DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is up 13 cents per bushel, July soybeans are up 5 3/4 cents, July KC wheat is up 7 3/4 cents, July Chicago wheat is up 14 1/4 cents and July Minneapolis wheat is up 14 cents. The Dow Jones Industrial Average is up 314.57 points and July crude oil is up $0.53 per barrel. The U.S. Dollar Index is down 0.050 and June gold is up $2.80 per ounce. While spot soybeans have backed off from the new contract high scored earlier Friday, wheat and corn remain in bull mode, as the chances of Russia helping to open the Ukraine ports for shipping grain has little chance of happening. Funds have again been buyers of corn, soybeans and products. Rumors that China is buying corn for September and rumors of massive basis bids for beans in the Eastern Corn Belt are both bullish.

Posted 10:37 -- July corn is up 12 1/2 cents per bushel, July soybeans are up 13 cents, July KC wheat is up 16 1/4 cents, July Chicago wheat is up 20 3/4 cents and July Minneapolis wheat is up 23 3/4 cents. The Dow Jones Industrial Average is up 307.26 points and July crude oil is up $0.13 per barrel. The U.S. Dollar Index is down 0.010 and June gold is up $3.60 per ounce. Grain and soy markets are on fire, with wheat and corn leading the way higher. It seems like traders have finally dismissed the notion of Russia helping to ramp up Ukraine grain exports in any way. A new contract high in July beans has traders wondering if a double top, or the start of another leg higher. Minneapolis wheat is surging on ideas that part of the crop may not get planted.

Posted 08:40 -- July corn is up 9 cents per bushel, July soybeans are up 1 3/4 cents, July KC wheat is up 3 cents, July Chicago wheat is up 8 1/4 cents and July Minneapolis wheat is up 18 cents. The Dow Jones Industrial Average is up 58.62 points and July crude oil is down $0.07 per barrel. The U.S. Dollar Index is down 0.110 and June gold is up $9.00 per ounce. Corn and Minneapolis wheat are both leading markets higher early on Friday, while spot soybeans and products are little changed in quiet trade just ahead of the long Memorial Day weekend. Minneapolis new crop wheat is surging on ideas that some spring wheat fields may not get planted in a timely fashion, and wheat in general is stronger as the far-fetched Russian help with opening export corridors for Ukraine grain falls by the wayside.

Livestock

Posted 11:50 -- August live cattle are down $0.43 at $132.175, August feeder cattle are down $0.68 at $166., July lean hogs are down $0.05 at $111.775, July corn is up 14 1/4 cents per bushel and July soybean meal is up $5.40. The Dow Jones Industrial Average is up 357.47 points. It's been an uneventful day for the livestock complex, as the live cattle, feeder cattle and lean hog contracts all trade mixed. The cash cattle market hasn't seen any more interest develop as the week's business is essentially done with. This week's trade has been lower and on a light volume.

Posted 08:40 -- August live cattle are up $0.18 at $132.775, August feeder cattle are down $0.03 at $166.65, July lean hogs are down $0.23 at $111.6, July corn is up 5 3/4 cents per bushel and July soybean meal is down $0.10. The Dow Jones Industrial Average is up 68.09 points. The nearby lean hog contracts are mildly struggling ahead of the long weekend. After the aggressive rally Thursday, traders could continue to rally or let the market coast into the weekend. The cash cattle market hasn't seen any bids renewed and it's looking like the bulk of the week's business is done with.

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