DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- December corn is down 3 1/4 cents per bushel, November soybeans are down 6 1/4 cents per bushel. September KC wheat is up 1 1/4 cents per bushel, September Chicago wheat is up 4 cents per bushel and September Minneapolis wheat is up 3 3/4 cents. The Dow Jones Industrial Average is up 114.90 points at 39,561.39 and the U.S. Dollar Index is down 0.100 at 103.11 and September crude oil is up $0.54 per barrel at $76.73. As we near the close, it is obvious traders are looking for a bearish USDA report on Monday. Talk of corn yields in the 182 bpa to 184 bpa range and bean yields close to 53 bpa have sent both December corn and November beans to new contract lows. Rumors of more U.S. beans being booked by China are circulating and make perfect sense, with U.S. fob values close to 50 cents below Brazil and over 20 cents cheaper than Argentine beans. Expect the soy fund position to be record short after Friday's CFTC report.

Posted 10:35 -- December corn is down 3/4 cent per bushel, November soybeans are down 3/4 cent per bushel. September KC wheat is up 2 cents per bushel, September Chicago wheat is up 4 1/4 cents per bushel and September Minneapolis wheat is up 4 3/4 cents. The Dow Jones Industrial Average is down 5.02 points at 39,441.47 and the U.S. Dollar Index is down 0.130 at 103.08 and September crude oil is up $0.40 per barrel at $76.59. At midmorning December corn has fallen to another new contract low and November beans are hovering a penny above the low. Wheat has given up more than 10 cents from the morning highs but remains in the green. Soybean meal is again under heavy pressure and headed for a fourth straight lower finish.

Posted 08:45 -- December corn is down 1/2 cent per bushel, November soybeans are up 5 3/4 cents per bushel. September KC wheat is up 10 1/4 cents per bushel, September Chicago wheat is up 11 cents per bushel and September Minneapolis wheat is up 7 1/2 cents. The Dow Jones Industrial Average is down 93.49 points at 39,353.00. The U.S. Dollar Index is down 0.060 at 103.15 and September crude oil is up $0.17 per barrel at $76.36. Finally, we got some confirmation of rumored China sales: USDA announced that 132,000 mt (4.85 mb) of soybeans were sold to China for 2024-25, along with 212,000 mt (7.9 mb) sold to unknown, with 50,000 mt (1.9 mb) of that for 2023-24 and 162,000 mt (5.9 mb) for 2024-25 -- both likely also China. There was also a sale of 100,000 mt of soybean cake and meal to Colombia announced. Wheat, soybeans and products remain higher, while corn is trading near unchanged.

Livestock

Posted 11:29 -- October live cattle are up $2.73 at $180.75, September feeder cattle are up $3.65 at $241.075, October lean hogs are up $0.33 at $73.95, December corn is down 2 cents per bushel and December soybean meal is down $5.10. The Dow Jones Industrial Average is down 64.93 points. The cash cattle market hasn't seen any new sales reported for the day, and it's looking like the bulk of this week's trade is mostly done with. It is surprising, however, to see both the live cattle and feeder cattle contracts trading higher into Friday's noon hour, which could be partially because midday boxed beef prices are higher.

Posted 08:42 -- October live cattle are down $0.38 at $177.65, September feeder cattle are down $0.58 at $236.85, October lean hogs are up $0.03 at $73.65, December corn is up 1 cent per bushel and December soybean meal is up $2.20. The Dow Jones Industrial Average is down 86.86 points. The cash cattle market could see a little more clean-up trade develop throughout Friday's market, but largely it's looking like the bulk of this week's trade is done with. For cattle left on showlists, asking prices are around $187 plus in the South and $307 plus in the North.

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