DTN's Quick Takes

By DTN Analysts

Grains

OMAHA (DTN) -- 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 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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