DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

Posted 12:43 -- As we near Thursday's close, grain prices continue to suffer heavy losses this week. December corn is down 37 1/2 cents and November soybeans are down 62 cents after Reuters reported some G7 officials are expected to propose temporary waivers on biofuels mandates at Sunday's meeting as a way of easing food prices. September KC wheat is down 28 cents and September Minneapolis wheat is down 19 cents. August crude oil is down $1.04. Dow Jones futures are down 114 points and the U.S. Dollar Index is up 0.27. Federal Reserve Chairman Powell concluded two days of talks before Congress, repeating the Fed's commitment to bring down inflation and acknowledging a risk of recession. It is the recession concern that has been pressuring this week's commodity prices.

Posted 10:41 -- At midmorning Thursday, heavy losses continue to mount and the commodity board has returned to mostly red with ongoing concerns about slowing economic activity around the world. July corn is down 25 1/2 cents and July soybeans are down 58 cents. December corn is down 40 cents and November soybeans are down 60 cents, both on track to finish below their 100-day averages for the first time this year. July soybean oil was up earlier but is now down 2.16 cents September KC wheat is down 31 cents. August crude oil is down $0.85 and Dow Jones futures are up 33 points. The U.S. Dollar Index is up 0.18 and August gold is down $1.50.

Posted 08:35 -- After the 8:30 a.m. CDT open Thursday, the commodity board doesn't look as red as earlier this morning, but most grain prices are significantly lower. July corn is down 11 cents and July soybeans are down 29 1/2 cents, but July bean oil is up 0.16 cent. September KC wheat is down 19 cents and September Minneapolis wheat is down 14 1/2 cents. August crude oil overcame a lower start and is now up $0.59. Dow Jones futures are up 150 points. The U.S. Dollar Index is up 0.16 and August gold is up $.90. Federal Reserve Chairman Jerome Powell will speak to the U.S. House Thursday and is likely to talk more about the risk of recession, a bearish concern for many commodity markets.

Livestock

OMAHA (DTN) -- August live cattle are down $1.05 at $133.875, August feeder cattle are up $1.70 at $174.85, August lean hogs are down $4.65 at $103.675, July corn is down 21 1/4 cents per bushel and July soybean meal is down $5.70. The Dow Jones Industrial Average is up 47.17 points. On Thursday's Cold Storage report, red meat supplies in freezers were down slightly from the a month ago but up 20% from last year. Total pounds of beef in freezers were down 2% from the previous month but up 25% from last year. Frozen pork supplies were up 2% from the previous month and up 17% from last year. Stocks of pork bellies were down 3% from last month but up 55% from last year.

Posted 11:36 -- August live cattle are down $0.73 at $134.2, August feeder cattle are up $1.30 at $174.45, August lean hogs are down $3.78 at $104.55, July corn is down 22 1/2 cents per bushel and July soybean meal is down $3.50. The Dow Jones Industrial Average is down 113.49 points. The cash cattle market hasn't seen any bids renewed at this point and given that very few cattle have traded in the North, it's up for question what this week will amount to. Will packers have to up their bids? Nevertheless, the drop in corn prices sent the feeder cattle contracts higher, but the live cattle contracts are keeping with a lower tone for the day.

Posted 08:31 -- August live cattle is steady, August feeder cattle are up $1.30 at $174.45, August lean hogs are down $0.45 at $107.875, July corn is down 12 cents per bushel and July soybean meal is down $6.80. The Dow Jones Industrial Average is up 108.78 points. The cash cattle market looks to Thursday's start and renewed bids are yet to be seen. Asking prices today are around $140 to $142 in the South and $240-plus in the North.