DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- Posted 12:49 -- July corn is up 4 3/4 cents per bushel, July soybeans are up 12 1/4 cents, July KC wheat is up 45 cents, July Chicago wheat is up 43 1/4 cents and MIAX July Minneapolis wheat is up 37 1/4 cents. The Dow Jones Industrial Average is down 18.83 points. The U.S. Dollar Index is up 0.430 and June crude oil is up $3.56 per barrel. June gold is down $43.00 per ounce. A shockingly low wheat production number on the May WASDE sent all of the wheat markets to sharply higher values with KC July wheat rising the daily permissible limit of 45 cents. The all-wheat production of 1.561 bb was down 424 mb from a year ago. The hard red winter crop was pegged at just 515 mb compared to a year ago and well below pre-report estimates. Corn and beans are riding on the coattails of wheat and supported by enthusiasm for the late-week meeting between the U.S. and China and the continued Iran conflict.

Posted 10:30 -- July corn is up 3 3/4 cents per bushel, July soybeans are up 10 cents, July KC wheat is up 21 cents, July Chicago wheat is up 20 cents and MIAX July Minneapolis wheat is up 14 3/4 cents. The Dow Jones Industrial Average is down 222.15 points. The U.S. Dollar Index is up 0.470 and June crude oil is up $3.78 per barrel. June gold is down $62.10 per ounce. At midmorning, all of the grain and soy markets are enjoying strong gains led by wheat, soybean oil and beans. Optimism over the U.S.-China meeting that begins Thursday and another sharp fall in winter wheat ratings is giving funds reasons to buy. A higher-than-expected Consumer Price Index (CPI) number is reinforcing inflation worries.

Posted 08:31 -- July corn is up 3 1/4 cents per bushel, July soybeans are up 6 1/2 cents, July KC wheat is up 16 3/4 cents, July Chicago wheat is up 13 cents and MIAX July Minneapolis wheat is up 9 1/4 cents. The Dow Jones Industrial Average is down 97.93 points. The U.S. Dollar Index is up 0.350 and June crude oil is up $3.57 per barrel. June gold is down $30.50 per ounce. Grain and soy prices are all higher to start Tuesday ahead of the May WASDE and USDA Crop Production report later in the morning. The inability to secure a peace deal with Iran and falling wheat conditions are encouraging buying.

Livestock

Posted 11:33 -- June live cattle are up $0.23 at $249.625, August feeder cattle are down $2.45 at $359.85, June lean hogs are down $1.35 at $98.875, July corn is up 2 1/2 cents per bushel, and July soybean meal is up $2.20. The Dow Jones Industrial Average is down 179.26 points and the NASDAQ is down 461.51 points. Following the back-and-forth headlines the market has had to absorb over the last 24 hours regarding beef imports into the U.S., traders are now just letting the contracts trade lower as they are fearful of whatever headline could show up next. Bids have been renewed in the cash market, but no trade has surfaced following Monday's business.

Posted 08:44 -- June live cattle are up $3.03 at $252.425, August feeder cattle are up $3.28 at $365.575, June lean hogs are down $0.15 at $100.075, July corn is up 4 1/4 cents per bushel and July soybean meal is up $2.00. The Dow Jones Industrial Average is down 268.14 points and the NASDAQ is down 136.79 points. The cattle contracts are back to trading higher upon hearing the news that President Trump plans to now hold off on rolling back tariffs on imported beef. This news has pleased the industry and is helping the cattle contracts trade higher at Tuesday's start.

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