DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is up 4 1/2 cents per bushel, July soybeans are down 1/4 cent per bushel. July KC wheat is up 11 1/2 cents per bushel, July Chicago wheat is up 7 1/2 cents per bushel and July Minneapolis wheat is up 12 1/4 cents. The Dow Jones Industrial Average is down 334.47 points at 38,126.45. The U.S. Dollar Index is down 0.310 at 105.55 and June crude oil is up $0.20 per barrel at $83.01. At midday we have seen the soy complex rally back sharply from the morning lows as talk of some possible freeze damage in Europe circulates. Paris milling wheat futures shrugged off early selling to finish higher and at the highest level since January on freeze and dryness concerns. Corn is making a move up with July very close to a key area of $4.55-$4.56, above which we could see more fund buying.

Posted 10:39 -- July corn is up 1/2 cent per bushel, July soybeans are down 11 1/2 cents per bushel. July KC wheat is up 3 1/4 cents per bushel, July Chicago wheat is up 3 1/4 cents per bushel and July Minneapolis wheat is up 6 1/2 cents. The Dow Jones Industrial Average is down 624.35 points at 37,836.57. The U.S. Dollar Index is down 0.150 at 105.71 and June crude oil is down $0.60 per barrel at $82.21. At mid-morning, wheat is holding onto its gains, looking to close higher for the sixth consecutive day. Dryness in the U.S. southwestern Plains, in southern Russia, and parts of Ukraine seem to be the catalyst for recent strength as funds have chosen to liquidate some of their short position. Corn is little changed, while the entire soy complex remains under heavy selling pressure on weak veg oil prices and another week of meager export sales.

Posted 08:38 -- July corn is up 1 1/2 cents per bushel, July soybeans are down 9 1/2 cents per bushel. July KC wheat is up 3 3/4 cents per bushel, July Chicago wheat is up 5 3/4 cents per bushel and July Minneapolis wheat is up 6 3/4 cents. The Dow Jones Industrial Average is down 455.01 points at 38,005.91. The U.S. Dollar Index is up 0.100 at 105.96 and June crude oil is up $0.25 per barrel at $83.06. Soybeans and soymeal are setting back early Thursday. Soybean sales of just 7.7 mb were dismal, while corn exports and shipments remained solid. Wheat continues to firm up for the sixth straight day over fund short covering and global weather issues. Some pressure is coming from liquidation ahead of the May first notice day for delivery, and from outside markets with equities melting down.

Livestock

Posted 11:44 -- June live cattle are up $1.28 at $176.525, August feeder cattle are up $0.93 at $257.225, June lean hogs are down $2.20 at $105.25, July corn is up 3 1/4 cents per bushel and July soybean meal is down $3.20. The Dow Jones Industrial Average is down 471.71 points. No new cash cattle trade has been reported, but bids are currently being offered in the North at $182 to $183 live and dressed at $290. Asking prices for cattle in the South remain firm at $184 plus, and in the North at $295.

Posted 08:36 -- June live cattle are down $0.58 at $174.675, August feeder cattle are down $1.13 at $255.175, June lean hogs are down $1.55 at $105.9, July corn is up 1 1/4 cents per bushel and July soybean meal is down $3.60. The Dow Jones Industrial Average is down 502.15 points. Beef net sales of 15,200 mt for 2024 were down 14% from the previous week and 3% from the prior 4-week average. The three largest buyers were China (4,600 mt), Japan (2,500 mt) and Canada (2,000 mt). Pork net sales of 28,800 mt for 2024 were up 32% from the previous week, but down 25% from the prior 4-week average. The three largest buyers were Mexico (11,300 mt), Japan (4,200 mt) and South Korea (3,300 mt).

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