DTN's Quick Takes

Periodic Updates on the Grains, Livestock Futures Markets

(Illustration by Nick Scalise)
Grains

OMAHA (DTN) -- As we near Tuesday's close, early support for corn and wheat prices is waning as soybean prices slip lower. December corn is up 1 1/4 cents and November soybeans are down 19 cents with August soybean oil down over 2 cents. Rain is currently falling from Missouri to western Ohio. September KC wheat is up 2 cents and September Minneapolis wheat is up 1 cent. August crude oil is down $0.42 and Dow Jones futures are up 94 points. The U.S. Dollar Index is up 0.16 and August gold is up $4.20. Fed Chairman Powell tempered earlier remarks by saying leaving interest rates too high for too long could also "unduly weaken economic growth…" reported AP.

Posted 10:34 -- At midmorning Tuesday, December corn is up 4 1/4 cents, taking back a small part of Monday's loss with rain falling from Arkansas to Indiana, while the rest of the country is mostly clear with more hot temperatures in the West. November soybeans are down 13 cents, pulled down by a 1.90-cent drop in August soybean oil and a lower day for plant oil prices. September KC wheat is up 8 cents and September Minneapolis wheat is up 5 1/4 cents. August crude oil is down $0.56 and Dow Jones futures are down 108 points. The U.S. Dollar Index is up 0.18 and August gold is down $3.30. According to RTTNews.com, Federal Reserve Chairman Powell repeated again to the Senate on Tuesday that rate cuts will not be likely until there more evidence inflation is under control.

Posted 08:39 -- After Tuesday's 8:30 a.m. CDT bell, December corn is up 2 3/4 cents and November soybeans are down 3 cents. Rain from Tropical Storm Beryl has already reached Illinois and Indiana with some flooding risk along the way. The rest of the Corn Belt is expected to be mostly dry the next seven days, offering relief to areas that previously saw flooding. September KC wheat is up 6 1/4 cents and September Minneapolis wheat is up 3 3/4 cents. August crude oil is down $0.50 and Dow Jones futures are down 37 points. The U.S. Dollar Index is up 0.06 and August gold is up $7.20. The U.S. Labor Department's report on consumer prices is due out Thursday morning.

Livestock

Posted 11:33 -- August live cattle are down $1.95 at $182.40, August feeder cattle are down $3.18 at $256.00, August lean hogs are down $0.73 at $88.80, December corn is up 2 1/4 cents per bushel and December soybean meal is down $2.50. The Dow Jones Industrial Average is down 0.72 points. The live cattle contracts are trading noticeably lower as traders were quick to notice the decline in midday boxed beef prices. The market has been waiting for a seasonal top to be made, and it could be potentially in now as prices are lower.

Posted 08:37 -- August live cattle are up $0.33 at $184.675, August feeder cattle are up $0.33 at $259.50, August lean hogs are up $0.23 at $89.75, December corn is up 2 3/4 cents per bushel and December soybean meal is down $0.80. The Dow Jones Industrial Average is down 32.57 points. The livestock complex is trading mostly higher at Tuesday's start as traders were encouraged to see that both pork cutout values and boxed beef prices closed higher Monday afternoon. As the market continues to look for fundamental support, seeing stable consumer interest is a good place to start.