DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Monday's close, December corn is down 4 1/2 cents and November soybeans are down 3 3/4 cents as traders wait to see just how long the drier weather pattern will prevail over the Midwest. July contracts of both soy products are slightly higher. July KC wheat is up 12 3/4 cents and July Minneapolis wheat is up 12 3/4 cents with several media sources reporting Ukraine's forces have stepped up attacks against Russia along the front line in eastern Ukraine. July crude oil is up $0.93 and Dow Jones futures are down 148 points. The U.S. Dollar Index is up 0.03 and August gold is up $5.30. Monday afternoon's Crop Progress reports will have the first crop ratings of the season for soybeans and spring wheat.

Posted 11:34 -- At late-morning Monday, row crops have turned lower. December corn is down 3 3/4 cents and November soybeans are down 2 3/4 cents as traders hold back on dry weather concerns for the moment. July KC wheat is up 8 1/4 cents and July Minneapolis wheat is up 8 3/4 cents, finding support ahead of Friday's next wheat production estimates from NASS and the WASDE report. July crude oil is up $1.09 and Dow Jones futures are down 62 points. The U.S. Dollar Index is down 0.02 and August gold is up $5.50. As expected, President Joe Biden signed the debt ceiling bill over the weekend.

Posted 08:33 -- After Monday's 8:30 a.m. CDT bell, grains are higher. December corn is up 3 3/4 cents and November soybeans are up 4 1/2 cents with rain chances still looking light this week, especially across the central and eastern Midwest. July KC wheat is up 10 1/2 cents and July Minneapolis wheat is up 8 3/4 cents. July crude oil is up $1.66 after OPEC agreed to cut oil production by one million barrels per day, starting in July. Dow Jones futures are down 27 points. The U.S. Dollar Index is up 0.30 and August gold is down $8.30.

Posted Sunday, June 4, at 7:05 p.m. -- After the Sunday evening open, row crops are higher as the 7-day forecast only expects light rain amounts for the central and eastern Midwest. December corn is up 3 1/2 cents and November soybeans are up 3 cents. Scattered showers fell over the weekend, mostly from Nebraska to Texas, while much of the Midwest remains dry. July KC wheat is up 4 3/4 cents and July Minneapolis wheat is up 2 1/4 cents. July crude oil is up $1.50 after several media sources reported OPEC agreed to cut oil production by 1 million barrels per day, starting in July. The move will keep world oil supplies tight in relation to demand -- possibly too tight. Dow Jones futures are up 6 points. The U.S. Dollar Index is up 0.15 and August gold is down $4.50. As expected, President Joe Biden signed the debt ceiling bill into law over the weekend.

Livestock

Posted 11:37 -- August live cattle are up $0.58 at $173.475, August feeder cattle are up $0.50 at $242.40, July lean hogs are down $0.30 at $84.35, July corn is down 11 3/4 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is down 54.85 points. With corn prices trending lower yet again, the live 0 and feeder cattle contracts are trading higher into Monday's noon hour. Meanwhile the lean hog complex doesn't know entirely which way it should trade as traders are currently being given mixed signals with pork cutout values higher but cash prices lower.

Posted 08:36 -- August live cattle are up $1.10 at $174., August feeder cattle are up $0.80 at $242.7, July lean hogs are down $1.68 at $82.975, July corn is up 1/4 cent per bushel and July soybean meal is up $2.90. The Dow Jones Industrial Average is down 14.99 points. Even though corn prices are up mildly, both the live cattle and feeder cattle contracts are continuing to rally. Meanwhile, the lean hog complex is hesitant at Monday's start as the market patiently waits for demand to hopefully shine through this week.

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