DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is down 2 cents per bushel, July soybeans are down 18 cents per bushel. July KC wheat is down 12 3/4 cents per bushel, July Chicago wheat is down 3 3/4 cents per bushel and July Minneapolis wheat is down 3/4 cent. The Dow Jones Industrial Average is down 361.82 points at 38,024.27 and the U.S. Dollar Index is up 0.640 at 106.22 and June crude oil is down $0.76 per barrel at $81.87. It's a bright red quote board Tuesday with heavy fund selling pressuring grain and soy markets to sharply lower soybean, bean oil and wheat futures. Outside market forces are also bearish with lower crude oil, equities and plunging gold prices. Funds are reported to have sold a combined 27,000 contracts including soy products as of noon. Soybean oil has reached a new low on Tuesday.

Posted 10:30 -- At Tuesday midday, the entire grain sector is painted red with the largest percentage losses in soybean oil and July KC wheat. July soybean oil is trading down 1.48 cents and July Chicago wheat is down 9 cents, both hit with heavy delivery notices on Monday evening. July corn is down 3 1/2 cents and July soybeans are down 18 cents, pressured by rain in this week's forecast and showing nervousness about what the government's sustainable aviation fuel announcement will say when released later Tuesday afternoon. July KC wheat is down 13 3/4 cents and July Minneapolis wheat is down 4 3/4 cents. Also weighing on commodity prices, the U.S. Dollar Index is trading up 47 basis points with the Fed expected to keep interest unchanged on Wednesday. June crude oil is down $0.73, Dow Jones futures are down 292 points and June gold is down $47.90.

Posted 08:42 -- July corn is down 1/2 cent per bushel, July soybeans are down 4 cents per bushel. July KC wheat is down 4 1/4 cents per bushel, July Chicago wheat is down 5 1/4 cents per bushel and July Minneapolis wheat is down 3 1/4 cents. The Dow Jones Industrial Average is down 190.29 points at 38,195.80 and The U.S. Dollar Index is up 0.410 at 105.99 and June crude oil is down $0.52 per barrel at $82.11. Grain and soy markets are weak early on with the exception of soybean meal. Heavy deliveries of soybeans, soybean oil and Chicago wheat are pressuring markets along with an above-average planting pace for corn and soybeans. Wheat is in a corrective mode, at least short-term, but dryness is still an issue in the U.S. hard winter and Russian winter wheat areas.

Livestock

Posted 11:38 -- June live cattle are down $2.45 at $174.7, August feeder cattle are down $4.20 at $255.425, June lean hogs are down $0.43 at $102.05, July corn is down 4 3/4 cents per bushel and July soybean meal is down $6.30. The Dow Jones Industrial Average is down 414.24 points. Severe pressure has sent the livestock contracts tumbling lower through Tuesday's trade -- especially the live cattle and feeder cattle contracts. Without any substantial fundamental support having developed, it's likely weaker tones remain with the complex through the day's end.

Posted 08:40 -- June live cattle are down $1.48 at $175.675, August feeder cattle are down $1.90 at $257.725, June lean hogs are up $0.73 at $103.2, July corn is down 1 cent per bushel and July soybean meal is steady. The Dow Jones Industrial Average is down 189.00 points. Following Monday's lackadaisical trade, both the cattle and hog contracts are hoping to see better interest in Tuesday's market with the added support of both boxed beef prices and pork cutout values closing higher Monday afternoon. But with the lower gap at Tuesday's start in the live cattle complex, traders will likely be cautious traders again until more steady, consistent support surfaces.

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