DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- December corn is down 10 3/4 cents per bushel, November soybeans are down 61 1/4 cents, September KC wheat is down 39 1/2 cents, September Chicago wheat is down 33 1/4 cents and September Minneapolis wheat is down 39 3/4 cents. The Dow Jones Industrial Average is up 57.30 points, and August crude oil is up $3.21 per barrel. The U.S. Dollar Index is up 0.680, and August gold is down $3.80 per ounce. The beat (down) goes on. There seems to be no end to the bearish barrage ahead of the long holiday weekend. Fund managers appear to be abandoning the long ship, with a bit better short-term weather, and the ongoing U.S. and world macro meltdown, fueled by fears of a slowing economy and non-stop inflation. KC Sep wheat is now down $4.70 in six weeks, and Nov beans have plunged $1.92 in three weeks. Nov has fallen over 80 cents since the bullish acreage report.

Posted 10:28 -- December corn is down 10 1/4 cents per bushel, November soybeans are down 57 cents, September KC wheat is down 38 3/4 cents, September Chicago wheat is down 34 cents and September Minneapolis wheat is down 36 3/4 cents. The Dow Jones Industrial Average is down 111.38 points and August crude oil is up $2.33 per barrel. The U.S. Dollar Index is up 0.720 and August gold is up $0.70 per ounce. Selling continues unabated, with wheat and soybeans feeling the brunt of pressure. Other than more favorable weather, it just seems like it's the outside economic forces that are encouraging fund managers to divest of long commodity positions. The wheat markets are severely oversold, but few are willing to stand in front of this bearish freight train.

Posted 08:36 -- December corn is down 2 1/4 cents per bushel, November soybeans are down 32 1/4 cents, September KC wheat is down 1 3/4 cents, September Chicago wheat is up 1 1/2 cents and September Minneapolis wheat is down 1/2 cent. The Dow Jones Industrial Average is down 6.19 points and August crude oil is up $2.80 per barrel. The U.S. Dollar Index is up 0.760 and August gold is down $14.10 per ounce. Soybeans continue to crumble early on Friday, following through on the confusing bearish reaction to a bullish seeding number. Wheat can hardly muster a rally despite dropping nearly $4.30 in the past six weeks. It seems like recession fear is far outweighing the fundamentals. It's been risk-off, and continues, with fund managers letting go of ag ownership.

Livestock

Posted 11:36 -- August live cattle are up $2.63 at $135.2, August feeder cattle are up $1.13 at $174.725, August lean hogs are up $0.73 at $102.825, December corn is down 10 3/4 cents per bushel and December soybean meal is down $16.90. The Dow Jones Industrial Average is down 60.27 points. The live cattle and lean hog contracts have struggled throughout the week, but come Friday, the contracts are trading fully higher, and it's looking like the market's support is strong enough that this momentum could last through closing. The feeder cattle contract has performed well throughout the entire week, but the continued pressure throughout the corn market is only helping feeders keep their stronger presence.

Posted 08:36 -- August live cattle are up $1.80 at $134.375, August feeder cattle are up $0.95 at $174.55, August lean hogs are up $1.00 at $103.1, December corn is down 2 3/4 cents per bushel and December soybean meal is down $10.90. The Dow Jones Industrial Average is down 8.16 points. The livestock contracts are running into Friday's trade fully higher as the market catches some last-minute support ahead of the weekend. This is especially helpful for the lean hog and live cattle contracts, which have been depressed throughout the week. Corn prices are trading mostly lower, which should continue to allow feeders to trade higher.