DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Wednesday's close, December corn is up 1 3/4 cents per bushel, November soybeans are up 7 1/4 cents, September KC wheat is down 15 1/2 cents, September Chicago wheat is down 4 3/4 cents and September Minneapolis wheat is down 9 1/2 cents. The Dow Jones Industrial Average is down 88.14 points and August crude oil is down $1.47 per barrel. The U.S. Dollar Index is up .518 and August gold is down $27.50 per ounce. Row crops have turned higher, led by nearby August soybeans and September corn, with soybean prices supported by a move higher in soymeal futures. Wheat remains under pressure, with the winter wheat harvest estimated at 54% complete as of July 3, 6 percentage points ahead of the average pace, while the spring wheat crop condition improved 7 percentage points to 66% good to excellent over the past week, well above the 16% reported this time last year. Statistics Canada has estimated spring wheat acres seeded up 10.5% from 2021, while all-wheat acres seeded are at a nine-year high.

Posted 10:33 -- In midmorning trade, December corn is down 7 cents per bushel, November soybeans are down 3 1/4 cents, September KC wheat is down 19 1/4 cents, September Chicago wheat is down 11 cents and September Minneapolis wheat is down 13 1/4 cents. The Dow Jones Industrial Average is down 97.86 points and August crude oil is down $2.47 per barrel. The U.S. Dollar Index is up 0.619 and August gold is down $25.70 per ounce. Grains have all turned lower in morning trade, with weather viewed as a bearish factor for the grains due to beneficial showers. Soymeal continues to trade in positive territory, although down from session highs. Financial markets continue to price in a recession ahead of Wednesday's Federal Reserve minutes release, with September Brent crude, the world price for oil, showing the potential to close below $100 per barrel for the first time since April 11.

Posted 08:34 -- December corn is up 3/4 cent per bushel, November soybeans are up 18 1/4 cents, September KC wheat is up 17 1/4 cents, September Chicago wheat is up 23 cents and September Minneapolis wheat is up 8 cents. The Dow Jones Industrial Average is up 88.31 points and August crude oil is down $0.77 per barrel. The U.S. Dollar Index is up 0.390 and August gold is down $1.50 per ounce. Soybeans and wheat are still higher, but corn has now gone into the red. After the torrid selling of the past three to four days, the markets, especially wheat, are very oversold. There are some rains moving across the Corn Belt, which should help conditions.

Livestock

Posted 11:36 -- August live cattle are up $1.28 at $134.2, August feeder cattle are up $0.18 at $172.875, August lean hogs are up $3.43 at $109.375, December corn is down 5 cents per bushel and December soybean meal is up $1.30. The Dow Jones Industrial Average is down 142.47 points. The cash cattle market hasn't seen hardly any cattle trade at this point and given how current showlists are, feedlots may choose to holdout and wait until Thursday to sell cattle as they possess enough leverage to do so. The lean hog contracts are trending higher as the market is seeing phenomenal support in the cash trade as packers are obviously short bought.

Posted 08:34 -- August live cattle are up $0.65 at $133.575, August feeder cattle are up $0.53 at $173.225, August lean hogs are up $2.08 at $108.025, December corn is down 1 cent per bushel and December soybean meal is up $2.40. The Dow Jones Industrial Average is up 11.86 points. The livestock contracts are starting the day out stronger after Tuesday's tough go. Much of the day's technical performance will depend on whether there's pressure on the other commodity markets. The cash cattle market will likely see trade develop at some point Wednesday.

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