DTN's Quick Takes

By DTN Analysts

Grains

Posted 12:53 -- As we near Thursday's close, December corn is down 26 3/4 cents per bushel, November soybeans are down 2 1/2 cents, September KC wheat is down 26 3/4 cents, September Chicago wheat is down 33 1/4 cents and September Minneapolis wheat is down 26 1/2 cents. The Dow Jones Industrial Average is down 155 points and August crude oil is down $3.84 per barrel. The U.S. Dollar Index is down .416 and August gold is down $10.40 per ounce. Today's USDA Acreage report points to a further assessment of seeded acres that will take place in July due to the late planting across the Northern Plains, with lower-than-expected soybean acres in today's report failing to lead to higher trade. Soymeal is continuing to break out higher from its consolidation pattern while soybean oil is following crude oil lower. The Drought Monitor pointed to expanding drought conditions in the Midwest over the past week but is overlooked in today's trade.

Posted 11:24 -- Following the release of today's USDA Acreage and Quarterly Stocks report, December corn is down 19 1/4 cents per bushel, November soybeans are down 3/4 cents, September KC wheat is down 14 cents, September Chicago wheat is down 22 cents and September Minneapolis wheat is down 20 3/4 cents. The Dow Jones Industrial Average is down 264.7 points and August crude oil is down $2.75 per barrel. The U.S. Dollar Index is down 0.307 and August gold is down $5.60 per ounce. USDA estimates show corn acres planted at 89.9 million acres, down 4% from last year and slightly above expectations. Soybean acres are estimated at 88.3 million acres, up 1% from last year, the highest acres in four years while less than expected in pre-report estimates. Wheat acres are seen at 47.1 million, up 1% from last year and above expectations, while the fifth lowest area seeded since 1919. Grain stocks estimates for corn, soybeans and wheat came in slightly higher than expected in pre-report estimates.

Posted 10:34 -- December corn is down 15 3/4 cents per bushel, November soybeans are down 21 3/4 cents, September KC wheat is down 2 1/4 cents, September Chicago wheat is down 7 cents and September Minneapolis wheat is down 11 1/4 cents. The Dow Jones Industrial Average is down 288.93 points and August crude oil is down $2.91 per barrel. The U.S. Dollar Index is down 0.250 and August gold is down $8.90 per ounce. Corn and soy losses are mounting at midmorning on the better prospect for rains next week. Wheat has resumed its downward slide, led by Minneapolis, which appears headed for a ninth straight lower close. Soybean meal is holding firm in the face of general weakness.

Posted 08:37 -- December corn is down 8 1/4 cents per bushel, November soybeans are down 14 1/2 cents, September KC wheat is up 3 3/4 cents, September Chicago wheat is down 2 1/2 cents and September Minneapolis wheat is down 6 1/4 cents. The Dow Jones Industrial Average is down 417.95 points and August crude oil is down $1.89 per barrel. The U.S. Dollar Index is up 0.030 and August gold is up $5.00 per ounce. Everything but Kansas City wheat is weaker to begin on Thursday. It is the calm before the storm, as the June stocks and seeding report is typically a big market mover. Expectations are for corn acres to increase and bean acres decrease from March intentions. Focus will be on the extent of prevented planting in the Northern Plains.

Livestock

OMAHA (DTN) -- August live cattle are up $0.63 at $132.8, August feeder cattle are up $2.58 at $173.3, August lean hogs are down $1.73 at $101.85, December corn is down 23 3/4 cents per bushel and December soybean meal is up $7.80. The Dow Jones Industrial Average is down 127.30 points. The feeder cattle market has helped the entire cattle complex trade higher into Thursday's afternoon, as the market rallies upon lower corn prices and thanks to aggressively buying that's taken place in the countryside. The cash cattle market hasn't seen any renewed interest and it's looking like the bulk of this week's trade is done with.

Posted 08:34 -- August live cattle are up $0.25 at $132.425, August feeder cattle are up $0.68 at $171.4, August lean hogs are down $0.13 at $103.45, December corn is down 8 cents per bushel and December soybean meal is down $2.90. The Dow Jones Industrial Average is down 456.53 points. Beef net sales of 17,000 mt for 2022 were up 52% from the previous week and 6% from the prior four-week average. The three largest buyers were South Korea (5,100 mt), China (4,500 mt) and Japan (2,000 mt). Pork net sales of 32,300 mt for 2022 were up 27% from the previous week and from the prior four-week average. The three largest buyers were Mexico (20,700 mt), Japan (3,700 mt) and Australia (2,700 mt).

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