DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

Posted 12:50 -- December corn is down 8 3/4 cents per bushel, November soybeans are down 33 cents, September KC wheat is up 2 cents, September Chicago wheat is down 4 1/2 cents and September Minneapolis wheat is down 6 3/4 cents. The Dow Jones Industrial Average is up 200.98 points and September crude oil is down $0.87 per barrel. The U.S. Dollar Index is up 0.060 and December gold is down $8.80 per ounce. The soybean selling spree continues at midday with November down 33 cents, having broken through the 50- and 100-day moving averages. Funds are estimated to have sold close to 15,000 contracts of soy, along with bean oil and meal. Better-than-expected crop conditions in beans and a slightly wetter midday forecast update has sellers out in force.

Posted 10:34 -- December corn is down 11 1/4 cents per bushel, November soybeans are down 43 1/2 cents, September KC wheat is down 6 1/2 cents, September Chicago wheat is down 10 3/4 cents and September Minneapolis wheat is down 18 cents. The Dow Jones Industrial Average is up 101.20 points and September crude oil is down $0.90 per barrel. The U.S. Dollar Index is up 0.090 and December gold is down $9.00 per ounce. Soybeans are in full meltdown mode, as November appears to have broken out of a triangle chart pattern. Slightly better rain chances next week, along with a surprise rise in crop ratings, was enough to encourage selling. Bean meal is nearing the recent low as well. Paris wheat futures matched the contract high and has now faded, setting up a potential double top.

Posted 08:33 -- December corn is down 2 1/4 cents per bushel, November soybeans are down 20 cents, September KC wheat is down 1 1/4 cents, September Chicago wheat is down 4 1/4 cents and September Minneapolis wheat is down 4 1/4 cents. The Dow Jones Industrial Average is up 76.24 points and September crude oil is down $1.42 per barrel. The U.S. Dollar Index is down 0.020 and December gold is down $8.90 per ounce. Soybeans and bean oil are under heavy pressure on improving crop ratings, better rain chances and the sharp downturn in crude oil futures. Corn and wheat are just modestly lower to begin Tuesday trade.

Livestock

OMAHA (DTN) -- October live cattle are up $0.88 at $128.15, September feeder cattle are up $0.55 at $162.525, October lean hogs are up $1.88 at $91.375, December corn is down 7 1/2 cents per bushel and December soybean meal is down $9.90. The Dow Jones Industrial Average is up 215.60 points and NASDAQ is up 45.45 points. The CBP Texas Cash Pool sold 255 head at $120. Other bids came in at $119.22 and $119.17.

Posted 11:26 -- October live cattle are up $1.05 at $128.325, September feeder cattle are up $0.88 at $162.85, October lean hogs are up $1.13 at $90.625, December corn is down 9 3/4 cents per bushel and December soybean meal is down $9.70. The Dow Jones Industrial Average is up 134.17 points and NASDAQ is up 22.75 points. The livestock contracts are heading into Tuesday afternoon fully higher. If both the pork cutout values and boxed beef prices can successfully round out the day higher, the market may be able to keep this rally going into Wednesday. The live cattle market may run into trouble if long-term resistance holds or if cash cattle trade lower.

Posted 10:35 -- October live cattle are up $0.90 at $128.175, September feeder cattle are up $0.80 at $162.775, October lean hogs are up $0.85 at $90.35, December corn is down 10 1/2 cents per bushel and December soybean meal is down $10.00. The Dow Jones Industrial Average is up 97.80 points and NASDAQ is down 66.80 points. The futures market is continuing to support the live cattle, lean hog and feeder cattle contracts as the market makes its way through Tuesday. This is exactly what the feeder cattle market was hoping for, as the market needs technical support to help buyers feel confident when bidding at Superior's Video Royal sale, where over 184,000 head of cattle will trade this week. Monday afternoon the corn market posted a snappy rally, but Tuesday's market has given most of it back, which is helping the feeder cattle market.

Posted 08:35 -- October live cattle are up $0.23 at $127.5, September feeder cattle are up $0.68 at $162.65, October lean hogs are up $0.60 at $90.1, December corn is down 2 1/4 cents per bushel and December soybean meal is down $4.80. The Dow Jones Industrial Average is up 91.08 points and NASDAQ is up 33.88 points. Jumping into Tuesday's trade, the livestock contracts are continuing to rally, seeming to keep up with Monday's aggression thus far. With both pork cutout values and boxed beef prices closing sharply higher, the market stands a good chance of momentum throughout the day. Asking prices in the South have been noted at $122-plus and in the North at $199-plus.