DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- December corn is up 6 3/4 cents per bushel, November soybeans are up 15 1/4 cents, December KC wheat is down 14 3/4 cents, December Chicago wheat is down 5 1/4 cents and December Minneapolis wheat is down 9 3/4 cents. The Dow Jones Industrial Average is up 208.60 points and October crude oil is up $0.30 per barrel. The U.S. Dollar Index is down 0.010 and December gold is up $7.60 per ounce. At midday, corn and soybeans remain very firm on ideas of declining crop conditions. By the weekend it heats up again and above-normal temperatures and below-normal rain will further stress the corn and soy crops which have gone backwards. Expectations are we likely will see a several percentage point slide in good-to-excellent corn and soy readings in today's crop progress report.
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Posted 10:36 -- December corn is up 6 cents per bushel, November soybeans are up 13 1/4 cents, December KC wheat is down 15 1/4 cents, December Chicago wheat is down 6 3/4 cents and December Minneapolis wheat is down 7 3/4 cents. The Dow Jones Industrial Average is up 176.66 points and October crude oil is up $0.38 per barrel. The U.S. Dollar Index is up 0.020 and December gold is up $9.80 per ounce. Corn and soybeans are holding much of the morning strength on the basis of the still mostly hot and dry finish to the 2023 crops. New corn and soy sales amounting to 4.8 mb of corn to Mexico and 10.9 mb of soybeans sold to unknown are adding to strength. Wheat markets continue to be a dog, with Kansas City leading the way down.
Posted 08:33 -- December corn is up 2 3/4 cents per bushel, November soybeans are up 11 3/4 cents, December KC wheat is down 12 1/2 cents, December Chicago wheat is down 7 3/4 cents and December Minneapolis wheat is down 4 1/4 cents. The Dow Jones Industrial Average is up 168.68 points and October crude oil is up $0.15 per barrel. The U.S. Dollar Index is up 0.040 and December gold is up $1.90 per ounce. USDA announced two new export sales for 2023-24: Sold 123,000 mt (4.8 mb) of corn to Mexico and 296,000 mt (10.9 million bushels) of soybeans to unknown destinations. Soybeans and corn begin the new week with solid gains on the heels of the recent heat and dryness and more ahead that has likely ratcheted yield potential lower.
Posted Sunday, Aug. 27, at 7:09 p.m. -- December corn is up 6 1/4 cents per bushel, November soybeans are up 18 3/4 cents, December KC wheat is up 2 1/4 cents, December Chicago wheat is up 3 1/2 cents and December Minneapolis wheat is up 1 1/4 cents. The Dow Jones Industrial Average is up 247.48 points and October crude oil is up $0.36 per barrel. The U.S. Dollar Index is up 0.060 and December gold is up $3.00 per ounce. Corn and soybeans are sharply higher to begin trade Sunday night, buoyed by the hot, dry weather ahead and a bullish yield forecast from the recently ended private crop tour. It looks like temperatures will again reach into the 90s and 100s next week and traders expect we could see soybean ratings fall by another 2 to 4 percentage points on Monday's crop progress report.
LivestockPosted 11:34 -- October live cattle are up $0.63 at $181.8, October feeder cattle are up $2.00 at $255.975, October lean hogs are up $1.73 at $81.55, December corn is up 7 1/4 cents per bushel and December soybean meal is up $1.00. The Dow Jones Industrial Average is up 155.20 points. The livestock complex continues to trade higher into Monday afternoon as traders see support fundamentally from the cattle complex, and room to trade higher technically. No cash cattle trade has been reported at this point and trade will likely be delayed until Wednesday or potentially even later.
Posted 08:36 -- October live cattle are down $0.05 at $181.125, October feeder cattle are up $0.78 at $254.75, October lean hogs are down $0.55 at $79.275, December corn is up 1 3/4 cents per bushel and December soybean meal is up $3.50. The Dow Jones Industrial Average is up 183.22 points. Given that last week's negotiated cash cattle trade waited until late in the week to develop, feedlots will be watching for Monday's midmorning USDA report, which states exactly how many cattle were purchased. Meanwhile, traders are supporting the livestock complex moderately as all three of the markets begin the week higher.
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