DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- May corn is up 4 cents and May soybeans are up 1 1/2 cents. May KC wheat is up 15 cents, May Chicago wheat is up 12 1/4 cents, and May MIAX Minneapolis wheat is up 8 1/4 cents. May crude oil is up $8.45 and Dow Jones futures are down 518 points. The U.S. Dollar Index is up 0.46 and June gold is down $98.10. Row crop futures, especially wheat markets, are firm to open Sunday evening trade. Energy markets are leading the path higher (with crude oil futures gapping higher) to begin the new week after weekend negotiations between the U.S. and Iran failed to result in any agreement. President Trump stated that the U.S. will blockade the Strait of Hormuz beginning on Monday. The already fragile ceasefire (which has been in effect since Tuesday evening) appears to be on the verge of collapse and energy markets are reacting accordingly. Otherwise, Ag traders will continue to monitor weather conditions closely, with recent rainfall providing some drought alleviation for corn and soybean regions in the U.S. but may also cause delays to planting, though it is still early. Meanwhile, as of last week 68% of U.S. winter wheat areas remained in some form of drought.

Livestock

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