DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is down 3 3/4 cents per bushel, November soybeans are down 19 1/4 cents, September KC wheat is down 14 1/4 cents, September Chicago wheat is down 17 3/4 cents and September Minneapolis wheat is up 6 3/4 cents. The Dow Jones Industrial Average is up 16.71 points and September crude oil is up $1.25 per barrel. The U.S. Dollar Index is up 0.160 and August gold is up $2.10 per ounce. Corn and spring wheat futures appear to be recovering from sharp early losses, while soybeans have moved close to 30 cents above the lows, as the two-week forecast remains mostly hot and dry for key growing areas. Funds have unloaded on all the markets, selling an estimated 10,000 corn; 13,000 to 15,000 soybean contracts; and 5,000 wheat. They sold roughly 6,000 each of meal and oil.

Posted 10:31 -- December corn is down 11 1/4 cents per bushel, November soybeans are down 37 1/2 cents, September KC wheat is down 19 1/2 cents, September Chicago wheat is down 24 1/4 cents and September Minneapolis wheat is down 10 1/4 cents. The Dow Jones Industrial Average is down 41.93 points and September crude oil is up $0.53 per barrel. The U.S. Dollar Index is up 0.060 and August gold is up $3.40 per ounce. The massive correction continues in soybeans, wheat and bean oil. The weather in the next week remains mostly bullish with hot-and-dry weather impacting the Western, central and northern Corn Belts before a slightly better chance for rain occurs next week.

Posted 08:33 -- December corn is down 12 1/4 cents per bushel, November soybeans are down 25 3/4 cents, September KC wheat is down 12 cents, September Chicago wheat is down 15 1/4 cents and September Minneapolis wheat is down 23 1/4 cents. The Dow Jones Industrial Average is down 13.71 points and September crude oil is up $0.38 per barrel. The U.S. Dollar Index is down 0.230 and August gold is down $2.40 per ounce. Grain and soybeans are melting down on an extended forecast that has a slightly better chance for some rain in dry areas of the corn and soy belt. Minneapolis wheat is on a three-day losing streak of 75 cents per bushel despite the next 10 days featuring hot and mostly dry weather.

Livestock

Posted 11:54 -- October live cattle are up $1.50 at $126.75, August feeder cattle are up $1.63 at $158.4, August lean hogs are down $0.28 at $106.3, December corn is down 9 1/2 cents per bushel and December soybean meal is down $7.90. The Dow Jones Industrial Average is down 29.23 points and NASDAQ is up 18.29 points. The cash cattle market has seen interest develop in the North as dressed cattle are selling for $195, which is $3.00 lower than last week's trade and have delayed deliveries scheduled for the weeks of Aug. 2 and Aug. 16. With packers committing cattle out ahead of the market, it's hard to imagine that the cash cattle market will see much support anytime soon.

Posted 10:28 -- October live cattle are up $1.28 at $126.525, August feeder cattle are up $1.78 at $158.55, August lean hogs are down $1.13 at $105.45, December corn is down 11 1/2 cents per bushel and December soybean meal is down $8.90. The Dow Jones Industrial Average is down 12.52 points and NASDAQ is up 25.52 points. The lean hog market's rally has come to a halt upon seeing a lukewarm export report. The market knew better than to expect to see China buying U.S. pork, but was hopeful none the less. Meanwhile, the corn market's regression is allowing for the feeder cattle market to post a fancy $1.00 rally throughout its entire sector.

Posted 08:32 -- October live cattle are up $0.08 at $125.325, August feeder cattle are up $0.98 at $157.75, August lean hogs are up $0.48 at $107.05, December corn is down 13 cents per bushel and December soybean meal is down $5.70. The Dow Jones Industrial Average is down 4.49 points and NASDAQ is up 23.77 points. Beef net sales of 25,100 mt reported for 2021 were up noticeably from the previous week and up 63% from the prior 4-week average. The three largest buyers were South Korea (8,600 mt), Japan (5,200 mt) and China (4,100 mt). Pork net sales of 24,500 mt reported for 2021 were up noticeably from the previous week, but down 12% from the prior four-week average. The three largest buyers were Mexico (10,000 mt), Japan (5,200 mt) and Canada (4,000 mt).