DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is down 3 1/4 cents per bushel, November soybeans are down 10 3/4 cents, December KC wheat is down 6 cents, December Chicago wheat is down 3 1/4 cents and December Minneapolis wheat is down 5 1/4 cents. The Dow Jones Industrial Average is down 182.76 points and October crude oil is down $0.81 per barrel. The U.S. Dollar Index is up 0.260 and December gold is down $6.10 per ounce. Weakness continues in grain and soy markets, but corn and wheat have bounced back a bit. Rumors are out there that China is booking some fall soybeans from the Gulf and Pacific Northwest. China will be on holiday early next week. Harvest conditions appear to be good for the next 10 days as midday forecasts have turned drier.

Posted 10:34 -- December corn is down 3 1/4 cents per bushel, November soybeans are down 12 1/4 cents, December KC wheat is down 5 3/4 cents, December Chicago wheat is down 4 1/2 cents and December Minneapolis wheat is down 2 1/4 cents. The Dow Jones Industrial Average is down 209.70 points and October crude oil is down $0.96 per barrel. The U.S. Dollar Index is up 0.230 and December gold is down $3.30 per ounce. It's a sea of red midmorning Friday, with grain, soy and livestock markets, in addition to crude oil and equities all moving lower together. Aside from the impending harvest weekend and a clear path for the next several days, there is a dearth of news on Friday. Some talk of China internal economic struggles may be playing into the weakness.

Posted 08:33 -- December corn is down 3 cents per bushel, November soybeans are down 11 cents, December KC wheat is down 3 3/4 cents, December Chicago wheat is down 1 1/4 cents and December Minneapolis wheat is down 1 1/2 cents. The Dow Jones Industrial Average is down 40.32 points and October crude oil is down $0.83 per barrel. The U.S. Dollar Index is up 0.030 and December gold is down $4.70 per ounce. China appeared again as a buyer of new-crop U.S. soybeans, buying 132,000 mt (4.85 mb) of beans for 2021-22. However, grain and soybean prices are taking a big hit as we begin morning trade on Friday. A weekend of active harvesting lies ahead.

Livestock

Posted11:41 -- October live cattle are down $0.42 at $123.17. September feeder cattle are down $0.67 at $155.20. October hogs are down $0.20 at $85.27. December corn is down 3 cents at $5.26 1/2 per bushel. October soybean meal is down $2.20 at $338.00 per ton. The Dow is down 139 points with the NASDAQ down 123 points. Cattle futures continue to struggle with traders disappointed over the inability of cash to trade higher. Boxed beef on the Friday morning report shows mixed prices. With choice is down $1.92 while select is up $2.27. Slaughter is projected at 119,000. Pork cutouts are higher on the Friday morning National Daily Pork report. Both hams and bellies show substantial gains. However, the best the market is showing in mixed trading as traders await cash confirmation. Slaughter is projected at 473,000.

Posted 09:08 -- October live cattle are down $0.40 at $123.20. September feeder cattle are down $0.62 at $155.25. October lean hogs are down $0.72 at $84.75. December corn is down 6 cents at $5.23 1/2 per bushel. October soybean meal is down $2.50 at $337.70 per ton. The Dow is 95 points lower. The NASDAQ is 81 points lower. The dollar is 6 points higher. Russia has put restrictions on beef imported from Brazil, joining others that have done the same. This has not had an impact on the prospect for higher exports or cash prices. Short covering before the weekend does not seem to be an agenda Friday. Hogs are falling back after the strength Thursday. The gains Thursday were not supported by stronger cash.