DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- December corn is up 8 1/4 cents and November soybeans are up 3 3/4 cents. December KC wheat is up 3 1/4 cents, December Chicago wheat is up 4 1/4 cents, and December MIAX Minneapolis wheat is up 2 1/4 cents. October crude oil is down $0.55 and Dow Jones futures are down 111 points. The U.S. Dollar Index is down 0.05 and December gold is up $37.10. Heading into the final half hour of trade, the corn market has accelerated gains into the afternoon as traders are racing to book profits ahead of month end as well as to exit short positions ahead of the September contract delivery period. This is offering positive influence to the soybean market, which has also flipped to a modest move higher to close the week as well.
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Posted 10:37 -- December corn is up 4 1/2 cents and November soybeans are down 3 cents. December KC wheat is down 1/2 cents, December Chicago wheat is down 0 cents, and December MIAX Minneapolis wheat is down 2 1/4 cents. October crude oil is down $0.58 and Dow Jones futures are down 192 points. The U.S. Dollar Index is down 0.03 and December gold is up $33.10. At midmorning, corn futures remain higher, challenging resistance at the 50-day moving average near $4.15 on the December contract but yet unsuccessful in surpassing it. Meanwhile, soybean futures are lower and wheat futures are mixed, with the latter receiving some positive influence from the corn market.
Posted 08:38 -- December corn is up 3 1/2 cents and November soybeans are down 2 3/4 cents. December KC wheat is up 1/2 cents, December Chicago wheat is up 1/2 cents, and December MIAX Minneapolis wheat is down 1 1/2 cents. October crude oil is down $0.22 and Dow Jones futures are down 84 points. The U.S. Dollar Index is up 0.25 and December gold is up $7.80. Row-crop futures are mostly lower ahead of the holiday weekend in what is thus far a very similar trade to Thursday with corn futures the sole higher market. It has been an overall quiet week as traders at this point may be awaiting actual harvest results before committing to larger positions in either direction.
Livestock
Posted 11:43 -- October live cattle are up $2.00 at $238.925, October feeder cattle are up $0.38 at $361.9, October lean hogs are up $0.55 at $94.825, December corn is up 7 1/4 cents per bushel and December soybean meal is up $0.60. The Dow Jones Industrial Average is down 117.10 points and NASDAQ is down 234.74 points. The livestock complex is trading fully higher into Friday's noon hour as traders feel confident again to push the cattle contracts higher as futures are no longer up against immediate resistance pressure and the lean hog market's rally seems unlikely to weaken ahead of the day's close. No new cash cattle trade has developed, but some bids are on the table in Nebraska.
Posted 08:35 -- October live cattle are up $0.35 at $237.275, October feeder cattle are up $0.40 at $361.925, October lean hogs are down $0.10 at $94.175, December corn is up 2 1/2 cents per bushel and December soybean meal is down steady. The Dow Jones Industrial Average is down 61.23 points and NASDAQ is down 85.95 points. The cash cattle market is quiet again at Friday's start as no new bids have been posted just yet. Some light trade has developed in both regions already, but it's likely more trade will need to develop throughout the day. Thus far this week Southern live cattle have traded at $242 ($2.00 higher) and Northern dressed cattle have traded at mostly $385 ($1.00 lower). Asking prices are firm in the South at $245 and in the North at $390.
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