DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Tuesday's close, row-crop prices remain under pressure, a combination of concerns about Tuesday's announcement of new tariffs on Chinese goods, slightly higher production estimates from Conab and better harvest weather for Argentina this week. July corn is down 4 1/2 cents and July soybeans are down 6 1/4 cents. July KC wheat is down 16 cents, July Chicago wheat is down 13 1/4 cents and July Minneapolis wheat is down 4 1/4 cents -- all three falling back from new highs on Monday. June crude oil is down $1.10 and Dow Jones futures are down 54 points. The U.S. Dollar Index is down 0.19 and June gold is up $17.60.

Posted 10:33 -- July corn is down 5 cents per bushel, July soybeans are down 6 3/4 cents per bushel. July KC wheat is down 16 1/4 cents per bushel, July Chicago wheat is down 17 cents per bushel and July Minneapolis wheat is down 13 1/4 cents. The Dow Jones Industrial Average is up 4.62 points at 39,436.13 and the U.S. Dollar Index is down 0.200 at 105.02 and June crude oil is down $1.14 per barrel at $77.98. At midmorning corn is now selling off to join beans and wheat. Wheat has crumbled, with KC and Chicago leading the way lower despite some serious weather issues globally. Soybean oil is under very heavy selling as, contrary to rumor, used cooking oil was not one of the Chinese imported products targeted by the Biden administration with hefty tariffs.

Posted 08:40 -- July corn is steady, July soybeans are down 14 1/4 cents per bushel. July KC wheat is down 4 1/2 cents per bushel, July Chicago wheat is down 6 cents per bushel and July Minneapolis wheat is down 2 1/4 cents. The Dow Jones Industrial Average is up 51.71 points at 39,483.22. The U.S. Dollar Index is down 0.140 at 105.08 and June crude oil is down $0.92 per barrel at $78.20. USDA announced a new sale of corn to Mexico: 405,000 metric tons (mt), with 135,000 mt (5.3 million bushels [mb]) for 2023-24 and another 270,000 mt (10.6 mb) for 2024-25. Corn got only a modest boost from the sale. Soybeans and bean oil remain under heavy selling pressure on the news that used cooking oil imported from China was not on the list of imports to be heavily taxed. The Producer Price Index suggests that inflation remains too high in the U.S.

Livestock

Posted 11:43 -- June live cattle are up $3.05 at $178.625, August feeder cattle are up $4.75 at $256.1, June lean hogs are up $0.68 at $98.15, July corn is down 4 1/2 cents per bushel and July soybean meal is up $5.30. The Dow Jones Industrial Average is down 13.30 points. With choice cuts up $4.65 and select cuts up $5.72 on the midday boxed beef report, it's no wonder both the live cattle and feeder cattle markets are trading higher. Traders have been desperately waiting for seasonal beef demand to rise, and thankfully it seems as though consumers are showing more interest at the meat counter.

Posted 08:36 -- June live cattle are up $0.60 at $176.175, August feeder cattle are up $0.95 at $252.30, June lean hogs are up $1.23 at $98.70, July corn is up 1 3/4 cents per bushel and July soybean meal is up $2.00. The Dow Jones Industrial Average is up 13.18 points. The cattle contracts are off to a stronger start at Tuesday's debut as traders found it supportive that boxed beef prices closed sharply higher Monday afternoon. The lean hog complex is also trading higher as traders are hopeful that demand will come to fruition in its market too.

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