DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is down 16 1/4 cents per bushel, November soybeans are down 12 3/4 cents, September KC wheat is down 5 1/2 cents, September Chicago wheat is down 8 cents and September Minneapolis wheat is down 15 3/4 cents. The Dow Jones Industrial Average is up 230.13 points and September crude oil is up $0.02 per barrel. The U.S. Dollar Index is up 0.080 and August gold is down $4.40 per ounce. Just ahead of the close, grain and soybean futures are a sea of red, with only soybean oil hanging in positive territory. With the ongoing weather uncertainty -- bullish short term, but better rain chances next week -- funds have continued to liquidate longs. While U.S. soybeans are close to dominating export circles again in September, rumors are that China bought a chunk of Argentine beans.

Posted 10:32 -- December corn is down 11 cents per bushel, November soybeans are down 7 1/4 cents, September KC wheat is down 1/4 cent, September Chicago wheat is down 3 cents and September Minneapolis wheat is down 9 1/4 cents. The Dow Jones Industrial Average is up 251.35 points and September crude oil is down $0.10 per barrel. The U.S. Dollar Index is up 0.120 and August gold is down $5.20 per ounce. Corn and soybeans are under pressure at midmorning, and Minneapolis wheat has also sold off on ideas of better rain chances for Minnesota and near the U.S.-Canada border. However, the forecast still looks to be hot and mostly dry, stressing pollinating corn. Demand remains a weak point right now, with export sales on both corn and beans disappointing last week.

Posted 08:36 -- December corn is down 2 cents per bushel, November soybeans are down 2 cents, September KC wheat is up 4 cents, September Chicago wheat is up 2 cents and September Minneapolis wheat is up 1 1/2 cents. The Dow Jones Industrial Average is up 198.85 points and September crude oil is down $0.30 per barrel. The U.S. Dollar Index is up 0.110 and August gold is down $5.70 per ounce. Corn and soybeans are trading quietly around unchanged to a bit weaker, while Minneapolis September wheat is higher again on the mostly hot-and-dry forecast ahead. A new soybean sale for 2021-22 was announced by USDA -- sold 100,000 mt (3.7 mb) of soybeans.

Livestock

Posted 11:38 -- October live cattle are up $0.40 at $127.075, August feeder cattle are up $1.13 at $159.325, October lean hogs are up $1.38 at $93.1, December corn is down 14 1/4 cents per bushel and December soybean meal is down $5.80. The Dow Jones Industrial Average is up 213.94 points and NASDAQ is up 115.55 points. The livestock contracts are trending mostly higher Friday afternoon and unless traders start to peel out early for the weekend and lose interest in the market, it's looking like the support could last through closing. The cattle market will be busy this afternoon with a Cattle on Feed report and the biannual Cattle Inventory report.

Posted 10:33 -- October live cattle are up $0.03 at $126.7, August feeder cattle are up $1.43 at $159.625, October lean hogs are up $0.95 at $92.675, December corn is down 11 3/4 cents per bushel and December soybean meal is down $4.90. The Dow Jones Industrial Average is up 254.83 points and NASDAQ is up 108.31 points. The cash cattle market has been completely quiet thus far Friday without a single bid having been renewed. The livestock contracts are performing fairly well as the live cattle market is now trading completely higher, feeders are trading well over $1.00 stronger and the nearby lean hog contracts are sticking their neck out to secure profits as well.

Posted 08:34 -- October live cattle are down $0.18 at $126.5, August feeder cattle are up $0.03 at $158.225, October lean hogs are steady, December corn is down 2 cents per bushel and December soybean meal is down $2.70. The Dow Jones Industrial Average is up 150.21 points and NASDAQ is up 46.91 points. The livestock complex is trading in a split manner Friday morning as feeders trade higher while corn still scales lower, but there's hesitancy in both the live cattle and lean hog contracts. The cash cattle market should see some more trade develop before the week's end, but prices will likely be steady with the week's trade, as dressed cattle are selling for $195 and live cattle for mostly $119.