DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- December corn is down 16 cents per bushel, November soybeans are down 31 cents, September KC wheat is down 8 1/2 cents, September Chicago wheat is down 8 1/2 cents and MIAX September Minneapolis wheat is down 1/9 cent. The Dow Jones Industrial Average is down 517.29 points. The U.S. Dollar Index is up 0.350 and August crude oil is up $0.47 per barrel. August gold is up $0.80 per ounce. Grains continue lower as the market remains uncertain as to when the tariff pause will actually end. The corn market is sharply lower as market expects the upcoming USDA report to be bearish. Crude oil is slightly higher in spite of the Sunday announcement by OPEC for a larger-than-expected production hike for August.
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Posted 10:42 -- September corn is down 11 cents and August soybeans are down 24 3/4 cents. December corn is down 11 cents and November soybeans are down 28 1/2 cents. September KC wheat is down 8 3/4 cents, September Chicago wheat is down 7 1/4 cents, and September MIAX Minneapolis wheat is down 7 1/4 cents. August crude oil is up $0.56 and Dow Jones futures are down 297 points. The U.S. Dollar Index is up 0.14 and August gold is down $12.80. At midmorning, grain markets are still sharply lower as fresh trade anxiety has gripped markets ahead of the original 90-day tariff pause deadline on July 9, though an extension is possible to Aug. 1. Otherwise, good weather and uncertainty regarding what USDA may have to say in Friday's WASDE update are adding to the pressure to start the week.
Posted 08:45 -- Back from the holiday weekend, December corn is down 11 1/2 cents and November soybeans are down 21 1/4 cents, pressured by high crop ratings and a beneficial forecast for the week ahead. December KC wheat is down 11 1/4 cents. The White House is pressing for more trade deals and the uncertainty of trade terms ahead continues to weigh on ag prices. August crude oil is up $0.43 and Dow Jones futures are down 61 points. The U.S. Dollar Index is up 0.13 and August gold is down $25.70.
Posted Sunday evening: September corn is down 12 1/2 cents and August soybeans are down 14 1/4 cents. December corn is down 11 3/4 and November soybeans are down 14 cents. September KC wheat is down 10 3/4 cents, September Chicago wheat is down 11 1/2 cents and September MIAX Minneapolis wheat is down 13 1/2 cents. August crude oil is down $1.18 and Dow Jones futures are down 106 points. The U.S. Dollar Index is down 0.26 and August gold is down $7.60. Grain markets are sharply lower to begin the new week with corn, soy and wheat futures down double digits Sunday evening. It would appear that traders are frustrated that President Trump failed to announce purchases of U.S. grains at a rally in Iowa on Thursday evening as had been rumored. With the early July seasonal strength and position squaring ahead of the Holiday now behind us, the market may struggle to gain momentum amid the friendly U.S. weather situation and ahead of Friday's USDA report which is expected to add to old crop world corn supplies. Lastly, it will be an important week for U.S. trade with the July 9 tariff deadline approaching but also rumors circulating that an extension to Aug. 1 may be offered to some countries.
LivestockPosted 11:50 -- August live cattle are up $1.45 at $215.5, August feeder cattle are up $3.65 at $313.15, August lean hogs are up $1.33 at $107.425, July corn is down 13 1/4 cents per bushel and July soybean meal is down $4.60. The Dow Jones Industrial Average is down 496.39 points and NASDAQ is down 182.88 points. The livestock complex is off to a stronger start for the week as traders are pleased to see strong consumer demand and have noted the uptick in the equity markets. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas.
Posted 08:35 -- August live cattle are down $0.30 at $213.75, August feeder cattle are up $0.50 at $310., August lean hogs are down $0.43 at $105.675, July corn is down 10 1/4 cents per bushel and July soybean meal is down $4.40. The Dow Jones Industrial Average is down 114.40 points and NASDAQ is down 95.07 points. The livestock complex is off to a mixed start as traders try to regain focus following the long holiday weekend. It will be especially interesting to see how Superior's Week in the Rockies sale goes as the Corn Belt Classic was sharply higher than compared to a year ago.
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