DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- As we near Monday's close, row crops are holding their gains. December corn is up 9 1/2 cents and November soybeans are up 30 cents, both threatening to erase last week's entire losses. September soybean oil is trading up 0.61 cent, benefitting from a C$23.40 gain in November canola as the northern crop suffers in hot and dry conditions. September KC wheat is down 1 cent and September Minneapolis wheat is up 9 cents. September crude oil is down $0.30 and Dow Jones futures are up 87 points. The U.S. Dollar Index is down 0.06 and August gold is down $4.60.

Posted 10:35 -- At midmorning Monday, December corn is up 7 1/2 cents and November soybeans are up 29 cents with some noncommercial short-covering likely since the 8:30 a.m. CDT bell. Except for scattered showers, Monday's radar is mostly dry across the Corn Belt with another two days of moderate temperatures before readings turn hotter in the West. September KC wheat is up 3 1/2 cents and September Minneapolis wheat is up 13 1/2 cents with excessive heat warnings and watches posted in the Pacific Northwest and in Montana. September crude oil is down $0.61 and Dow Jones futures are up 55 points. The U.S. Dollar Index is down 0.04 and August gold is down $11.90.

Posted 08:39 -- After Monday's 8:30 a.m. CDT bell, December corn is up 5 1/4 cents and November soybeans are up 19 cents, quickly reversing direction after last week's losses and responding to a drier forecast for the week with hot temperatures migrating into the western Plains. September KC wheat is up 1 cent and September Minneapolis wheat is up 6 3/4 cents with spring wheat areas facing extremely hot temperatures in the U.S. and Canada this week. September crude oil is down $0.67 and Dow Jones futures are up 104 points. The U.S. Dollar Index is down 0.05 and August gold is down $1.20. Much of the news is dominated by President Joe Biden's decision to end his re-election campaign Sunday, but the Middle East also became more tense over the weekend after Houthis in Yemen attacked Israel with missiles and drones.

Posted 19:07 (07/21) -- After the Sunday evening open, December corn is up 3 1/2 cents and November soybeans are up 9 cents. September KC wheat is up 4 3/4 cents and September Minneapolis wheat is up 5 1/4 cents. Much of the Corn Belt experienced light isolated showers over the weekend with moderate temperatures expected to continue for another few days. Western temperatures remain hot and are expected to migrate to the western Plains by Wednesday. Heavy southern rains will stretch from Texas to the Carolinas over the next five days. In other news that may impact markets this week, Houthis in Yemen attacked Israel with missiles and drones over the weekend, prompting retaliation from Israel and a possible escalation in the Middle East. Also, several media sources reported President Joe Biden ended his reelection campaign Sunday and endorsed Vice President Kamala Harris. September crude oil is up $0.38, and Dow Jones futures are up 83 points. The U.S. Dollar Index is down 0.17 and August gold is up $12.80.

Livestock

Posted 11:36 -- October live cattle are up $0.70 at $184.175, August feeder cattle are up $0.70 at $256.3, August lean hogs are up $0.63 at $92.2, December corn is up 9 cents per bushel and December soybean meal is up $10.00. The Dow Jones Industrial Average is down 25.34 points. Last week's negotiated cash cattle trade totaled 71,749 head. Of that 76% (54,696 head) were committed to the nearby delivery, while the remaining 24% (17,053 head) were committed to the deferred delivery.

Posted 08:37 -- October live cattle are up $1.45 at $184.925, August feeder cattle are up $1.80 at $257.40, August lean hogs are up $0.40 at $91.975, December corn is up 5 1/4 cents per bushel and December soybean meal is up $6.00. The Dow Jones Industrial Average is up 111.59 points. Even though last Friday's Cattle on Feed report showed greater on-feed totals, the cattle complex is leaping into Monday's trade with enthusiasm as both the live cattle and feeder cattle markets are higher. Traders could be rallying the complex as they're pleased to see the note of lighter placements on Friday's report.

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