DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- Ahead of the close, December corn is up 4 1/4 cents per bushel, November soybeans are steady, September KC wheat is down 3 1/2 cents, September Chicago wheat is down 3 3/4 cents and MIAX September Minneapolis wheat is down 9 cents. The Dow Jones Industrial Average is up 68.10 points. The U.S. Dollar Index is up 0.270 and August crude oil is down $1.29 per barrel. August gold is down $5.40 per ounce. Soybean and especially wheat markets are lower in response to President Trump's latest tariffs announced on the EU and Mexico starting on August 1 and also threats to Russia of secondary tariffs if they don't make a deal to end the war in Ukraine. Crude oil also turned lower today on the latest tariff threats.

Posted 10:28 -- December corn is up 2 1/4 cents per bushel, November soybeans are down 2 cents, September KC wheat is down 4 1/4 cents, September Chicago wheat is down 4 1/4 cents and MIAX September Minneapolis wheat is down 5 3/4 cents. The Dow Jones Industrial Average is down 21.94 points. The U.S. Dollar Index is up 0.120 and August crude oil is down $1.00 per barrel. August gold is down $9.50 per ounce. Corn market still higher and possibly due in part to talk of pollination issues in central Illinois on early planted corn. No confirmation yet of how widespread it is. Winer wheat markets are lower after U.S. Wheat Associates said on Friday that harvesting was now underway in all HRW producing states except Montana.

Posted 08:38 -- September corn is up 2 3/4 cents and August soybeans are down 1/2 cents. December corn is up 3 3/4 cents and November soybeans are up 4 cents. September KC wheat is up 2 1/2 cents, September Chicago wheat is up 1 3/4 cents, and September MIAX Minneapolis wheat is down 1 cents. August crude oil is down $0.04 and Dow Jones futures are down 80 points. The U.S. Dollar Index is up 0.11 and August gold is up $1.40. Grain markets are modestly higher to open the day session Monday after showing strong reversal action off Sunday evening lows as bargain buyers stepped at prices among the lowest in multiple months depending on the market in question. Little has changed in the overall grain fundamental outlook as weather through July still features abundant rainfall across U.S. growing regions, but the most recent USDA update on Friday did hold some bullish points, especially for the corn market, which are in contrast to the sharply lower price action observed over the past month.

Posted 19:14 Sunday -- September corn is down 3 3/4 cents and August soybeans are down 7 1/2 cents on Sunday evening. December corn is down 3 3/4 cents and November soybeans are down 6 1/4 cents. September KC wheat is down 4 1/2 cents, September Chicago wheat is down 4 3/4 cents, and September MIAX Minneapolis wheat is down 1 3/4 cents. August crude oil is up $0.12 and Dow Jones futures are down 164 points. The U.S. Dollar Index is up 0.03 and August gold is up $18. Grain markets are lower to begin the new week as traders were quick to shrug off Friday's USDA reports and return to focusing on plentiful rain for the U.S. grain belt through July. In weekend news, President Donald Trump announced a 30% tariff against Mexico and the EU would go into effect Aug. 1. It is unclear at this point whether goods covered by the United States-Mexico-Canada trade agreement will continue to be exempt from the new tariffs on that date. Mexico is far and away the largest customer for U.S. corn and wheat exports.

Livestock

Posted 11:16 -- August live cattle are down $2.85 at $219.35, August feeder cattle are down $6.18 at $319.15, August lean hogs are down $1.23 at $103.45, July corn is up 9 3/4 cents per bushel and July soybean meal is down $0.00. The Dow Jones Industrial Average is down 14.59 points and NASDAQ is up 48.62 points. Traders remain skeptical of being overly supportive of the livestock contracts at Monday's start. And given the fact that the cattle contracts saw such aggressive gains last week, it's easy to see why traders are apprehensive without knowing how the week's fundamentals are going to play out yet.

Posted 08:35 -- August live cattle are down $1.05 at $221.15, August feeder cattle are down $2.35 at $322.975, August lean hogs are down $0.43 at $104.25, July corn is down 4 1/4 cents per bushel and July soybean meal is down $0.00. The Dow Jones Industrial Average is down 126.24 points and NASDAQ is up 24.98 points. Following last week's aggressive gains in the cattle complex, both the live cattle and feeder cattle contracts are trading lower at Monday's start. It will be imperative to see exactly how many cattle were bought last week and what their delivery commitment was as that will indicate how aggressive packers will likely be in this week's fed cash cattle market.

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