DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- Posted 12:59 -- July corn is up 3 1/2 cents per bushel, July soybeans are up 9 1/4 cents, July KC wheat is down 5 1/4 cents, July Chicago wheat is steady and MIAX July Minneapolis wheat is down 3 3/4 cents. The Dow Jones Industrial Average is down 22.74 points. The U.S. Dollar Index is down 0.230 and July crude oil is up $0.17 per barrel. June gold is up $56.90 per ounce. Soybeans are sharply higher on the strength of the bean oil market which is up for the third straight day and nearing the high. Corn is strong as well, but wheat, led by KC, is down for the sixth straight day. It is being reported by several news sources that the U.S. and Iran have reached an agreement for a 60-day ceasefire and reopening of the Strait of Hormuz.
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Posted 10:37 -- July corn is up 1 cent per bushel, July soybeans are up 6 3/4 cents, July KC wheat is down 4 3/4 cents, July Chicago wheat is up 3/4 cent and MIAX July Minneapolis wheat is down 2 1/2 cents. The Dow Jones Industrial Average is up 8.33 points. The U.S. Dollar Index is down 0.210 and July crude oil is up $0.80 per barrel. June gold is up $32.70 per ounce. At midmorning, soybeans and products are firmer, spot corn is up a penny and Kansas City wheat is heading for a possible sixth straight lower close today. Bloomberg reported an hour ago that the U.S. and Iran had reached a deal to extend the ceasefire pending President Trump's approval. Have heard nothing since that was reported.
Posted 08:39 -- July corn is up 4 cents and July soybeans are up 7 3/4 cents. July KC wheat is down 1 3/4 cents, July Chicago wheat is up 4 1/2 cents, and July MIAX Minneapolis wheat is down 1 cents. July crude oil is up $2.42 and Dow Jones futures are down 194 points. The U.S. Dollar Index is down 0.02 and June gold is down $30.40. Heading into the Thursday session, corn and soybean futures are showing strength stemming from a series of military strikes on Wednesday in the Middle East which has energy futures recovering from a steadily lower Wednesday trade. Meanwhile, wheat futures remain under pressure and barring a turnaround will be headed for a sixth straight lower session for July KC futures, with that contract approaching key support at the 50-day moving average which has held prices since January. In macro news, Thursday's PCE Index inflation reading was the highest in three years, also offering strength to commodities.
Livestock
Posted 11:36 -- OMAHA (DTN) -- Posted 11:36 --August live cattle are down $0.50 at $242., August feeder cattle are down $0.33 at $354.30, July lean hogs are down $0.13 at $102, July corn is up 3 1/2 cents per bushel and July soybean meal is up $3.90. The Dow Jones Industrial Average is up 6.00 points and the NASDAQ is up 190.31 points. A single bid is currently on the table in Kansas and Nebraska at $253 but no cattle have traded yet. But packer interest could pick up at any moment and the week's trade could begin to shake loose.
Posted 08:36 -- August live cattle are down $0.48 at $242.025, August feeder cattle are down $1.55 at $353.075, July lean hogs are down $0.58 at $101.55, July corn is up 4 cents per bushel and July soybean meal is up $2.40. The Dow Jones Industrial Average is down 186.47 points and the NASDAQ is down 56.44 points. The livestock complex is back to trading lower as traders again scan the market for fundamental support but aren't finding what they need. No trade has developed yet in the fed cash cattle market and bids and asking prices both remain elusive.
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