DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Friday's close, December corn is up 10 1/4 cents per bushel, November soybeans are up 15 3/4 cents, July KC wheat is up 9 1/4 cents, July Chicago wheat is up 9 1/2 cents and July Minneapolis wheat is up 20 cents. The Dow Jones Industrial Average is up 666.82 points and July crude oil is up $1.56 per barrel. The U.S. Dollar Index is up 0.480 and August gold is down $27.00 per ounce. Old- and new-crop spring wheat futures have led winter wheat and corn futures to a potential higher close, while gains seen in soybean and soybean oil futures have also been extended, likely tied to nervous short-covering. July soybean and soybean oil futures are poised for a higher weekly close, along with old- and new-crop corn and July Chicago wheat. Focus will remain on prospects for Midwest precipitation next week, while USDA will release their next WASDE report on June 9.

Posted 10:32 -- In midmorning trade, December corn is down 1 cent per bushel, November soybeans are up 9 3/4 cents, July KC wheat is down 7 3/4 cents, July Chicago wheat is down 2 1/4 cents and July Minneapolis wheat is up 7 cents. The Dow Jones Industrial Average is up 592.75 points and July crude oil is up $1.44 per barrel. The U.S. Dollar Index is up 0.300 and August gold is down $15.20 per ounce. Old-crop soybeans are seen leading the way, supported by a higher move in soybean oil and crude oil prices, with the July soybean contract currently poised for a weekly gain and showing a technical reversal signal. Equity markets have responded favorably to the passing of the debt ceiling bill and strong jobs data.

Posted 08:36 -- After Friday's 8:30 a.m. CDT bell, crop prices are mixed to higher following another disappointing export sales report. December corn is down 1 1/2 cents and November soybeans are up 8 3/4 cents after USDA showed small amounts of export sales for both corn and soybeans. July KC wheat is down 2 cents and July Minneapolis wheat is up 4 cents after net sales cancellations were reported for wheat with old-crop shipments of HRW wheat down 32% on the year. July crude oil is up $1.80 and Dow Jones futures are up 255 points. The U.S. Dollar Index is down 0.08 and August gold is down $3.70. Late Thursday, the Senate passed the debt ceiling bill by a comfortable margin, taking away the risk of default until Jan. 1, 2025.

Livestock

Posted 11:14 -- August live cattle are up $0.23 at $172.6, August feeder cattle are down $0.63 at $241.025, July lean hogs are up $1.30 at $83.35, July corn is up 5 cents per bushel and July soybean meal is up $0.30. The Dow Jones Industrial Average is up 603.85 points. A single bid of $292 is currently being offered in Nebraska, but at this point feedlots don't seem too concerned about selling more cattle. Some more clean-up trade could develop throughout the afternoon, but largely it's looking like the week's business is done.

Posted 08:40 -- August live cattle are up $0.58 at $172.95, August feeder cattle are up $1.05 at $242.7, July lean hogs are up $1.95 at $84, July corn is down 2 3/4 cents per bushel and July soybean meal is down $0.00. The Dow Jones Industrial Average is up 250.42 points. Beef net sales of 18,100 metric tons (mt) for 2023 were down 1% from the previous week but unchanged from the prior four-week average. The three largest buyers were Japan (5,700 mt), South Korea (4,700 mt) and China (3,400 mt). Pork net sales of 22,600 mt for 2023 were down 23% from the previous week and 36% from the prior four-week average. The three largest buyers were Mexico (9,300 mt), Japan (3,900 mt) and Canada (2,100 mt).

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