DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 10 1/2 cents per bushel, November soybeans are down 16 cents, September KC wheat is down 8 1/4 cents, September Chicago wheat is down 9 cents and September Minneapolis wheat is down 10 3/4 cents. The Dow Jones Industrial Average is up 90.12 points and September crude oil is down $0.19 per barrel. The U.S. Dollar Index is down 0.110 and August gold is up $13.30 per ounce. Grain and soy markets are under heavy selling pressure at midday on the cooler outlook ahead. However, traders expect that Monday's crop progress report could show conditions on corn and soy falling by 1 to 2 points following searing heat and limited rains in some areas. Reports of explosions near Rostov -- one of Russia's primary shipping ports -- haven't really budged the wheat and corn markets.

Posted 10:32 -- December corn is down 3 cents per bushel, November soybeans are down 7 cents, September KC wheat is down 6 1/4 cents, September Chicago wheat is down 2 1/4 cents and September Minneapolis wheat is down 8 cents. The Dow Jones Industrial Average is up 255.44 points and September crude oil is down $0.17 per barrel. The U.S. Dollar Index is down 0.260 and August gold is up $15.60 per ounce. Rain is moving across parts of Wisconsin, northern Illinois and into Indiana and Ohio. Soybeans and soymeal, along with corn and wheat, remain under pressure. Even another new sale of soybean totaling over 33 mb could not stop this soy break. Since setting a new contract high on Thursday, August beans have plunged as much as 90 cents from that high.

Posted 08:34 -- December corn is down 13 3/4 cents per bushel, November soybeans are down 14 cents, September KC wheat is down 19 cents, September Chicago wheat is down 17 1/2 cents and September Minneapolis wheat is down 14 1/4 cents. The Dow Jones Industrial Average is up 188.76 points and September crude oil is down $0.48 per barrel. The U.S. Dollar Index is down 0.110 and August gold is up $8.70 per ounce. USDA announced more new crop soybean sales on Friday -- sold a total of 33.4 mb of soybeans, with 11.9 mb to China, 6.3 mb to Mexico and 15.2 mb sold to unknown destinations for the 2023-24 crop year. Just since Wednesday, new soybean sales totaling 61.2 mb have been reported. Despite that, grain and soy markets remain under heavy pressure early on Friday.

Livestock

Posted 11:43 -- October live cattle are up $0.20 at $179.7, August feeder cattle are up $0.98 at $245.625, October lean hogs are up $1.80 at $85.05, December corn is down 7 1/2 cents per bushel and December soybean meal is down $8.90. The Dow Jones Industrial Average is up 242.56 points. The cash cattle market still hasn't seen any trade develop as the market nears Friday's noon hour. Bids of $176 to $178 are currently offered in Texas, and dressed bids of $292 are noted in Nebraska -- but feedlots aren't interested in selling cattle for cheaper money.

Posted 08:34 -- October live cattle are up $0.08 at $179.575, August feeder cattle are up $0.83 at $245.475, October lean hogs are up $1.05 at $84.3, December corn is down 13 1/2 cents per bushel and December soybean meal is down $7.20. At Friday's start the cash cattle market is still idle as packers haven't renewed any bids at this point. Asking prices remain firm in the South at $180 to $182 and Northern asking prices are still unestablished. With virtually no trade having developed yet, packers will need to get more serious in procuring cattle Friday.

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