DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- July corn is up 3 1/4 cents per bushel, July soybeans are down 1 1/2 cents per bushel. July KC wheat is down 17 1/4 cents per bushel, July Chicago wheat is down 9 cents per bushel and September Minneapolis wheat is down 10 cents. The Dow Jones Industrial Average is down 15.16 points at 38,732.26 and the U.S. Dollar Index is down 0.790 at 104.44 and July crude oil is up $0.83 per barrel at $78.73. As we near the close, wheat losses continue, led by KC on higher HRW production. Corn and soybeans are mixed, with beans lower on the failure for the June WASDE to make any significant changes to the balance sheets.

Posted 10:32 -- July corn is up 2 3/4 cents per bushel, July soybeans are down 3 cents per bushel. July KC wheat is down 17 cents per bushel, July Chicago wheat is down 10 1/2 cents per bushel and September Minneapolis wheat is down 11 1/4 cents. The Dow Jones Industrial Average is up 111.34 points at 38,858.76 and the U.S. Dollar Index is down 0.930 at 104.30 and July crude oil is up $0.17 per barrel at $78.07. With a half hour to go until the June WASDE report, corn is slightly higher, soybeans and soymeal lower and wheat is still trading sharply lower. The focus on the WASDE will likely be centered on production changes on Black Sea wheat and corn and soy estimates for South America. Only minor tweaks in the U.S. corn and soy balance sheets are expected.

Posted 08:39 -- July corn is up 4 cents per bushel, July soybeans are up 4 1/4 cents per bushel. July KC wheat is down 12 3/4 cents per bushel, July Chicago wheat is down 9 1/2 cents per bushel and September Minneapolis wheat is down 9 3/4 cents. The Dow Jones Industrial Average is up 335.45 points at 39,082.87. The U.S. Dollar Index is down 0.890 at 104.34 and July crude oil is up $1.24 per barrel at $79.14. At 8:00 a.m. CDT, USDA announced another new sale of old crop soybeans sold to China of 106,000 mt, or 3.9 mb, of beans for 2023-24 crop year. Corn, soybeans and bean oil are firm ahead of the report, while all three wheat markets are down hard to start. Not typically a big market-mover, the June WASDE could have some surprises, especially in production changes for South America and the Black Sea.

Livestock

Posted 11:37 -- August live cattle are down $0.48 at $178.45, August feeder cattle are down $0.15 at $257.5, July lean hogs are up $1.50 at $93.775, July corn is up 1 1/4 cents per bushel and July soybean meal is up $2.60. The Dow Jones Industrial Average is up 53.64 points. Asking prices are currently noted in the South at $187 to $188 but no prices are noted yet in the North. It's likely trade will still be delayed until Thursday or Friday.

Posted 08:36 -- August live cattle are up $0.13 at $179.05, August feeder cattle are up $0.38 at $258.025, July lean hogs are up $0.68 at $92.95, July corn is up 3 3/4 cents per bushel and July soybean meal is up $0.60. The Dow Jones Industrial Average is up 264.45 points. Midmorning, the monthly WASDE report will be released which may help give pork producers some clarity on what the demand outlook looks like for the remainder of the year. Still no cash cattle trade has developed, and it's likely that trade is delayed until Thursday or even potentially Friday.