DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is up 6 1/2 cents per bushel, July soybeans are up 4 3/4 cents, July KC wheat is up 15 1/2 cents, July Chicago wheat is up 9 1/4 cents and July Minneapolis wheat is up 24 1/2 cents. The Dow Jones Industrial Average is up 131.63 points and July crude oil is down $1.03 per barrel. The U.S. Dollar Index is down 0.760 and August gold is up $19.50 per ounce. As we approach the close, corn has recovered and all of the markets but soymeal are trading higher. Minneapolis wheat is leading the charge on warmth and dryness. The GFS seemed to go drier for the Midwest on the midday weather update. Drought remains prevalent in just under 50% of the corn and bean areas. The spot calendar spreads continue to invert more, a sign of limited old crop supplies.

Posted 10::39 -- July corn is up 3 3/4 cents per bushel, July soybeans are up 5 3/4 cents, July KC wheat is up 9 cents, July Chicago wheat is up 4 1/2 cents and July Minneapolis wheat is up 16 1/2 cents. The Dow Jones Industrial Average is up 81.62 points and July crude oil is down $1.30 per barrel. The U.S. Dollar Index is down 0.730 and August gold is up $22.90 per ounce. Minneapolis wheat futures are leading the way higher, with spot corn now higher for the day, and December moving back toward unchanged. A host of weather concerns exist in world markets, with dryness in the U.S. Midwest, northern Plains, flooding in China, heat and dryness in northern Europe and Russian spring wheat areas being the primary concerns.

Posted 08:36 -- July corn is down 3 3/4 cents per bushel, July soybeans are up 3 cents, July KC wheat is up 7 1/4 cents, July Chicago wheat is up 2 1/2 cents and July Minneapolis wheat is up 11 1/4 cents. The Dow Jones Industrial Average is down 9.92 points and July crude oil is up $0.23 per barrel. The U.S. Dollar Index is down 0.510 and August gold is up $18.50 per ounce. Early on Thursday, wheat recovers a bit, and corn is down hard on weak export sales and the wetter forecast. The soy complex is just slightly higher with bean oil stronger along with crude oil. Some showers are occurring early on Thursday in the Upper Midwest.

Livestock

Posted 11:44 -- August live cattle are up $0.08 at $173.275, August feeder cattle are up $0.90 at $240., July lean hogs are up $0.20 at $87.125, July corn is up 6 1/2 cents per bushel and July soybean meal is up $0.70. The Dow Jones Industrial Average is up 141.99 points. The cash cattle market still hasn't seen much action in the South as Southern feedlots continue to hold out for higher prices. Asking prices in the South remain firm at $186 to $190, but bids are only being offered at $184 currently.

Posted 08:35 -- August live cattle are up $0.80 at $174., August feeder cattle are up $0.93 at $240.025, July lean hogs are down $1.03 at $85.9, July corn is down 4 cents per bushel and July soybean meal is up $1.10. The Dow Jones Industrial Average is down 3.76 points. Beef net sales of 12,800 mt for 2023 were down 29% from the previous week and 27% from the prior 4-week average. The three largest buyers were Japan (3,900 mt), South Korea (3,900 mt) and Mexico (1,900 mt). Pork net sales of 25,500 mt for 2023 were up 13% from the previous week, but down 11% from the prior 4-week average. The three largest buyers were Mexico (9,100 mt), China (8,100 mt) and Japan (3,200 mt).