DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- Posted 12:49 -- July corn is down 1 1/2 cents per bushel, July soybeans are down 10 1/2 cents, September KC wheat is down 14 cents, September Chicago wheat is down 16 cents and September Minneapolis wheat is down 1 1/2 cents. The Dow Jones Industrial Average is up 494.20 points. The U.S. Dollar Index is down 0.600 and August crude oil is down $3.80 per barrel. August gold is down $60.90 per ounce. Wheat and bean oil markets are leading the downward momentum Tuesday. Wheat is falling on Black Sea wheat offers dropping with Russian values just $6/mt away from last year's season low for cash prices. Bean oil is reacting to the two-day pummeling of crude oil futures. New crop corn is sliding on weak energy and the growing prospect for strong yields and production, and Dec is setting a new low now.

Posted 10:37 -- July corn is unchanged and July soybeans are down 7 1/4 cents. December corn is down 2 1/2 cents and November soybeans are down 8 cents. July KC wheat is down 12 3/4 cents, July Chicago wheat is down 15 1/4 cents, and July MIAX Minneapolis wheat is down 4 1/2 cents. August crude oil is down $3.20 and Dow Jones futures are up 410 points. The U.S. Dollar Index is down 0.56 and August gold is down $74.40. It is thus far another risk-off day across most commodities as Nymex crude oil futures have fallen now to levels prior to the onset of the Israel-Iran conflict amid ceasefire attempts, on top of an already sufficiently supplied world oil market. This has pressured soybean oil futures as well, which currently seem poised to attempt to fill the gap left by the initial EPA biofuel proposal on June 13. Lastly, wheat markets are sharply lower again as traders rapidly remove weather risk premium from prices.

Posted 08:32 -- July corn is down 1/2 cent per bushel, July soybeans are down 3 3/4 cents, September KC wheat is down 11 1/4 cents, September Chicago wheat is down 11 1/2 cents and September Minneapolis wheat is down 8 cents. The Dow Jones Industrial Average is up 331.06 points. The U.S. Dollar Index is down 0.290 and August crude oil is down $3.20 per barrel. August gold is down $75.00 per ounce. Grain and soy markets, led by wheat and soybean oil are under heavy selling pressure to begin the day. The plunge in crude oil is bearish for corn and bean oil and biofuel margins. Favorable weather and good yield prospects are driving markets lower as well. USDA: Private exporters reported sales of 630,000 mt (24.8 mb) of corn for delivery to Mexico; 554,400 mt (21.8 mb) for the 2025-26 marketing year, and 75,600 mt (3 mb) is for delivery during 2026-27.

Livestock

Posted 11:58 -- August live cattle are down $0.08 at $209.3, August feeder cattle are down $0.50 at $302.3, August lean hogs are down $1.58 at $111.475, July corn is down 1 1/4 cents per bushel and July soybean meal is down $1.50. The Dow Jones Industrial Average is up 511.36 points. Cash Cattle country is very quiet at this time with just a few early asking prices of $228 to $230 noted in the South. They are still not established in the North, and bids are very hard to find at this time. Beef cutouts are mixed at midday (choice 391.35 +1.13, select 380.98 -2.12) with light to moderate box movement (23 lds of choice cuts, 09 lds of select cuts, 00 lds of trim, and 08 lds of ground), with a choice/select spread of 10.37. Pork cutouts at midday are 122.92, -0.19, with 151.68 total loads.

Posted 08:38 -- August live cattle are up $1.15 at $210.525, August feeder cattle are up $1.23 at $304.025, August lean hogs are down $0.50 at $112.55, July corn is down 1/2 cent per bushel and July soybean meal is down $0.40. The Dow Jones Industrial Average is up 317.83 points and NASDAQ is up 194.04 points. With the ceasefire announcement between Iran and Israel breaking last night, the markets seem more comfortable at Tuesday's start. Still no cash cattle trade has developed and bids and asking prices are still elusive.

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