DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is down 19 1/2 cents per bushel, July soybeans are up 7 1/4 cents, July KC wheat is down 43 cents, July Chicago wheat is down 40 cents and July Minneapolis wheat is down 29 3/4 cents. The Dow Jones Industrial Average is down 169.02 points and July crude oil is down $0.64 per barrel. The U.S. Dollar Index is down 0.300 and June gold is up $15.70 per ounce. Wheat and corn remain under heavy pressure, feeling the weakness from outside macro markets and fund long liquidation. Funds, as of noon, had sold an estimated 13,000 corn; 4,000 beans; and 10,000 Chicago wheat. There is really no other news to explain the extent of wheat weakness. Rumors are circulating that China may have bought Brazilian corn for September, with more in the works possibly.

Posted 10:36 -- At midmorning Tuesday, corn and wheat prices are trading lower after heavy selling hit corn shortly after the 8:30 a.m. CDT open. July corn is down 14 3/4 cents, July KC wheat is down 27 cents and September Minneapolis wheat is down 15 cents. Flood watches are posted in Kansas and Oklahoma with rain falling in the region and expected to last through Wednesday. July soybeans are down 11 cents, while soy products have small losses. Dow Jones futures are down 427 points, hit with selling shortly after 9 a.m. CDT when the Census Bureau reported U.S. new home sales were down 17% in April and down 27% from a year ago. The U.S. Dollar Index is down 0.29 and June crude oil is down $0.47.

Posted 08:34 -- After Tuesday's 8:30 a.m. CDT open, spring wheat and oats are showing the largest percentage gains in the grain sector, both troubled by difficult planting conditions in the Northern Plains. July corn is down 4 cents after USDA said 72% of the corn crop was planted, more than many expected, even though North Dakota and Minnesota remain troubled areas. July soybeans are up 2 1/2 cents. July KC wheat is up 9 1/4 cents and September Minneapolis wheat is up 16 3/4 cents. June crude oil is down $0.09 and Dow Jones futures are down 143 points. The U.S. Dollar Index is down 0.13 and June gold is up $11.00.

Livestock

Posted 11:46 -- August live cattle are down $0.18 at $132.8, August feeder cattle are up $3.03 at $168.65, July lean hogs are down $1.43 at $109.425, July corn is down 21 3/4 cents per bushel and July soybean meal is up $2.40. The Dow Jones Industrial Average is down 315.72 points. As the corn market drops 20 to 22 cents in the nearby contracts, the feeder cattle market is using that weakness to propel itself higher. Thankfully the live cattle market is trending higher too, which only adds more support to feeders.

Posted 08:36 -- August live cattle are up $0.13 at $133.1, August feeder cattle are up $1.73 at $167.35, July lean hogs are down $1.15 at $109.7, July corn is down 9 1/4 cents per bushel and July soybean meal is up $1.40. The Dow Jones Industrial Average is down 146.01 points. The cash cattle market sits with no bids on the table at this point. Asking prices in the South are noted at $140 and the North has yet to disclose what they'd like to see this week. With the live cattle market trending higher, even after Monday's stronger close, the feeder cattle contracts jumped higher too as corn is trending lower again.

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