DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Tuesday's close, December corn is down 3 3/4 cents per bushel, November soybeans are down 9 1/2 cents, December KC wheat is down 15 cents, December Chicago wheat is down 11 3/4 cents and December Minneapolis wheat is down 3 1/4 cents. The Dow Jones Industrial Average is up 258.26 points and October crude oil is up $1.07 per barrel. The U.S. Dollar Index is down 0.550 and December gold is up $18.20 per ounce. Winter wheat continues to lead spring wheat and row-crop prices lower, despite a bullish weather forecast with hot and dry conditions ahead and a weaker U.S. dollar trade. Soybean oil futures are making a late-session move into positive territory, supported by a higher move in crude oil.

Posted 10:30 -- The Dow Jones Industrial Average is up 146.40 points and October crude oil is up $0.22 per barrel. The U.S. Dollar Index is down 0.300 and December gold is up $17.30 per ounce. Statistics Canada has estimated Canada's all-wheat production at 29.472 mmt, near the lower end of the range of pre-report expectations and down 14.2% from 2022, a supportive feature that is totally overlooked in the wheat futures trade, with both Kansas City and Chicago wheat taking out May lows Tuesday while December MGEX spring wheat is nearing a test of lows reached in May.

Posted 08:33 -- December corn is down 1 3/4 cents per bushel, November soybeans are down 8 cents, December KC wheat is down 11 3/4 cents, December Chicago wheat is down 7 cents and December Minneapolis wheat is up 3 cents. The September DJIA futures are down 9 points. The U.S. Dollar Index is up 0.2680 at 104.260, December gold is down $0.60 per ounce at $1,946.20 and October crude oil is up $0.22 per barrel at $80.32. USDA announced two new sales for 2023-24: Sold 246,100 mt (9 mb) of soybeans to unknown destinations, and another 105,000 mt of soybean cake and meal tom unknown. Early weakness in corn and beans is attributed to crop conditions falling less than expected, with corn down 2 percentage points and soybeans just 1 point, when traders were expecting a decline of 2 to 4 points in good-to-excellent ratings. KC December wheat has matched the May low.

Livestock

Posted 11:35 -- October live cattle are up $0.13 at $181.675, October feeder cattle are down $0.18 at $256.85, October lean hogs are down $0.78 at $81.075, December corn is down 2 1/2 cents per bushel and December soybean meal is down $4.70. The Dow Jones Industrial Average is up 240.94 points. Traders continue to support both the live and feeder cattle contracts into Tuesday's noon hour as cheaper corn prices keep them motivated. No cash cattle trade has been reported yet and it's unlikely any action develops ahead of Wednesday, if not potentially even later in the week.

Posted 08:34 -- October live cattle are down $0.63 at $180.925, October feeder cattle are down $0.65 at $256.375, October lean hogs are up $0.15 at $82., December corn is down 1 1/4 cents per bushel and December soybean meal is down $3.90. The Dow Jones Industrial Average is up 4.39 points. After trading substantially higher through Monday's market, the cattle contracts are now trading lower as traders look for fundamental assurance. Meanwhile, the lean hog contracts are still trading higher as they find comfort in the corn market's continued weakness.

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