DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Thursday's close, there has been no relief from the bearish pressure on row-crop prices. July corn is down 3 1/4 cents and July soybeans are down 11 3/4 cents with meal and oil both lower. July KC wheat is up 6 1/4 cents, July Chicago wheat is up 2 1/4 cents and July Minneapolis wheat is up 4 1/2 cents. June crude oil is up $0.15 and Dow Jones futures are down 32 points. The U.S. Dollar Index is up 0.18 and June gold is up $11.10. U.S. wheat prices remain stuck in sideways trading ranges after USDA reported China cancelled 4.5 mb of previous wheat purchases Thursday. Meanwhile, May milling wheat in France closed up 2.5 euros at its highest price in April as crops have been hindered by excess moisture.

Posted 10:32 -- At midday Thursday, row crops are sagging lower with ongoing bearish pressure from South America. July corn is down 4 1/2 cents and July soybeans are down 11 3/4 cents with both products also modestly lower. July KC wheat is up 6 1/2 cents, July Chicago is up 2 1/2 cents, in spite of China's cancelled sales and July Minneapolis wheat is up 7 3/4 cents. June crude oil is down $0.29 and Dow Jones futures are up 306 points. The U.S. Dollar Index is up 0.02 and June gold is up $10.50. Traders continue to watch for Israel's next decision regarding Iran, but may be losing some of their earlier anxiety.

Posted 08:43 -- After Thursday's 8:30 a.m. CDT open, July corn is down 3 1/2 cents and July soybeans are down 10 1/2 cents with ongoing harvest pressure from down south. July KC wheat is up 5 cents and July Minneapolis wheat is up 6 1/2 cents. June crude oil is up $0.27 and Dow Jones futures are up 103 points. The U.S. Dollar Index is up 0.10 and June gold is up $7.80. Thursday morning's export sales report showed active corn and wheat shipments, but China backed out on 4.8 mb of previous wheat sales, mostly soft red winter wheat. USDA also said 138,000 mt of U.S. soybean cake and meal were sold to Philippines in 2023-24.

Livestock

Posted 11:38 -- June live cattle are down $0.08 at $175.25, May feeder cattle are up $2.08 at $242.35, June lean hogs are down $0.83 at $101.9, May corn is down 2 1/4 cents per bushel and May soybean meal is down $0.50. The Dow Jones Industrial Average is up 102.21 points. The cash cattle market still hasn't seen any trade develop, but packer interest could improve later this afternoon. Asking prices are noted in the South at $184 to $185, and in the North at $295 plus.

Posted 08:45 -- June live cattle are down $0.03 at $175.3, May feeder cattle are up $0.03 at $240.3, June lean hogs are down $0.40 at $102.325, May corn is down 2 1/2 cents per bushel and May soybean meal is down $2.10. The Dow Jones Industrial Average is up 119.45 points. Beef net sales of 17,700 mt for 2024 were up 30% from the previous week and 27% from the prior 4-week average. The three primary buyers were South Korea (5,400 mt), China (3,600 mt) and Japan (2,800 mt). Pork net sales of 21,800 mt for 2024 -- a marketing year low -- were down 54% from the previous week and 47% from the prior 4-week average. The three primary buyers were Mexico (8,500 mt) China (3,000 mt) and Japan (2,900 mt).

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