DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 1/4 cent per bushel, November soybeans are up 3 cents, September KC wheat is up 3 cents, September Chicago wheat is down 1 cent and September Minneapolis wheat is up 3 3/4 cents. The Dow Jones Industrial Average is down 196.96 points and September crude oil is down $0.44 per barrel. The U.S. Dollar Index is down 0.300 and August gold is up $2.30 per ounce. Soybeans, meal and hard wheat futures markets are maintaining some strength, but well off the morning highs. There seems to be a drier forecast on tap for much of Iowa, which might be a concern for the next 10 days; southern Iowa, northern Missouri and the Great Lakes states are wetter. Egypt bought 180,000 mt of wheat from Ukraine and Romania. Rumors continue that China is buying U.S. corn, but the trade awaits confirmation.

Posted 10:33 -- December corn is up 3 cents per bushel, November soybeans are up 16 1/4 cents, September KC wheat is up 7 3/4 cents, September Chicago wheat is up 3 1/4 cents and September Minneapolis wheat is up 12 1/4 cents. The Dow Jones Industrial Average is down 194.96 points and September crude oil is down $0.20 per barrel. The U.S. Dollar Index is down 0.300 and August gold is up $3.00 per ounce. Minneapolis wheat and soybeans, along with meal, are very firm as crop conditions have deteriorated, while corn is up just slightly, bulled up by hot and dry weather ahead of the cool down that is expected to bring more chances for rain next week.

Posted 08:36 -- December corn is up 12 3/4 cents per bushel, November soybeans are up 27 cents, September KC wheat is up 14 cents, September Chicago wheat is up 11 cents and September Minneapolis wheat is up 18 1/4 cents. The Dow Jones Industrial Average is down 222.14 points and September crude oil is down $0.03 per barrel. The U.S. Dollar Index is down 0.110 and August gold is up $4.10 per ounce. Soybeans and Minneapolis wheat futures are soaring on the sharp decline in crop ratings and a troublesome forecast ahead. With just 9% of spring wheat in good-to-excellent condition, and a huge 66% rated poor to very poor, we have another few days of extreme heat and dryness to further lower crop potential, while longer-term forecasts are leaning drier into August.

Livestock

Posted 11:40 -- October live cattle are down $0.78 at $128.425, August feeder cattle are down $1.13 at $161.075, October lean hogs are down $0.60 at $92.5, December corn is down 1/4 cent per bushel and December soybean meal is up $5.10. The Dow Jones Industrial Average is down 208.69 points and NASDAQ is down 285.02 points. The livestock contracts aren't seeing the support from traders like they did through Monday's trade, but the market's fundamentals continue to show strong consumer demand is still vibrant. The cash cattle market still hasn't seen any asking prices posted, and it could be that the market waits until sometime Wednesday to really play its cards as feedlots desperately want higher trade.

Posted 10:39 -- October live cattle are down $0.28 at $128.925, August feeder cattle are down $0.93 at $161.275, October lean hogs are down $0.75 at $92.35, December corn is up 1 1/4 cents per bushel and December soybean meal is up $6.70. The Dow Jones Industrial Average is down 217.13 points and NASDAQ is down 279.41 points. The feeder cattle complex is facing a little bit of resistance in its nearby contracts, but the market is still trying to rally while the corn market posts only a modest rally. The lean hog complex is slow to start again, but the market could scale higher by the afternoon if the market's fundamentals continue to show excellent demand.

Posted 08:33 -- October live cattle are down $0.15 at $129.05, August feeder cattle are down $0.70 at $161.5, October lean hogs are up $0.48 at $93.575, December corn is up 9 3/4 cents per bushel and December soybean meal is up $6.80. The Dow Jones Industrial Average is down 162.08 points and NASDAQ is down 34.45 points. Jumping into Tuesday's trade, the cattle contracts are hopeful to maintain some sort of positive front and have their eyes set on seeing cash cattle trade higher this week. Bids and asking prices have yet to hit the countryside, but by midday we should know more. Trade isn't expected to really develop until Wednesday or later.

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