DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Wednesday's close, the commodity board remains almost entirely red with Dow Jones futures down 949 points. Adding to Tuesday's bearish pressure from Federal Reserve Chairman Powell's hawkish comments, it also didn't help Wednesday's stock prices to see disappointing earnings reports from Walmart and Target. July corn is down 19 cents with traders not bothered by scattered showers in the Eastern Corn Belt that are extending the slow planting pace. July soybeans are down 9 1/2 cents. July soybean meal is one of the only ag-related contracts defying Wednesday's bearish trend, trading up $1.60. July KC wheat is down 45 3/4 cents. June crude oil is down $2.40 and the U.S. Dollar Index is up 0.36.

Posted 10:46 -- At midmorning Wednesday, the entire commodity board is red, discouraged by bearish concerns from outside markets and more selling in the stock market. July corn is down 17 3/4 cents after the Energy Department (DOE) said ethanol production was steady last week at 991,000 barrels per day. July soybeans are down 19 1/2 cents. July KC wheat is down 60 1/2 cents and September Minneapolis wheat is down 43 3/4 cents, falling back from new contract highs on Tuesday. Dow Jones futures are down 693 points with investors still concerned about rising prices and rising interest rates. The U.S. Dollar Index is up 0.16 and June crude oil is down $2.30, even after the DOE said crude oil supplies were down 3.4 million barrels last week.

Posted 08:36 -- After Wednesday's 8:30 a.m. CDT open, July corn is down 7 1/4 cents and July soybeans are down 1/2 cent with rain moving from Missouri across the Eastern Corn Belt. July KC wheat is down 35 1/2 cents, facing prospects for moderate to heavy showers on the eastern half of the HRW wheat crop early next week. June crude oil is up $0.91 and Dow Jones futures are down 284 points. The U.S. Dollar Index is up 0.17 and June gold is down $8.50. USDA reported 8.4 million bushels of soybeans were sold to unknown. 375,000 bushels were old crop and a little over 8 million bushels were new crop.

Livestock

Posted 11:42 -- August live cattle are down $1.53 at $131.95, August feeder cattle are down $0.80 at $165.975, June lean hogs are up $0.53 at $105.675, July corn is down 20 1/4 cents per bushel and July soybean meal is up $0.10. The Dow Jones Industrial Average is down 810.30 points. Heading into Wednesday afternoon, the livestock contracts are looking pretty tough. Traders have let the contracts drift lower as bearish tones run wild throughout the market. The cash cattle market hasn't seen any bids renewed at this point and it's looking like the week's trade volume could be incredibly thin unless more deals develop ahead of the weekend.

Posted 08:36 -- August live cattle are down $0.43 at $133.05, August feeder cattle are up $0.15 at $166.925, June lean hogs are down $0.38 at $104.775, July corn is down 7 1/2 cents per bushel and July soybean meal is up $2.00. The Dow Jones Industrial Average is down 301.33 points. The cattle complex is hoping to have a better day than what Tuesday presented, though it's unlikely that the cash market will grow any stronger at this point. After their thrilling rally on Tuesday, the lean hog contracts are jumping into Wednesday with a slightly weaker tone as the market needs to see strong fundamental follow through to sustain its higher run.

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