DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is up 25 1/2 cents per bushel, July soybeans are up 9 1/2 cents, July KC wheat is up 70 cents, July Chicago wheat is up 70 cents and July Minneapolis wheat is up 60 cents. The Dow Jones Industrial Average is up 177.86 points and June crude oil is up $3.90 per barrel. The U.S. Dollar Index is down 0.220 and June gold is up $6.90 per ounce. Just ahead of the close, all three wheat markets are locked limit up on the bullish Indian export news, and the ongoing threatening weather in western Europe and the U.S. hard wheat and spring wheat regions. World wheat supplies continue to dwindle. Corn is following, with a new contract high in December, with wheat having priced itself out of feed rations.

Posted 10:36 -- July corn is up 20 cents per bushel, July soybeans are up 9 cents, July KC wheat is up 69 cents, July Chicago wheat is up 70 cents and July Minneapolis wheat is up 53 3/4 cents. The Dow Jones Industrial Average is down 105.24 points and June crude oil is up $1.51 per barrel. The U.S. Dollar Index is down 0.030 and June gold is up $1.90 per ounce. Wheat is nearly limit higher in KC and is limit bid in Chicago, following the weekend decision by the government of India to at least temporarily ban wheat exports, despite last week's USDA projection for India to export a record large 8.5 mmt (312 mb). The decision has, in effect,t tightened already tight supplies of wheat from major exporters this year. Corn is getting strength from the surging wheat market, as wheat has priced itself out of feed rations.

Posted 08:39 -- After Monday's 8:30 a.m. CDT open, July contracts of KC and Minneapolis wheat continue their surge to new contract highs after India's government issued its export ban over the weekend. July KC wheat is up 54 1/2 cents and July Minneapolis wheat is up 47 cents. July corn is up 16 cents and July soybeans are up 11 cents with traders interested to see planting progress in Monday afternoon's report. June crude oil is down $0.40 and Dow Jones futures are down 39 points. The U.S. Dollar Index is down 0.12 and June gold is down $3.80.

Posted Sunday, May 15, at 7:08 p.m. CDT -- After Sunday evening's open, wheat prices are charging higher again. July KC wheat is up 70 cents and September Minneapolis wheat is up 50 3/4 cents. Rumors about India banning exports that were circulated last week were confirmed over the weekend with an exception for needy countries, reported AP and several media sources. July corn is up 17 3/4 cents and July soybeans are up 15 1/2 cents. Planting weather was mostly favorable across the Midwest this weekend, helped by warm weather and light, scattered showers. This week's forecast remains dry for Brazil. June crude oil is up $1.06 and Dow Jones futures are up 77 points. The U.S. Dollar Index is down 0.0 and June gold is up $3.40.

Livestock

Posted 11:43 -- June live cattle are up $1.10 at $133.175, August feeder cattle are down $0.55 at $167.475, June lean hogs are up $3.05 at $103.8, July corn is up 20 1/4 cents per bushel and July soybean meal is up $3.60. The Dow Jones Industrial Average is down 26.68 points. The live cattle and lean hog contracts are rallying into Monday's afternoon as traders are willingly ready to support their markets. The cash cattle market hasn't seen any interest as of yet, but new showlists appear to be higher in all three major feeding states.

Posted 08:33 -- June live cattle are down $0.33 at $131.75, August feeder cattle are down $2.00 at $166.025, June lean hogs are up $2.98 at $103.725, July corn is up 16 1/4 cents per bushel and July soybean meal is up $4.80. The Dow Jones Industrial Average is down 65.12 points. As the market braces itself for the week ahead, cattlemen are skeptical of what this week could mean for them. All eyes will be closely watching for Monday's report, which shows exactly how many cattle sold last week and with what delivery method. Given that packers have strategically padded their inventory over the last month, it's likely that this week's cash market sees even less interest than last week.

(c) Copyright 2022 DTN, LLC. All rights reserved.