DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is down 4 1/4 cents per bushel, July soybeans are down 11 3/4 cents, July KC wheat is down 4 1/2 cents, July Chicago wheat is down 8 3/4 cents and July Minneapolis wheat is up 1 cent. The Dow Jones Industrial Average is down 19.86 points and July crude oil is up $0.39 per barrel. The U.S. Dollar Index is up 0.390 and June gold is down $19.60 per ounce. Corn and soy markets are recovering as we head into the close, but all remain lower. Kansas City July wheat is now nearly 40 cents above the lows. Funds have been liquidating some longs, selling an estimated 8,000 contracts each of wheat and corn, along with 4,000 to 5,000 contracts of beans and bean oil. The much-discussed willingness of Russia to allow a corridor for Ukraine exports looks to be just talk at this point.

Posted 10:35 -- July corn is down 6 cents per bushel, July soybeans are down 15 cents, July KC wheat is down 19 1/2 cents, July Chicago wheat is down 18 1/4 cents and July Minneapolis wheat is down 19 1/2 cents. The Dow Jones Industrial Average is up 69.83 points and July crude oil is up $0.11 per barrel. The U.S. Dollar Index is up 0.330 and June gold is down $17.60 per ounce. Corn and soybeans are recovering a bit, with corn a dime and beans 15 cents above the morning lows. Wheat has also moved more than 20 cents above the morning lows, but still down hard, and looking to close lower for the fifth time in six days. Soy products are both weak on Wednesday.

Posted 09:42 -- July corn is down 11 3/4 cents per bushel, July soybeans are down 21 3/4 cents, July KC wheat is down 34 3/4 cents, July Chicago wheat is down 28 3/4 cents and July Minneapolis wheat is down 32 3/4 cents. The Dow Jones Industrial Average is up 200.52 points and July crude oil is up $0.90 per barrel. The U.S. Dollar Index is up 0.280 and June gold is down $17.30 per ounce. The Energy Information Administration (EIA) reported that for the week of May 20, ethanol production rose by 23,000 barrels per day, to 1.014 million barrels per day. That is just higher than a year ago and reflects still good margins. Inventory was little changed at 23.7 versus 23.8 million barrels a week ago.

Posted 08:34 -- July corn is down 15 1/2 cents per bushel, July soybeans are down 23 1/4 cents, July KC wheat is down 33 3/4 cents, July Chicago wheat is down 32 1/2 cents and July Minneapolis wheat is down 31 3/4 cents. The Dow Jones Industrial Average is down 130.99 points and July crude oil is up $0.82 per barrel. The U.S. Dollar Index is up 0.420 and June gold is down $14.00 per ounce. It is surely a risk-off day in the grain and soy complex early on Wednesday, as some optimism for the opening of a humanitarian corridor to expedite grain exports from Ukraine is weakening wheat and corn values. That optimism may be wishful thinking, as it seems doubtful that the U.N. will approve the end to sanctions. Strangely, it is wheat, with perhaps the most bullish supply situation, that is leading Wednesday's weakness.

Livestock

Posted 11:30 -- August live cattle are up $0.28 at $133.025, August feeder cattle are up $0.60 at $168.75, July lean hogs are up $0.55 at $109.6, July corn is down 8 3/4 cents per bushel and July soybean meal is down $5.80. The Dow Jones Industrial Average is down 58.20 points. The cash cattle market sits with a bids of $222 to $224 on the table in Nebraska, but otherwise the market is very quiet. Asking prices are noted at $138-plus in the South and $226-plus in the North. Business is expected to start any time now.

Posted 08:33 -- August live cattle are up $0.75 at $133.5, August feeder cattle are up $1.93 at $170.075, July lean hogs are up $0.73 at $109.775, July corn is down 14 3/4 cents per bushel and July soybean meal is down $5.50. The Dow Jones Industrial Average is down 125.96 points. Bids of $222 are being offered in Nebraska, but otherwise the cash cattle market hasn't seen any renewed interest. More business is expected to develop ahead of the day's end. Thus far, the market has seen very few cattle trade. There was some trade in the South on Tuesday at $137, which is $1.00 cheaper than last week.

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