DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near the close, corn and wheat prices remain under bearish pressure, while soybeans and products are mixed. December corn is down 8 cents and November soybeans are down 3 cents, but July soybeans are up 8 3/4 cents, along with a $7.60 gain in July meal. July KC wheat is down 31 1/4 cents and July Minneapolis wheat is down 21 3/4 cents, unable to get any bullish traction from this week's mix of news. July crude oil is up $0.86 after the Energy Department said crude oil supplies were down 500,000 barrels last week. Dow Jones futures are up 49 points, the U.S. Dollar Index is up 0.05, and August gold is down $20.50.

Posted 10:41 -- At midmorning Wednesday, crop prices remain mostly lower. December corn is down 10 1/2 cents with scattered showers on Wednesday's weather map, from Iowa to Kentucky. November soybeans are down 1 1/2 cents, getting support from a $5.40 gain in July soybean meal. July KC wheat is down 27 1/4 cents and July Minneapolis wheat is down 19 1/2 cents, showing no signs of concern about Tuesday's destroyed dam in southern Ukraine or other war-related events. July crude oil is up $1.15 and Dow Jones futures are up 50 points. The U.S. Dollar Index is down 0.15 and August gold is down $11.10.

Posted 09:45 -- On Wednesday morning, December corn is down 6 3/4 cents and November soybeans are down 2 1/4 cents with some anticipation of rain ahead. The U.S. Energy Department said ethanol production increased from 1.004 million barrels per day to 1.036 million barrels per day last week, but inventory increased from 22.3 million barrels to 22.9 million barrels. July KC wheat is down 21 1/4 cents and July Minneapolis wheat is down 13 cents. July crude oil is up $0.80, even after the Energy Department said domestic crude oil production increased to a new post-COVID high of 12.4 million barrels per day and refinery activity picked up, showing a 5.3-million-barrel increase in supplies of ultra-low sulfur diesel. Dow Jones futures are up 38 points, the U.S. Dollar Index is down 0.18 and August gold is down $8.10.

Posted 08:34 -- After Wednesday's 8:30 a.m. CDT bell, grains and oilseeds are mostly lower. December corn is down 5 cents and November soybeans are down 3 1/2 cents as traders ponder next week's chances for rain. July KC wheat is down 9 cents and July Minneapolis wheat is down 7 1/4 cents. July crude oil is up $0.52 and Dow Jones futures are up 7 points. The U.S. Dollar Index is down 0.21 and August gold is down $6.70. The U.S. Commerce Department reported the trade deficit increased to $74.6 billion in April, the largest since October 2022.

Livestock

Posted 11:41 -- August live cattle are down $0.53 at $174.975, August feeder cattle are down $1.68 at $241.575, July lean hogs are down $1.03 at $87.30, July corn is down 1/2 cent per bushel and July soybean meal is up $6.40. The Dow Jones Industrial Average is up 87.52 points. Livestock futures are lower as outside pressures affect the whole marketplace. Bids are being offered throughout the entire five-state trading region, but largely feedlots seem to want to hold out longer to see just how badly packers need/want cattle this week.

Posted 08:34 -- August live cattle are up $1.05 at $176.55, August feeder cattle are up $0.70 at $243.95, July lean hogs are down $1.20 at $87.125, July corn is down 3/4 cent per bushel and July soybean meal is up $1.00. The Dow Jones Industrial Average is up 21.16 points. Both the live cattle and feeder cattle contracts are trading higher as the market is anxious to see how this week's cash cattle market turns out. There was a light movement of cattle traded Tuesday afternoon in the North and prices ranged from $290 to $300.

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