DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is down 18 cents per bushel, July soybeans are down 22 1/2 cents, July KC wheat is down 6 1/4 cents, July Chicago wheat is down 24 cents and July Minneapolis wheat is down 15 3/4 cents. The Dow Jones Industrial Average is up 432.24 points and June crude oil is up $2.13 per barrel. The U.S. Dollar Index is up 0.240 and June gold is down $7.30 per ounce. Although there seems to be more optimism that the debt ceiling issue will be solved, equity and energy markets are rising while grain and soy markets continue to trade sharply lower. Funds are selling heavily. Estimates are that funds have sold 12,000 corn, 8,000 beans, 6,000 bean oil and 4,000 Chicago wheat, adding to shorts in the last two.

Posted 10:35 -- July corn is down 25 cents per bushel, July soybeans are down 25 cents, July KC wheat is down 4 3/4 cents, July Chicago wheat is down 29 3/4 cents and July Minneapolis wheat is down 15 3/4 cents. The Dow Jones Industrial Average is up 131.49 points and June crude oil is up $1.47 per barrel. The U.S. Dollar Index is up 0.370 and June gold is down $9.00 per ounce. Grain and soy markets are tanking in unison midmorning Wednesday. Good planting weather, an above-average start to corn and soy seeding and slack demand are driving markets lower. China again canceled more U.S. corn for old crop. Also, the word from the UN is that the Black Sea Grain corridor has been extended at the last moment.

Posted 08:36 -- July corn is down 15 cents per bushel, July soybeans are down 8 1/2 cents, July KC wheat is up 6 cents, July Chicago wheat is down 12 3/4 cents and July Minneapolis wheat is up 2 1/2 cents. The Dow Jones Industrial Average is up 116.91 points and June crude oil is up $1.07 per barrel. The U.S. Dollar Index is up 0.380 and June gold is down $6.30 per ounce. USDA reported another cancellation of a corn sale to China: 272,000 mt (10.7 mb) canceled for 2022-23. Corn, soybeans and products are lower, with July corn reacting to another China cancellation of a previous sale of old crop corn. Soybeans are still weaker, but off the lows, while bean oil has rallied back a bit with the recovery in crude oil.

Livestock

Posted 11:34 -- August live cattle are down $0.05 at $162.425, August feeder cattle are down $0.75 at $230.725, June lean hogs are down $1.83 at $85.375, July corn is down 23 3/4 cents per bushel and July soybean meal is down $0.10. The Dow Jones Industrial Average is up 237.29 points. Bids of $175 live and $280 dressed are currently being offered in Nebraska and bids of $167 live are being offered in Texas. Asking prices in the South are noted at $172-plus and in the North at $282-plus. No cattle have traded, but packer interest should improve throughout the day.

Posted 08:38 -- August live cattle are down $0.28 at $162.2, August feeder cattle are up $0.30 at $231.775, June lean hogs are up $0.10 at $87.3, July corn is down 15 1/2 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 132.25 points. The livestock complex is off to a mixed start as again the feeder cattle contracts are trading higher, but both the live cattle and hog markets are skeptical and trading mixed. With corn prices down hard again Wednesday morning, it wouldn't be surprising to see the cattle contracts grow even strong as time passes by.

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