DTN's Quick Takes

By DTN Analysts

Grains

Posted 12:56 -- July corn is up 2 1/4 cents per bushel, July soybeans are up 15 3/4 cents per bushel. July KC wheat is up 14 1/4 cents per bushel, July Chicago wheat is up 17 3/4 cents per bushel and July Minneapolis wheat is up 5 1/2 cents. The Dow Jones Industrial Average is up 468.59 points at 38,694.25 and The U.S. Dollar Index is down 0.260 at 105.04 and June crude oil is down $0.63 per barrel at $78.32. With 30 minutes until the close, grain and soy markets are holding onto gains, with soybeans and soymeal leading the bullish end to the week. Funds are buying in shorts in wheat and soybeans and adding to a net long in the soymeal market. Weather will continue to be the driving force between recent volatility, with flooding in southern Brazil, dryness in central Brazil, the U.S. southern Plains, and Black Sea wheat areas.

Posted 10:32 -- July corn is up 2 1/4 cents per bushel, July soybeans are up 6 1/2 cents per bushel. July KC wheat is up 22 1/2 cents per bushel, July Chicago wheat is up 25 1/4 cents per bushel and July Minneapolis wheat is up 11 cents. The Dow Jones Industrial Average is up 364.64 points at 38,590.30 and the U.S. Dollar Index is down 0.290 at 105.01 and June crude oil is down $0.29 per barrel at $78.66. Wheat markets have extended the move higher, led by Chicago and KC futures. Corn, soybeans and soymeal are still higher, but well under the morning highs. A myriad of weather issues are impacting the grain and soy markets and encouraging short fund traders to lighten the load, buying in shorts.

Posted 08:39 -- July corn is up 6 cents per bushel, July soybeans are up 8 3/4 cents per bushel. July KC wheat is up 12 3/4 cents per bushel, July Chicago wheat is up 14 cents per bushel and July Minneapolis wheat is up 5 3/4 cents. The Dow Jones Industrial Average is up 496.60 points at 38,722.26 and the U.S. Dollar Index is down 0.430 at 104.87 and June crude oil is down $0.42 per barrel at $78.53. USDA announced a new sale of old-crop soybeans to unknown -- a total of 122,000 mt, or 4.5 mb for 2023-24. Grain and soy markets are screaming higher early Friday on multiple weather concerns for global grain crops. That is forcing funds to hop in and cover some of their short positions.

Livestock

OMAHA (DTN) -- June live cattle are up $0.05 at $176.85, August feeder cattle are down $0.05 at $255.175, June lean hogs are down $0.60 at $99.325, July corn is down 1 3/4 cents per bushel and July soybean meal is up $2.60. The Dow Jones Industrial Average is up 438.17 points. Packers are currently offering bids of $184 in the Southern Plains, but with feedlots' asking prices set at $186, no cattle have traded yet in the South. Packer interest will likely improve throughout the afternoon and Southern live cattle will begin to trade, although it may take until the day's end to do so.

Posted 08:40 -- June live cattle are down $0.45 at $176.35, August feeder cattle are down $0.53 at $254.7, June lean hogs are down $0.53 at $99.4, July corn is up 7 cents per bushel and July soybean meal is up $5.80. The Dow Jones Industrial Average is up 451.55 points. Following Thursday's thin movement of cattle, the cash cattle complex will need to see more cattle traded -- especially in the South. Feedlots will likely try to trade cattle higher given that the North was able to sell cattle on Thursday for $1.00 to $2.00 higher than last week's weighted average.

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