DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- July corn is up 1 1/4 cents per bushel, July soybeans are down 8 1/2 cents per bushel. July KC wheat is up 18 cents per bushel, July Chicago wheat is up 16 1/4 cents per bushel and July Minneapolis wheat is up 12 3/4 cents. The Dow Jones Industrial Average is up 35.45 points at 38,721.77. The U.S. Dollar Index is down 0.140 at 104.53 and July crude oil is down $0.83 per barrel at $76.16. Monday morning, USDA announced a sale of old crop corn (2023-24) of 110,000 mt (4.3 million bushels) to Spain. Corn is a penny higher, wheat is soaring higher, while soybeans and products are lower to start the new week. The hot and dry weather pattern in the Black Sea continues to compromise wheat production potential.

Posted 19:08 (06/02) -- After the Sunday evening open, December corn is up 1/4 cent and November soybeans are down 1/4 cent. More light to moderate rain fell across much of the Corn Belt over the weekend, including the southwestern Plains and southern Plains to the Gulf. The five-day forecast continues to look wet for much of the central and upper Midwest. July KC wheat is up 9 1/2 cents and July Minneapolis wheat is up 8 cents as there is not much rain expected around the Black Sea region the next seven days. July crude oil is down $0.21 and Dow Jones futures are up 62 points. The U.S. Dollar Index is down 0.08 and August gold is steady. According to several media sources, OPEC+ agreed to extend its oil production cuts into the third quarter and possibly set a flexible timetable for phasing out 2.2 million barrels per day of cuts the following 12 months.

Livestock

Posted 08:35 -- August live cattle are down $0.10 at $178.35, August feeder cattle are up $0.08 at $256.475, July lean hogs are up $0.73 at $97.85, July corn is up 1/2 cent per bushel and July soybean meal is down $2.60. The Dow Jones Industrial Average is up 1.16 points. Following last week's slightly lower cash cattle trade, traders will be eager to see exactly how many cattle sold last week and how the cattle were committed. If there was a plethora of cattle committed to the nearby delivery, then this week's cash market could be under pressure again this week.

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