DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

Posted 10:28 -- December corn is down 16 cents per bushel, November soybeans are down 30 3/4 cents, September KC wheat is down 7 1/4 cents, September Chicago wheat is down 9 1/4 cents and September Minneapolis wheat is down 9 1/4 cents. The Dow Jones Industrial Average is up 161.80 points and September crude oil is down $2.27 per barrel. The U.S. Dollar Index is down 0.050 and December gold is down $8.30 per ounce. The combination of more favorable weather, slowing China growth, plunging crude oil and recession worries are pummeling corn and the soy complex at midmorning on Tuesday. Weather features 50% coverage over the next five days with moderating temperatures.

Posted 08:32 -- December corn is down 4 3/4 cents per bushel, November soybeans are down 11 1/2 cents, September KC wheat is down 5 1/2 cents, September Chicago wheat is down 10 1/4 cents and September Minneapolis wheat is down 7 1/4 cents. The Dow Jones Industrial Average is down 30.49 points and September crude oil is down $0.61 per barrel. The U.S. Dollar Index is up 0.120 and December gold is down $8.40 per ounce. USDA announced a new sale of 228,606 mt (8.4 mb) of soybeans to Mexico for the 2022-23 crop year. Grain and soy markets continue to be under pressure on improving weather.

Livestock

OMAHA (DTN) -- October live cattle are up $1.80 at $145.6, September feeder cattle are up $3.15 at $186.15, October lean hogs are down $2.53 at $98.05, December corn is down 17 3/4 cents per bushel and December soybean meal is down $7.20. The Dow Jones Industrial Average is up 258.98 points. The cattle complex is charged and running aggressively into Tuesday's afternoon as the market warmly welcomes the continued pressure on corn prices and is seeing ample interest in the feeder cattle market. The cash cattle market hasn't seen any trade develop and it's likely that the market doesn't see much until Wednesday or later, but Southern feedlots have upped their asking prices from $142 to now range from $142 to $145.

Posted 08:32 -- October live cattle are up $0.35 at $144.15, September feeder cattle are up $0.85 at $183.85, October lean hogs are up $0.15 at $100.725, December corn is down 6 cents per bushel and December soybean meal is down $3.90. The Dow Jones Industrial Average is up 4.20 points. Southern feedlots have noted early asking prices of $142 plus in the South but asking prices in the North are illusive. Trade isn't expected to develop until Wednesday or later as feedlots seek higher prices again this week. The corn complex is trading slightly lower at Tuesday's start, which may allow cattle to trade higher after Monday's weak performance.