DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- Following the release of the August USDA WASDE report, December corn is down 3 3/4 cents per bushel, November soybeans are down 26 cents, September KC wheat is down 20 cents, September Chicago wheat is down 19 3/4 cents and September Minneapolis wheat is down 20 cents. The Dow Jones Industrial Average is up 245.78 points and September crude oil is down $2.31 per barrel. The U.S. Dollar Index is up .625 and December gold is up $6 per ounce. USDA revised lower their estimated corn yield to 175.3 bpa, close to expectations, while revising higher their forecast for soybean yield to 51.9 bpa, above expectations. U.S. corn ending stocks for 2022-23 were revised lower as expected, soybean stocks were revised higher to a level above expectations, and wheat ending stocks were revised lower to a level below the average of pre-report estimates.

Posted 10:30 -- December corn is up 3 3/4 cents per bushel, November soybeans are up 11 1/4 cents, September KC wheat is down 19 1/2 cents, September Chicago wheat is down 16 cents and September Minneapolis wheat is down 11 3/4 cents. The Dow Jones Industrial Average is up 193.51 points and September crude oil is down $2.40 per barrel. The U.S. Dollar Index is up 0.680 and December gold is up $3.10 per ounce. Corn and the soy complex are slightly higher Friday as the trade assumes just minor downward adjustments in yield and production. Wheat markets appear to be focused on the cooler and wetter change in the 6- to 14-day weather models for the Plains.

Posted 08:34 -- December corn is up 1/4 cent per bushel, November soybeans are down 2 1/2 cents, September KC wheat is down 13 1/4 cents, September Chicago wheat is down 12 cents and September Minneapolis wheat is down 10 1/2 cents. The Dow Jones Industrial Average is up 131.53 points and September crude oil is down $1.83 per barrel. The U.S. Dollar Index is up 0.540 and December gold is up $3.10 per ounce. All but soymeal and corn under a bit of pressure to start Friday ahead of the August USDA report. A cooler and potentially wetter forecast starting early next week is weighing on markets, but it is the report at 11 a.m. CDT that will drive values for the rest of the day.

Livestock

Posted 08:41 -- October live cattle are down $0.13 at $144.975, September feeder cattle are up $0.25 at $184.85, October lean hogs are down $0.38 at $100.7, December corn is up 1/4 cent per bushel and December soybean meal is up $3.80. The Dow Jones Industrial Average is up 128.87 points. The live cattle and lean hog markets are trending mostly lower at Friday's initial start, but the feeder cattle market is still pushing a modest rally. Both beef and pork markets are looking forward to seeing the midmorning's WASDE report as it will help gauge both production and demand.

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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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