DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is down 10 cents per bushel, November soybeans are down 31 1/4 cents, September KC wheat is down 3 1/4 cents, September Chicago wheat is down 3 3/4 cents and September Minneapolis wheat is down 13 1/4 cents. The Dow Jones Industrial Average is down 125.36 points and September crude oil is up $0.53 per barrel. The U.S. Dollar Index is up 0.280 and August gold is down $18.60 per ounce. Soybeans, corn and bean oil have plunged into the red, along with wheat. Welcome storms are moving through South Dakota into Minnesota and northwest Iowa, bringing less than an inch of rain. Next week the temperatures turn hotter and little rain for 8 to 10 days after that. Traders expect corn and soy ratings to fall 2 to 3 points on Monday's crop progress report.

Posted 10:31 -- December corn is down 8 1/4 cents per bushel, November soybeans are down 27 cents, September KC wheat is down 1 cent, September Chicago wheat is steady and September Minneapolis wheat is down 9 1/2 cents. The Dow Jones Industrial Average is down 87.82 points and September crude oil is up $0.15 per barrel. The U.S. Dollar Index is up 0.280 and August gold is down $9.00 per ounce. Wheat futures have recovered a bit from early losses, while corn, soybeans and bean oil remain under heavy selling pressure. Some beneficial showers are moving across South Dakota and catching part of southern Minnesota and western Iowa as temperatures finally moderate. However, next week promises more of the hot and dry weather than has baked the western and northern growing areas lately.

Posted 08:35 -- December corn is down 7 1/4 cents per bushel, November soybeans are down 14 1/2 cents, September KC wheat is down 7 cents, September Chicago wheat is down 7 cents and September Minneapolis wheat is down 15 1/4 cents. The Dow Jones Industrial Average is down 78.99 points and September crude oil is up $0.13 per barrel. The U.S. Dollar Index is up 0.120 and August gold is down $7.50 per ounce. Grain and soy futures are down hard as some welcome rain is falling across South Dakota and into Iowa and southern Minnesota early Friday. Temperatures are moderating until the middle of next week when the heat and another drier pattern is forecast to return. The northwestern and Northern Plains and the Canadian Prairies are expected to be mostly dry for the next two weeks.

Livestock

Posted 11:38 -- October live cattle are down $0.68 at $127.475, September feeder cattle are steady, October lean hogs are down $1.28 at $87.7, December corn is down 8 1/4 cents per bushel and December soybean meal is down $4.10. The Dow Jones Industrial Average is down 135.65 points and NASDAQ is down 96.39 points. Friday's trade hasn't amounted to anything in the cash cattle market and watching its trade throughout the futures market mimics the excitement of watching paint dry. With traders mostly absent from the market, it's likely that the contracts will all close lower Friday afternoon and that the week's cash cattle trade is already done with.

Posted 10:29 -- October live cattle are down $0.60 at $127.55, September feeder cattle are down $0.65 at $161.3, October lean hogs are down $0.40 at $88.575, December corn is down 8 3/4 cents per bushel and December soybean meal is down $4.20. The Dow Jones Industrial Average is down 80.30 points and NASDAQ is down 110.51 points. It's shaping up to be a lackluster day in the livestock sector as live cattle, lean hogs and feeder cattle all trade lower midmorning Friday. The cash cattle market has yet to see any new trade develop and no bids have been renewed at this point. It's looking like the bulk of this week's business could be done with.

Posted 08:49 -- October live cattle are down $0.23 at $127.925, September feeder cattle are up $0.05 at $162., October lean hogs are up $0.23 at $89.2, December corn is down 6 cents per bushel and December soybean meal is down $2.00. The Dow Jones Industrial Average is down 86.39 points and NASDAQ is down 132.76 points. The market is mixed as traders want to see follow-through fundamental support in each of the individual markets. The market is hoping to see more cash cattle trade as this week's movement has only been a scant 44,286 head as of Thursday afternoon. Steady prices have set the week's tone; but at this point movement is just as critical of an issue.