DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near the first session close of June, December corn is up 8 1/4 cents per bushel, November soybeans are up 23 1/4 cents, July KC wheat is up 11 1/2 cents, July Chicago wheat is up 16 3/4 cents and July Minneapolis wheat is up 7 3/4 cents. The Dow Jones Industrial Average is up 168.01 points and July crude oil is up $2.57 per barrel despite a surprise inventory build over the most recent week. The U.S. Dollar Index is down 0.760 and August gold is up $12.80 per ounce. Grains are poised for a higher close, led by soybeans, with solid gains seen for soybean oil and meal futures. DTN is viewing weather as a bullish factor in the corn market with growing dryness reported for the Midwest in Thursday's Drought Monitor. Outside markets are having a good day with the U.S. government one step closer to a debt ceiling deal, while a surprise Purchase Managers Index in China of 50.9 for the month of May is signaling possible growth.

Posted 10:31 -- December corn is up 9 1/2 cents per bushel, November soybeans are up 23 1/2 cents, July KC wheat is up 5 3/4 cents, July Chicago wheat is up 13 cents and July Minneapolis wheat is down 1/2 cent. The Dow Jones Industrial Average is up 77.64 points and July crude oil is up $2.05 per barrel. The U.S. Dollar Index is down 0.590 and August gold is up $14.70 per ounce. Row crops continue to hold gains while wheat prices have seen earlier gains pared, with spring wheat showing a small loss after the U.S. Drought Monitor showing only 6% of the U.S. spring wheat is affected by some level of drought. July KC wheat has failed to sustain a move above $8/bu this session. The Energy Information Administration has reported that ethanol production over the week ending May 26 reached 1.004 million barrels/day, slightly higher than pre-report estimates, exceeding 1 million barrels for the first time in one month, up 2% from the previous week while 6.3% below the year-ago level. Ethanol inventory grew by 300,000 barrels over the past week to 22.3 million barrels, the first increase in six weeks while 700,000 barrels below the year-ago level.

Posted 08:33 -- After Thursday's 8:30 a.m. CDT bell, grain prices are sharply higher across the board, supported by Thursday's new Drought Monitor, showing widespread increases of abnormally dry conditions throughout the central and eastern Midwest. December corn is up 11 1/4 cents and November soybeans are up 20 1/2 cents. July KC wheat is up 13 1/2 cents and July Minneapolis wheat is up 11 cents. The western Plains have chances for rain the next few days with flash flood watches posted in Montana and around the Texas Panhandle. July crude oil is down $0.08 and Dow Jones futures are down 160 points. The U.S. Dollar Index is down 0.32 and August gold is up $3.50. Late Wednesday, the House passed the debt ceiling bill by a wide margin, sending it now to the Senate for approval.

Livestock

Posted 11:39 -- August live cattle are up $3.45 at $171.125, August feeder cattle are up $1.35 at $240.525, July lean hogs are down $1.63 at $81.7, July corn is up 2 1/2 cents per bushel and July soybean meal is up $7.50. The Dow Jones Industrial Average is up 213.36 points. The cash cattle market continues to see feedlots passing up the current bids by packers. Packer interest should grow strong as the day passes by, and it's likely trade develops later Thursday afternoon.

Posted 08:34 -- August live cattle are down $0.23 at $167.45, August feeder cattle are down $1.65 at $237.525, July lean hogs are down $0.73 at $82.6, July corn is up 7 1/4 cents per bushel and July soybean meal is up $5.80. The Dow Jones Industrial Average is down 121.47 points. The cash cattle market is still painfully quiet as feedlots hold out for better packer inquiry. No bids are currently on the table but trade will like begin to develop sometime later Thursday, and prices are expected to be fully steady.

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