10 1/4 cents, September KC wheat is up 15 cents, September Chicago wheat is up 18 3/4 cents and September Minneapolis wheat is up 33 3/4 cents. The Dow Jones Industrial Average is up 96.6 points and August crude oil is down $0.53 per barrel. The U.S. Dollar Index is up .122 and August gold is down $4.20 per ounce. Both soybean and corn yield estimates were left unchanged this month, while corn planted acres were revised higher. Ending stocks of corn and soybeans were estimated above the average of pre-report estimates for 2021-22. Ending stocks of wheat were estimated close to the average of pre-report estimates. The report was viewed as neutral to bearish for both corn and soybeans, while bullish for wheat due to a lower revision in global ending stocks for 2021-22.

Posted 10:31 -- December corn is up 10 3/4 cents per bushel, November soybeans are up 19 3/4 cents, September KC wheat is up 3/4 cent, September Chicago wheat is up 4 1/2 cents and September Minneapolis wheat is up 14 3/4 cents. The Dow Jones Industrial Average is up 93.72 points and August crude oil is down $0.57 per barrel. The U.S. Dollar Index is up 0.090 and August gold is down $4.60 per ounce. Corn, soybeans and bean oil are all strong ahead of the July USDA report and the potential for tightening supplies. Minneapolis wheat and canola futures are soaring on expected hot and dry weather ahead for both the Northern Plains and Canadian Prairies.

Posted 08:36 -- December corn is unchanged, November soybeans are up 1/2 cent, September KC wheat is down 4 1/2 cents, September Chicago wheat is down 2 1/2 cents and September Minneapolis wheat is up 6 1/4 cents. The Dow Jones Industrial Average is down 130.40 points and August crude oil is down $0.89 per barrel. The U.S. Dollar Index is up 0.150 and August gold is down $8.00 per ounce. Soybeans and oil are slightly higher to begin the new week as we await the July WASDE. The report is not expected to be a big market mover but will likely continue the pattern of tightening stocks. Rain over the weekend was beneficial to corn and soy crops, but some key dry areas were missed, and some wind and hail damage is likely in parts of Nebraska and Iowa.

Posted Sunday, July 11, at 7:08 p.m. -- After Sunday evening's open, December corn is trading up 4 cents and November soybeans are up 8 1/2 cents. September KC wheat is up 1 1/2 cents, and September Minneapolis wheat is up 9 1/4 cents. The weekend saw a variety of storms, including beneficial rains in eastern South Dakota, severe storms in eastern Nebraska and Kansas, heavy rain in Missouri, southern Iowa and the Ohio River Valley with areas of local flooding. Weekend rains did not match the broad coverage forecast, as Minnesota and northern Iowa only had light amounts. The new forecast looks drier in the eight- to 14-day period. Outside markets are mostly supportive for grains. September Dow Jones futures are trading up 35 points, and the September U.S. Dollar Index is up 0.03. August gold is down $4.30, and August crude oil is up $0.10.

Livestock

Posted 11:53 -- August live cattle are up $0.65 at $119.875, August feeder cattle are down $0.98 at $158.2, August lean hogs are up $2.00 at $103.575, December corn is up 11 1/4 cents per bushel and December soybean meal is up $1.60. The Dow Jones Industrial Average is up 92.24 points and NASDAQ is up 7.28 points. The hog market was hoping to see stronger export anticipations in the morning's WASDE report, but both pork exports and imports were unchanged from last month. Even though China is continuing to struggle with African swine fever, we must remember that U.S. pork prices are still higher than those of other nations.

Posted 10:38 -- August live cattle are up $0.23 at $119.45, August feeder cattle are down $1.18 at $158., August lean hogs are up $1.85 at $103.425, December corn is up 10 3/4 cents per bushel and December soybean meal is up $2.20. The Dow Jones Industrial Average is up 96.85 points and NASDAQ is down 1.83 points. The lean hog contracts are continuing to rally Monday, anxiously awaiting the WASDE report. Upon seeing China back buying, the market is curious as to how aggressive they will continue to be in the weeks and months to come as the country doesn't seem to be making substantial progress on getting their problem of African swine fever under control.

Posted 08:35 -- August live cattle are down $0.03 at $119.2, August feeder cattle are down $0.63 at $158.55, August lean hogs are up $1.50 at $103.075, December corn is up 3 1/2 cents per bushel and December soybean meal is down $1.10. The Dow Jones Industrial Average is down 67.07 points and NASDAQ is up 42.68 points. As the corn market sets out to post mild gains Monday morning, both the live cattle and feeder cattle contracts do not seemingly know where this week's support is going to stem from. Meanwhile, the lean hog complex rallies modestly into the new week and hopes to find that pork is highly sought after on the day's WASDE report.

Todd Hultman