DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- Posted 12:42 -- July corn is down 6 cents per bushel, July soybeans are down 10 3/4 cents, July KC wheat is down 4 1/4 cents, July Chicago wheat is down 8 1/2 cents and MIAX July Minneapolis wheat is up 3 3/4 cents. The Dow Jones Industrial Average is down 184.76 points. The U.S. Dollar Index is down 0.030 and July crude oil is down $2.77 per barrel. June gold is down $24.40 per ounce. At midday all of the grain and soy contracts with the exception of bean oil remain under heavy pressure as funds liquidate on more optimism that a peace deal could be in place soon. Expect that to be a moving target as there are still some issues to be agreed upon. Funds are reported to have sold just over 4,000 wheat and soy contracts and 9,000 corn contracts.
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Posted 10:20 -- July corn is down 3 3/4 cents per bushel, July soybeans are down 6 1/4 cents, July KC wheat is down 1 3/4 cents, July Chicago wheat is down 6 cents and MIAX July Minneapolis wheat is up 3 cents. The Dow Jones Industrial Average is down 92.89 points. The U.S. Dollar Index is down 0.010 and July crude oil is down $2.36 per barrel. June gold is down $15.60 per ounce. At midmorning, crude oil has recovered to trade just a few dollars lower after falling 7% initially and the stock market gave up big early gains to trade lower. Most grain and soy markets remain lower with the exception of bean oil and MIAX Minneapolis wheat.
Posted 08:36 -- July corn is down 4 1/4 cents per bushel, July soybeans are down 7 3/4 cents, July KC wheat is down 1 3/4 cents, July Chicago wheat is down 4 1/2 cents and MIAX July Minneapolis wheat is down 2 cents. The Dow Jones Industrial Average is up 60.85 points. The U.S. Dollar Index is down 0.100 and July crude oil is down $3.77 per barrel. June gold is up $2.50 per ounce. Grain and soy markets remain modestly weaker on the idea that the U.S. and Iran might be getting closer to a peace accord despite ongoing skirmishes. Traders are hoping to see the Strait of Hormuz reopen. In other news, China lifted sanctions on U.S. poultry exports, and the U.S. and India could be close to a new trade deal.
Posted 19:10 on Monday, May 25 -- July corn is down 2 1/4 cents and July soybeans are down 8 1/4 cents. July KC wheat is down 3 1/4 cents, July Chicago wheat is down 5 1/2 cents, and July MIAX Minneapolis wheat is down 4 1/2 cents. July crude oil is down $5.17 and Dow Jones futures are up 325 points. The U.S. Dollar Index is down 0.21 and June gold is up $28.90. Row-crop futures are moderately lower to begin the shortened trading week, with a good Memorial Day weekend for precipitation in the books and more forecast for the next two weeks across some of the worst drought-stricken regions (particularly in the Western Plains). Meanwhile, energy futures are also lower and causing spillover weakness in grains, with President Trump stating on Monday that peace negotiations with Iran are proceeding though no clear agreement has been reached.
LivestockPosted 11:43 -- August live cattle are down $0.38 at $239.225, August feeder cattle are up $0.88 at $350.725, July lean hogs are down $0.08 at $100.325, July corn is down 5 3/4 cents per bushel and July soybean meal is down $2.80. The Dow Jones Industrial Average is down 127.31 points and the NASDAQ is up 240.14 points. Following the long weekend, the livestock contracts continue to trade mixed as traders now look for fundamental support to guide their direction. New showlists appear to be mixed, higher in Nebraska/Colorado, but lower in Kansas and Texas.
Posted 08:35 -- August live cattle are up $0.75 at $240.35, August feeder cattle are up $1.68 at $351.525, July lean hogs are up $0.50 at $100.9, July corn is down 4 1/2 cents per bushel and July soybean meal is down $2.90. The Dow Jones Industrial Average is up 150.59 points and the NASDAQ is up 249.11 points. Even though Friday's Cattle on Feed report was quite bearish, the cattle contracts are trading higher as traders seemed to have reacted enough to the report before it was unveiled. I do, however, find it interesting that the furthest deferred live cattle and feeder cattle contracts are trading sharply lower at Tuesday's start.
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