DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- As we near Friday's close and following the August WASDE report, December corn is up 6 1/4 cents per bushel, November soybeans are down 2 1/4 cents, September KC wheat is down 4 cents, September Chicago wheat is down 10 cents and September Minneapolis wheat is down 7 3/4 cents. The Dow Jones Industrial Average is up 280.58 points and September crude oil is down $2.11 per barrel. The U.S. Dollar Index is up 0.543 and December gold is up $8.70 per ounce. Corn prices have changed direction and appear headed for a higher close, while soybean losses have been pared, led by gains in front-end soymeal trade. Wheat prices have pared earlier losses but continue to signal a lower close Friday, despite a surprise drop in 2022-23 U.S. ending stocks.

Posted 11:23 -- 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

OMAHA (DTN) -- October live cattle are down $0.48 at $144.625, September feeder cattle are down $0.55 at $184.05, October lean hogs are down $1.15 at $99.925, December corn is up 3 3/4 cents per bushel and December soybean meal is down $1.10. The Dow Jones Industrial Average is up 261.45 points. The cash markets of 2022 are likely to grow stronger as the market works its way through the second half of the year. Friday's WASDE report shared that both the third and fourth quarters of 2022 saw increases from July's WASDE report as their third quarter steer prices are expected to average $140 (up $1.00) and fourth quarter prices are expected to average $147 (up $2.00). Hog prices in the third quarter are expected to average $85 (up $9.00) and fourth quarter prices are expected to average $69 (up $3.00).

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.

**

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/…)