DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is up 9 cents per bushel, July soybeans are up 20 cents, September KC wheat is down 7 1/4 cents, September Chicago wheat is down 3 1/4 cents and September Minneapolis wheat is down 5 cents. The Dow Jones Industrial Average is up 680.12 points and August crude oil is up $2.87 per barrel. The U.S. Dollar Index is down 0.150 and August gold is down $0.20 per ounce. The soy complex continues to move higher in a correction following the early week beatdown. Bean oil is leading the gains on the strength of the crude oil market. Corn is very strong in new-crop December as the forecast for first-half July looks like we'll have a return of heat and dryness into the key pollination phase in the central U.S.

Posted 10:37 -- July corn is up 9 cents per bushel, July soybeans are up 22 1/4 cents, September KC wheat is down 2 3/4 cents, September Chicago wheat is up 6 1/4 cents and September Minneapolis wheat is down 4 cents. The Dow Jones Industrial Average is up 665.56 points and August crude oil is up $3.62 per barrel. The U.S. Dollar Index is down 0.320 and August gold is up $2.40 per ounce. While beans and corn are recovering from the week-long beatdown, KC and Minneapolis wheat are still struggling. Soy meal is strong and bean oil is rallying along with crude oil, putting a stop to 10 straight down days. Weather is favorable now, but the extended forecasts look ominous ahead of primary corn pollination.

Posted 08:36 -- After the 8:30 a.m. CDT open Friday, grains are finding modest support to trim back some of this week's big losses. December corn is up 10 3/4 cents and November soybeans are down 4 cents. USDA's weekly export sales report showed new marketing-year lows in old-crop sales of soybeans, meal and cotton. Soybean shipments were almost 8 million bushels short of the weekly amount needed to reach USDA's goal by the end of August. September KC wheat is up 8 1/4 cents. Dow Jones futures are up 238 points with help from an anticipation slower economic growth with also slow the need for more hikes in the interest rate. August crude oil is up $1.29, the U.S. Dollar Index is down 0.18 and August gold is down $2.30.

Livestock

Posted 11:38 -- August live cattle are down $0.30 at $133.575, August feeder cattle are down $2.10 at $172.75, August lean hogs are up $3.20 at $106.875, July corn is up 11 1/4 cents per bushel and July soybean meal is up $8.00. The Dow Jones Industrial Average is up 631.87 points. Heading into Friday afternoon, the last big matter of business that must be addressed is USDA's Cattle on Feed Report. Given that the industry has seen record on feed numbers for the last six months, there's concern as to how the June 1 on feed number can trump last year's.

Posted 08:39 -- August live cattle are up $0.23 at $134.1, August feeder cattle are down $0.48 at $174.375, August lean hogs are up $0.98 at $104.65, July corn is up 3 1/2 cents per bushel and July soybean meal is up $3.00. The Dow Jones Industrial Average is up 320.94 points. After Thursday's blood bath, the live cattle and lean hog contracts are trending higher while the feeder cattle market takes its turn trading lower. Given that corn prices are rallying anywhere from $0.03 to $0.11 Friday morning, it's not surprising to see feeders start the day off with a weaker tone.