DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is down 10 1/4 cents per bushel, July soybeans are up 35 1/4 cents, July KC wheat is up 5 1/2 cents, July Chicago wheat is down 5 3/4 cents and July Minneapolis wheat is up 8 1/2 cents. The Dow Jones Industrial Average is up 305.62 points and June crude oil is up $3.71 per barrel. The U.S. Dollar Index is down 0.310 and June gold is down $17.50 per ounce. Soybeans and products continue to rock and roll higher, on reduced stocks, a strong meal recovery, and bean oil sharply higher following crude oil higher, and dryness in Europe and wetness in the Canadian Prairies bulling up veg oil markets. Wheat markets are mixed, but new contract highs were recorded in each contract early on Friday.

Posted 10:58 -- July corn is down 11 1/4 cents, a possible delayed reaction to Thursday's higher-than-expected estimate of world ending corn stocks. July soybeans are up 24 1/2 cents, bolstered by an $8.00 gain in July soybean meal and Thursday's estimate old-crop ending soybean stocks will be the lowest in six years. July KC wheat is down 4 1/4 cents and September Minneapolis wheat is down 3 1/2 cents. June crude oil is up $3.97, while Europe continue to debate a possible ban on Russian oil imports. Dow Jones futures are up 438 points. The U.S. Dollar Index is down 0.33 and June gold is down $17.50.

Posted 08:35 -- After Friday's 8:30 a.m. CDT open, row crops are trading higher as traders continue to digest a lot of new estimates from Thursday's WASDE report. July corn is up 1/4 cent and July soybeans are up 16 1/4 cents. July KC wheat is up 3 cents. Late Thursday, damaging winds swept through the northwestern Plains and high wind warnings are posted for North Dakota on Friday. At 8 a.m., USDA said China bought 4.85 million bushels of old-crop soybeans. Earlier Friday, July soybeans on the Dalian exchange were up 1.8% to the equivalent of $20.93 a bushel, a bullish sign of demand. June crude oil is up $3.00 and Dow Jones futures are up 245 points. The U.S. Dollar Index is up 0.11 and June gold is down $23.30.

Livestock

Posted 11:34 -- June live cattle are up $0.50 at $132.15, August feeder cattle are up $1.63 at $168.15, June lean hogs are up $2.33 at $99.8, July corn is down 11 1/4 cents per bushel and July soybean meal is up $10.10. The Dow Jones Industrial Average is up 473.21 points. The live cattle complex is the only one out of the livestock sector that's slow to embrace a modest recovery after Thursday's bloodbath. Nevertheless, the market is trying to juggle boxed beef prices, a thinly traded cash market and a lower waning futures complex this past week.

Posted 08:37 -- June live cattle are up $0.65 at $132.3, August feeder cattle are up $0.50 at $167.025, June lean hogs are up $1.20 at $98.675, July corn is down 1/4 cent per bushel and July soybean meal is up $4.60. The Dow Jones Industrial Average is up 251.54 points. After a day of sharp losses, the livestock contracts seem to be attempting to recover some of Thursday's regression. With how far the contracts fell throughout Thursday's trade, the market can freely trade higher as resistance is far from an issue. The cash cattle market hasn't seen any bids renewed at this point and it's likely that only some minimal clean-up trade will develop ahead of the day's end.