DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is down 2 cents per bushel, July soybeans are down 19 3/4 cents per bushel. July KC wheat is up 3 1/2 cents per bushel, July Chicago wheat is up 3 1/2 cents per bushel and July Minneapolis wheat is up 2 1/4 cents. The Dow Jones Industrial Average is up 267.72 points at 39,324.11 and the U.S. Dollar Index is down 0.290 at 105.26 and June crude oil is up $0.08 per barrel at $79.07. Thirty minutes ahead of the close, soybeans, soymeal and especially soybean oil are down hard. July soybean oil has forged another new contract low as funds are selling all but wheat today. Funds are estimated to have sold as much as 7,000 beans, 5,000 meal and almost 8,000 bean oil contracts. Wheat is a bit firmer but well off the daily highs, as there is more talk of a Russian wheat crop that could be as low as 85 mmt to 87 mmt.

Posted 10:38 -- July corn is down 2 3/4 cents per bushel, July soybeans are down 16 cents per bushel. July KC wheat is up 9 1/4 cents per bushel, July Chicago wheat is up 7 1/4 cents per bushel and July Minneapolis wheat is up 7 1/4 cents. The Dow Jones Industrial Average is up 195.22 points at 39,251.61 and the U.S. Dollar Index is down 0.250 at 105.29 and June crude oil is up $0.09 per barrel at $79.08. Corn, soybeans and products continue to be under pressure and near the daily lows. December corn and November beans need to stay above the $4.78-$4.80 and $12.00 levels, respectively, or risk falling further. Wheat remains strong on Russian frost issues, but well below the daily highs.

Posted 08:37 -- July corn is down 1 3/4 cents per bushel, July soybeans are down 5 3/4 cents per bushel. July KC wheat is up 12 1/4 cents per bushel, July Chicago wheat is up 9 3/4 cents per bushel and July Minneapolis wheat is up 8 1/2 cents. The Dow Jones Industrial Average is down 45.54 points at 39,010.85 and the U.S. Dollar Index is down 0.100 at 105.45 and June crude oil is up $0.26 per barrel at $79.25. USDA announced a new sale of corn to Mexico of 132,082 mt of corn (5.2 mb), with 2.4 mb for old crop and 2.8 mb for new crop. Corn, soybeans, and soy products are mixed to lower, while the wheat market is up and reflecting some concern over possible frost damage in Russian wheat areas.

Livestock

Posted 11:37 -- June live cattle are down $0.10 at $176.375, August feeder cattle are down $0.63 at $251.775, June lean hogs are down $0.83 at $97.9, July corn is down 1 3/4 cents per bushel and July soybean meal is down $3.50. The Dow Jones Industrial Average is up 168.96 points. The cash cattle complex hasn't seen any trade develop but packer interest could improve Thursday afternoon. Asking prices are firm in the South at $186 to $87 but have yet to be established in the North.

Posted 08:36 -- June live cattle are up $0.48 at $176.95, August feeder cattle are up $0.45 at $252.85, June lean hogs are down $0.13 at $98.6, July corn is down 1 1/4 cents per bushel and July soybean meal is down $0.10. The Dow Jones Industrial Average is down 50.82 points. Beef net sales of 12,300 mt for 2024 were down 45% from the previous week and 29% from the prior 4-week average. The three largest buyers were Japan (4,400 mt), South Korea (1,900 mt) and Mexico (1,700 mt). Pork net sales of 24,400 mt for 2024 were down 27% from the previous week and 26% from the prior 4-week average. The three largest buyers were China (6,900 mt), Japan (3,900 mt) and Canada (3,700 mt).

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