DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Monday's close, grains and oilseeds are still trading higher. July corn is up 7 1/2 cents and July soybeans are up 15 3/4 cents. July soybean oil is up 0.91 cent, July canola is up C$19.00 and August rapeseed ended up 12.00 euros, impacted by a cold and wet weekend across northern Europe. It continues to be a solid green quote board Monday with wheat markets leading the way higher on weather concerns both in the U.S. and in Europe and the Black Sea region. Speculative funds have been voracious buyers as they remain short a boatload of ag commodities. Estimates are that managed funds have bought in as much as 12,000 contracts of Chicago wheat, 7,000 each of corn and soybeans and 8,000 bean oil so far on Monday. CONAB reported nearly 80% of Brazil's second corn crop is pollinating or soon will be, and more rain is needed. The U.S. Western Plains and parts of Ukraine and southern Russia remain too dry.

Posted 11:48 -- Late morning Monday, grain-related quotes are higher across the board. July corn is up 6 cents and July soybeans are up 13 cents with vegetable oils getting a boost from recent weather challenges for canola and rapeseed. Also, corn found support from USDA's report, showing 63.9 million bushels inspected for export last week. July KC wheat is up 19 3/4 cents, July Chicago wheat is up 20 cents and July Minneapolis wheat is up 9 1/2 cents, supported largely by widespread frost across northern Europe over the weekend. June crude oil is down $0.15 and Dow Jones futures are up 178 points. The U.S. Dollar Index is up 0.04 and June gold is down $68.80.

Posted 08:35 -- After Monday's 8:30 a.m. CDT open, wheat prices are trading higher after crops experienced frost across northern Europe from France and U.K. to Poland and western Ukraine. July KC wheat is up 10 1/2 cents and July Minneapolis wheat is up 6 cents. July corn is up 1 3/4 cents and July soybeans are down 3 cents, even with more rain in the forecast for southern Brazil and Argentina this week, hampering the remaining soybean harvest. Market worries about Middle East tensions show signs of cooling Monday with June gold trading down $62.30 and June crude oil down $1.16 a barrel, near $81. Dow Jones futures are up 160 points and the U.S. Dollar Index is up 0.20.

Posted 19:08 Sunday -- After the Sunday evening open, July corn is down 1/2 cent and July soybeans are up 1 cent. The central Corn Belt is expecting more rain and warmer temperatures later this week, better conditions for planting where fields aren't too wet. July KC wheat is up 2 3/4 cents with some rain expected in the southwestern Plains this week. July Minneapolis wheat is down 3/4 cent. Outside markets look less tense with a quiet response from Iran after Friday's attack. June crude oil is down $0.29 and Dow Jones futures are up 115 points. The U.S. Dollar Index is down 0.05 and June gold is down $14.90.

Livestock

Posted 11:36 -- June live cattle are up $2.55 at $178.225, May feeder cattle are up $4.18 at $246.175, June lean hogs are up $0.65 at $105.475, May corn is up 4 3/4 cents per bushel and July soybean meal is up $0.20. The Dow Jones Industrial Average is up 148.79 points. Last week's negotiated cash cattle trade totaled 67,898 head. Of that, 83% (56,224 head) were committed to the nearby delivery, while the remaining 17% (11,674 head) were committed to the deferred delivery option.

Posted 08:38 -- June live cattle are up $2.00 at $177.675, May feeder cattle are up $3.25 at $245.25, June lean hogs are up $0.35 at $105.175, May corn is up 2 1/4 cents per bushel and July soybean meal is down $3.40. The Dow Jones Industrial Average is up 110.85 points. Following Friday's supportive Cattle on Feed report, the cattle contracts are notably higher while the lean hog contracts are mildly higher. Currently, the spot June contract is trading above the marekt's 100-day moving average, and it will be important to track whether or not the market can close above that threshold.

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