DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 6 1/2 cents per bushel, November soybeans are up 2 cents per bushel. September KC wheat is up 1 1/4 cents per bushel, September Chicago wheat is down 4 cents per bushel and September Minneapolis wheat is up 8 1/4 cents. The Dow Jones Industrial Average is down 286.78 points at 40,911.30. The U.S. Dollar Index is up 0.310 at 104.05 and August crude oil is up $0.52 per barrel at $83.37. At midday, soybeans and bean oil are slightly higher, while Minneapolis wheat is very strong on the hot and dry forecast. Corn futures are under heavy pressure with mostly favorable cooler weather for much of the central and Eastern Belt.

Posted 10:34 -- December corn is down 6 1/4 cents per bushel, November soybeans are down 1/2 cent per bushel. September KC wheat is down 3/4 cent per bushel, September Chicago wheat is down 5 1/2 cents per bushel and September Minneapolis wheat is up 7 3/4 cents. The Dow Jones Industrial Average is down 123.76 points at 41,074.32 and the U.S. Dollar Index is up 0.260 at 104.00 and August crude oil is down $0.10 per barrel at $82.75. Minneapolis wheat and soybean oil stand alone in trading higher, while December corn is under heavy pressure and has come within a penny and a half of the contract low, while November beans set a new low. For the first time in a while, a large new-crop soybean sale was announced -- 510,000 mt or 18.7 mb sold to unknown destinations, which could be China.

Posted 08:39 -- December corn is down 2 3/4 cents per bushel, November soybeans are down 4 cents per bushel. September KC wheat is up 5 cents per bushel, September Chicago wheat is up 4 cents per bushel and September Minneapolis wheat is up 10 cents. The Dow Jones Industrial Average is down 106.70 points at 41,091.38 and the U.S. Dollar Index is up 0.180 at 103.93 and August crude oil is unchanged at $82.85. The USDA announced a new sale of 510,000 mt (18.7 mb) of soybeans to unknown destinations and a sale of 150,000 mt of soybean cake and meal to unknown. Wheat continues to firm up after the dollar fell to a 4-month low, while corn and soybeans are trading lower on mostly favorable weather conditions.

Livestock

Posted 11:46 -- August live cattle are down $2.10 at $182.175, August feeder cattle are down $2.35 at $256.2, August lean hogs are down $0.13 at $91.525, December corn is down 5 1/2 cents per bushel and December soybean meal is down $0.30. The Dow Jones Industrial Average is down 296.88 points. Bids of $310 dressed and $196 live are currently being offered in Nebraska, but still no sizeable sales have been reported yet in the North. Packer interest should improve as the day trades on, but at this point Northern feedlots are holding out for better money.

Posted 08:35 -- August live cattle are down $0.03 at $184.25, August feeder cattle are up $0.55 at $259.1, August lean hogs are down $0.68 at $90.975, December corn is down 2 1/4 cents per bushel and December soybean meal is down $1.30. The Dow Jones Industrial Average is down 99.27 points. Beef net sales of 15,400 mt for 2024 were up 85% from the previous week and 11% from the prior 4-week average. The three largest buyers were China (4,700 mt), Mexico (2,700 mt) and Japan (2,700 mt). Pork net sales of 23,700 mt for 2024 were down 11% from the previous week and 35% from the prior 4-week average. The three largest buyers were Mexico (8,500 mt), Japan (3,000 mt) and China (2,800 mt).

(c) Copyright 2024 DTN, LLC. All rights reserved.