DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is down 4 1/4 cents per bushel, July soybeans are up 19 1/2 cents, July KC wheat is down 39 1/2 cents, July Chicago wheat is down 27 1/2 cents and July Minneapolis wheat is down 46 cents. The Dow Jones Industrial Average is down 419.34 points and July crude oil is up $0.79 per barrel. The U.S. Dollar Index is up 0.380 and June gold is up $0.20 per ounce. Wheat and the soy complex continue to diverge, with the soy complex stronger on more rumored China interest, the rebound in world veg oil values, and soybean meal's recovery on exports. Corn has traded in a narrow range all day, pressured by the sharp fall in wheat, and weakness comes despite a big edge on export values for the summer, the slow Argentine harvest, and more heavy rain headed to the Delta and eastern Midwest next week.

Posted 10:36 -- July corn is down 5 1/4 cents per bushel, July soybeans are up 15 cents, July KC wheat is down 36 1/2 cents, July Chicago wheat is down 24 1/4 cents and July Minneapolis wheat is down 47 3/4 cents. The Dow Jones Industrial Average is down 183.48 points and July crude oil is up $0.31 per barrel. The U.S. Dollar Index is up 0.390 and June gold is up $1.80 per ounce. Soybeans and products are on fire, with soymeal continuing the recent rebound, and bean oil reversing recent weakness, as Indonesia, ahead of lifting the palm oil export ban, has mandated that 10 mmt is to stay in the country. Wheat is under heavy pressure despite weather and production concerns, with French wheat falling 20 points in the good to excellent category in the last month as record temperatures are lowering yield potential.

Posted 08:36 -- Wheat and corn continue to be pressured early, without a lot of news to justify the weakness. Soybeans are firm on the heels of a slight recovery in bean oil futures following the recent correction. Financial markets seem to have settled down a bit. July corn is down 6 1/4 cents per bushel, July soybeans are up 5 1/4 cents, July KC wheat is down 12 1/2 cents, July Chicago wheat is down 10 1/2 cents and July Minneapolis wheat is down 16 1/2 cents. The Dow Jones Industrial Average is up 213.47 points and July crude oil is up $0.32 per barrel. The U.S. Dollar Index is up 0.280 and June gold is down $2.00 per ounce.

Livestock

Posted 11:36 -- August live cattle are down $0.40 at $131.625, August feeder cattle are down $0.98 at $164.225, July lean hogs are up $0.73 at $107.7, July corn is down 6 3/4 cents per bushel and July soybean meal is up $3.00. The Dow Jones Industrial Average is down 346.07 points. The cash cattle market hasn't seen a single bid renewed, which indicates the week's business is done. There could be some clean-up trade happen ahead of the week's end, but prices are set and the week's volume is thin. Friday afternoon the market will be watching for the latest Cattle on Feed report to be released.

Posted 08:35 -- August live cattle are up $0.28 at $132.3, August feeder cattle are up $0.95 at $166.15, July lean hogs are down $0.83 at $106.15, July corn is down 7 cents per bushel and July soybean meal is down $0.40. The Dow Jones Industrial Average is up 202.60 points. Heading into Friday's market, the livestock contracts are hopeful the tough pressure that's sent them mostly lower over the past two days finally eases. The cash cattle market most likely won't see any more significant business but clean-up trade is possible.