DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- As we near Wednesday's close, July corn is up 6 1/4 cents per bushel, July soybeans are up 1/2 cent, July KC wheat is down 9 1/4 cents, July Chicago wheat is up 1/4 cent and September Minneapolis wheat is down 10 1/2 cents. The Dow Jones Industrial Average is up 190.98 points, and July crude oil is down $1.64 per barrel. The U.S. Dollar Index is down 0.09, and August gold is up $6.30 per ounce. Gains in soymeal continue to lead soybean futures to a potential higher close, although today's announcement of a canceled soybean sale will continue to weigh on the market, along with the drop in crude oil prices. Markets remain poised for today's Federal Reserve announcement on interest rates.

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Posted 10:41 -- In midmorning trade, July corn is up 7 cents per bushel, July soybeans are down 4 3/4 cents, July KC wheat is down 1 1/4 cents, July Chicago wheat is up 5 1/4 cents and September Minneapolis wheat is down 3 3/4 cents. The Dow Jones Industrial Average is up 142.42 points and July crude oil is down $0.85 per barrel. The U.S. Dollar Index is down 0.128 and August gold is up $10.30 per ounce. Daily ethanol production rose 2% over the week ending June 10 to 1.06 million barrels per day, above the range of pre-report expectations, while ethanol inventories fell by 1.7%, below the range of pre-report estimates, both supportive for corn prices. New-crop soybean prices are seen recovering from early losses, a move led by soymeal. Energy Information Administration data showed a surprise build in crude oil stocks over the past week of 1.96 million barrels, while gasoline stocks fell for the 11th week and distillate inventories rose for a second week. The International Energy Agency has forecast global oil demand to exceed pre-pandemic levels in 2023, while indicating supply may struggle to keep up with demand.

Posted 08:34 -- July corn is down 2 1/2 cents per bushel, July soybeans are down 10 1/2 cents, July KC wheat is down 9 3/4 cents, July Chicago wheat is down 4 3/4 cents and September Minneapolis wheat is down 6 1/2 cents. The Dow Jones Industrial Average is up 261.48 points and July crude oil is down $1.04 per barrel. The U.S. Dollar Index is down 0.180 and August gold is up $16.40 per ounce. USDA reported a net cancellation of an old crop sale of soybeans to unknown destination; 100,000 mt of beans (3.7 mb) were canceled for the 2021-22 crop year. Grain and soy markets are weakening in spite of the forecast for searing heat over the next two weeks. July beans are under more pressure, perhaps on the belief that this could be China canceling beans.

Livestock

Posted 11:41 -- August live cattle are up $3.18 at $137.25, August feeder cattle are up $2.30 at $173.6, July lean hogs are up $0.30 at $106.925, July corn is up 7 3/4 cents per bushel and July soybean meal is up $5.90. The Dow Jones Industrial Average is up 232.86 points. The cash cattle market has seen a handful of trade in Nebraska and Texas at fully steady money with Tuesday's trade. Throughout the week thus far, Southern live cattle have traded from $136 to $139, which is steady to $2.00 higher. Northern dressed cattle have traded from $223 to $230, roughly $4.00 higher. A percentage of the dressed sales have been committed for the deferred delivery for the weeks of June 27 and July 4.

Posted 08:38 -- August live cattle are up $1.30 at $135.375, August feeder cattle are up $1.38 at $172.675, July lean hogs are down $0.10 at $106.525, July corn is down 3 1/4 cents per bushel and July soybean meal is down $2.50. The Dow Jones Industrial Average is up 273.18 points. The cash cattle market has a single bid of $138 offered in Texas, but it's likely packers are going to have to get more aggressive if they're going to get anything bought. Thankfully the live cattle futures are charging into Wednesday's trade fully higher, which will help feedlot's desire for higher prices.

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