DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- July corn is up 3/4 cents and July soybeans are up 2 3/4 cents. July KC wheat is down 7 1/4 cents, July Chicago wheat is down 2 1/2 cents, and July MIAX Minneapolis wheat is down 2 1/2 cents. July crude oil is down $0.69 and Dow Jones futures are up 457 points. The U.S. Dollar Index is down 0.03 and June gold is down $19.30. Heading into the final half hour of trade for the week, corn and soybean futures are holding narrowly to Friday gains but upside momentum has been limited as growing crops still face a friendly forecast over the next two weeks. Wheat futures remain lower, with traders perhaps acting cautiously ahead of a long weekend with markets closed on Monday for Memorial Day and likely a weekend of negotiations ahead between the U.S. and Iran.
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Posted 10:35 -- July corn is up 2 cents and July soybeans are up 2 3/4 cents. July KC wheat is down 5 cents, July Chicago wheat is down 1 1/2 cents, and July MIAX Minneapolis wheat is down 4 cents. July crude oil is up $0.82 and Dow Jones futures are up 385 points. The U.S. Dollar Index is up 0.06 and June gold is down $21.40. At midmorning, row-crop futures are little changed from the open, with corn and soybeans still holding to modest gains and supported by higher energy prices. Wheat futures, however, have turned lower, perhaps pressured by a rainy forecast for the Western Plains, though rains may be too late to salvage the hard red wheat crop across that region.
Posted 08:35 -- July corn is up 2 cents and July soybeans are up 6 cents. July KC wheat is up 2 cents, July Chicago wheat is up 2 cents, and July MIAX Minneapolis wheat is up 3 cents. July crude oil is up $0.53 and Dow Jones futures are up 274 points. The U.S. Dollar Index is down 0.0 and June gold is down $19.60. On the open Friday morning, row-crop futures are modestly higher. USDA announced another flash sale of 23.7 million bushels of corn to Mexico as well as unknown buyers to go with stellar sales reported in Thursday's update. Crop prices are also supported early Friday by a reversal attempt in energy markets, as negotiations between the U.S. and Iran have reportedly shown progress this week but still with no deal to end the conflict and reopen the Strait of Hormuz.
Livestock
Posted 11:28 -- August live cattle are down $1.60 at $237.75, August feeder cattle are down $11.10 at $345.425, July lean hogs are down $0.55 at $99.475, July corn is up 1 3/4 cents per bushel and July soybean meal is up $2.80. The Dow Jones Industrial Average is up 395.75 points and the NASDAQ is up 143.79 points. The cattle contracts continue to trade sharply lower as traders are fearful of what this afternoon's Cattle on Feed report could unveil. No new trade has developed in the cash cattle market, and it's looking like the bulk of this week's trade is done.
Posted 08:36 -- August live cattle are down $0.38 at $238.975, August feeder cattle are down $4.38 at $352.15, July lean hogs are down $0.05 at $99.975, July corn is up 1 3/4 cents per bushel and July soybean meal is up $3.40. The Dow Jones Industrial Average is up 340.73 points and the NASDAQ is up 142.09 points. As fear and worry continue to be the market's theme in awaiting for the day's Cattle on Feed report -- it comes as no real surprise to see the cattle contracts trading lower. No bids are on the table for the cash cattle market, but some more clean up trade could develop.
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