DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- May corn is up 3 cents per bushel, July soybeans are up 6 cents per bushel. July KC wheat is up 12 1/4 cents per bushel, July Chicago wheat is up 13 1/4 cents per bushel and July Minneapolis wheat is up 9 1/2 cents. The Dow Jones Industrial Average is up 306.96 points at 38,546.94 and the U.S. Dollar Index is down 0.420 at 105.66 and June crude oil is up $1.24 per barrel at $83.14. Fund short covering in wheat, corn and soybeans and concerns over weather in several parts of the globe are encouraging fund managers to take some of their massive short risk off the table. Wheat is the most impressive story with warmth and dryness in the southwestern Plains and in southern Russia driving values higher.

Posted 10:32 -- May corn is up 2 cents per bushel, July soybeans are up 3 1/4 cents per bushel. July KC wheat is up 5 3/4 cents per bushel, July Chicago wheat is up 4 1/4 cents per bushel and July Minneapolis wheat is up 5 1/4 cents. The Dow Jones Industrial Average is up 226.75 points at 38,466.73. The U.S. Dollar Index is down 0.350 at 105.72 and June crude oil is up $0.79 per barrel at $82.69. Corn and soy markets have shrugged off early weakness to trade higher on a slow news day. Wheat markets are showing strength based on global weather issues and declining U.S. crop ratings. Some rain is expected to hit dry Kansas this week, but soil moisture remains too low in much of the hard winter belt.

Posted 08:40 -- May corn is up 1/2 cent per bushel, July soybeans are steady. July KC wheat is up 3 1/2 cents per bushel, July Chicago wheat is up 3/4 cent per bushel and July Minneapolis wheat is up 5 1/4 cents. The Dow Jones Industrial Average is up 98.25 points at 38,338.23 and the U.S. Dollar Index is down 0.070 at 106.01 and June crude oil is down $0.39 per barrel at $81.51. Corn and soybeans are little changed early Tuesday, while wheat markets are still a bit firmer on a slow news day. Corn and soy planting are slightly ahead of the average place. Wheat weather is a bit bullish in many areas, but the hard winter areas have a chance for some rain later in the week.

Livestock

Posted 11:38 -- June live cattle are down $1.03 at $177.025, May feeder cattle are up $0.58 at $245.75, June lean hogs are up $2.35 at $107.85, May corn is up 2 1/2 cents per bushel and July soybean meal is up $0.10. The Dow Jones Industrial Average is up 246.31 points. The feeder cattle contracts are continuing to trade higher despite the live cattle contracts trading slightly lower. Friday's bullish Cattle on Feed report re-sparked the feeder cattle market's momentum and with ample fundamental demand, traders haven't had any issue trading the contracts higher again Tuesday.

Posted 08:36 -- June live cattle are up $0.08 at $178.125, May feeder cattle are up $0.73 at $245.9, June lean hogs are up $0.98 at $106.475, May corn is down 1/4 cent per bushel and July soybean meal is down $0.20. The Dow Jones Industrial Average is up 131.07 points. The livestock complex is off to a stronger start as the market continues to rally following the impressive close Monday. No cash cattle trade has developed and, with feedlots expected to price cattle higher, trade will likely be delayed until Thursday or Friday.