DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- As we near Thursday's close, crop prices remain higher, supported by dry conditions and a rebound in crude oil. December corn is up 8 1/2 cents and November soybeans are up 20 1/2 cents after Thursday's U.S. drought monitor showed class 1 degradation in parts of southern Iowa, eastern Nebraska and central Kansas. December soybean oil is trading up 1.52 cents with bullish influence coming from a $2.52 gain in September crude oil. September KC wheat is up 11 3/4 cents and September Minneapolis wheat is up 9 cents. Dow Jones futures are up 204 points, the U.S. Dollar Index is down 0.10 and August gold is down $7.60.

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Posted 10:39 -- At midmorning Thursday, crop prices remain higher ahead of Friday's USDA reports. December corn is up 8 cents and November soybeans are up 18 cents with not much rain on Thursday's weather or in the seven-day forecast. September KC wheat is up 11 3/4 cents and September Minneapolis wheat is up 10 3/4 cents with a few days of hot temperatures expected in Montana and South Dakota. September crude oil is up $1.39, finding support near $90, while oil supplies remain a concern. Dow Jones futures are up 223 points, the U.S. Dollar Index is down 0.21 and August gold is down $9.60.

Posted 08:36 -- After Thursday's 8:30 a.m. CDT open, crop prices are starting the day higher after Thursday morning's export sales report included decent shipments of soybeans and wheat and 311,200 metric tons of new-crop export sales of soybean meal. December corn is up 7 1/2 cents after Brazil's crop agency estimated corn production at 114.7 mmt (4.52 bb) in 2021-22, less than USDA's estimate of 116.0 mmt. November soybeans are up 19 1/2 cents. September KC wheat is up 10 3/4 cents and September Minneapolis wheat is up 8 3/4 cents. September crude oil is up $1.50 and Dow Jones futures are up 244 points. The U.S. Dollar Index is down 0.37 and August gold is down $5.40 after the Labor Department reported producer prices fell 0.5% in July, a lower level than expected, reported RTTNews.com.

Livestock

Posted 11:35 -- October live cattle are up $0.88 at $145.35, September feeder cattle are up $0.35 at $185.35, October lean hogs are up $0.25 at $101.1, December corn is up 6 3/4 cents per bushel and December soybean meal is up $5.40. The Dow Jones Industrial Average is up 172.76 points. Some light trade is starting to develop in parts of the South at $140, roughly $4.50 higher than last week's weighted average. The just-released Actual Slaughter Under Federal Inspection report has cattle slaughtered for the week ended July 30, 2022, at 666,168 -- 20,300 higher than the same period last year. Beef steers dressed weight was listed at 894 lbs., up 1 from the prior week; heifers came in at 818 lbs., up 3 from the previous week. Beef cutouts are higher at midday (choice 263.72 +0.49, select 238.69 +1.61) with light to moderate box movement (33.13 lds of choice cuts, 16.01 lds of select cuts, 0.00 lds of trim, and 13.31 lds of ground).

Posted 08:36 -- October live cattle are up $0.30 at $144.775, September feeder cattle are down $0.03 at $184.975, October lean hogs are up $0.58 at $101.425, December corn is up 6 3/4 cents per bushel and December soybean meal is up $8.20. The Dow Jones Industrial Average is up 238.82 points. A light to moderate trade developed in parts of the North Wednesday with dressed deals ranging from $228 to $230, mostly $229, about $2 higher than last week's weighted average basis Nebraska. The South remained rather quiet, but packer inquiry in that area should improve as the day progresses. Asking prices Thursday morning are around $139 to $142 in the South, and $232 in the North.

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Stay tuned as DTN's Digital Yield Tour, powered by Gro Intelligence will return on Aug. 8-12, offering better yield estimates and analysis ahead of USDA's Aug. 12 WASDE report. (https://spotlights.dtnpf.com/…)

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