DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- Posted 12:50 -- July corn is down 5 1/2 cents per bushel, July soybeans are down 17 1/4 cents, September KC wheat is down 12 3/4 cents, September Chicago wheat is down 9 1/4 cents and September Minneapolis wheat is down 15 3/4 cents. The Dow Jones Industrial Average is down 152.03 points. The U.S. Dollar Index is down 0.020 and August crude oil is up $1.07 per barrel. August gold is up $7.20 per ounce. It is a bright red quote day at the CME with grain and soy markets extending losses ahead of the close. Predictions of a monster Brazil corn crop and near perfect U.S. growing weather along with additional fund selling has pummeled the markets to new lows in corn and meal, and cheap Russian wheat offers ahead of harvest are weighing on the already downtrodden wheat markets.

Posted 10:30 -- July corn is down 5 1/2 cents per bushel, July soybeans are down 11 cents, September KC wheat is down 8 1/4 cents, September Chicago wheat is down 6 1/4 cents and September Minneapolis wheat is down 7 1/2 cents. The Dow Jones Industrial Average is down 93.72 points. The U.S. Dollar Index is up 0.110 and August crude oil is up $1.14 per barrel. August gold is up $2.30 per ounce. All of the grain and soy markets are sharply lower with the exception of bean oil, which has reversed course to trade higher after 5 straight down days. Corn and soymeal have plunged to new contract lows. Perhaps the most shocking news was Agroconsult's record Brazil corn crop estimate which figures 20 mmt higher than the last USDA estimate.

Posted 08:32 -- July corn is down 5 1/4 cents per bushel, July soybeans are down 7 1/2 cents, September KC wheat is down 3 1/2 cents, September Chicago wheat is down 3 3/4 cents and September Minneapolis wheat is down 3/4 cent. The Dow Jones Industrial Average is down 29.73 points. The U.S. Dollar Index is up 0.270 and August crude oil is up $0.37 per barrel. August gold is down $6.50 per ounce. The selling continues to pummel grain and soy markets with both corn and soymeal falling to new contract lows. Soybeans are down 4 straight days, with bean oil headed for a sixth consecutive decline. Funds are selling. Favorable weather and crop prospects are weakening markets.

Livestock

Posted 11:35 -- August live cattle are down $0.38 at $209.175, August feeder cattle are up $0.48 at $302.725, August lean hogs are up $0.50 at $111.45, July corn is down 4 1/4 cents per bushel and July soybean meal is down $3.40. The Dow Jones Industrial Average is down 90.69 points. All is quiet in cash cattle country at midday and bids remain very elusive. Beef cutouts are mixed at midday (choice 395.01 +0.76, select 378.64 -3.77) with light to moderate box movement (37 lds of choice cuts, 11 lds of select cuts, 06 lds of trim, and 08 lds of ground), with a choice/select spread of $16.37. Wednesday's projected cattle slaughter is 116,000. Pork cutouts at midday are 121.38, -0.18, with 140.58 total loads. Wednesday's project hog slaughter is 480,000.

Posted 08:38 -- August live cattle are up $0.15 at $209.7, August feeder cattle are up $0.95 at $303.2, August lean hogs are down $0.40 at $110.55, July corn is down 5 cents per bushel and July soybean meal is down $1.80. The Dow Jones Industrial Average is down 52.20 points. Cash cattle country remains rather quiet this Wednesday morning with some asking prices noted in parts of the South at $228 to $230, they are still not established in the North. Bids remain very hard to find at this point. Significant trade volume will likely be delayed until sometime Thursday or Friday. The CME Feeder Index for June 23 was $0.52 lower at $310.33, the projected CME Lean Hog Index for June 23, was up $0.89, at $110.44.

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