DTN's Quick Takes
Periodic Updates on the Grains, Livestock Futures Markets
OMAHA (DTN) -- Posted 12:46 -- July corn is up 2 1/4 cents per bushel, July soybeans are up 3 cents, July KC wheat is up 1 1/4 cents, July Chicago wheat is up 2 3/4 cents and MIAX September Minneapolis wheat is down 5 cents. The Dow Jones Industrial Average is up 670.95 points. The U.S. Dollar Index is down 0.160 and July crude oil is down $4.43 per barrel. August gold is up $106.30 per ounce. Heading for the Monday close, only bean oil is lower with wheat mixed and corn and soybeans just slightly firmer. Crude oil remains down sharply on the potential reopening of the Strait of Hormuz following the Friday signing of the temporary peace deal. Weather is mostly favorable into the first part of July.
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Posted 10:35 -- July corn is up 2 3/4 cents per bushel, July soybeans are up 3 cents, July KC wheat is up 1 1/2 cents, July Chicago wheat is up 3 1/4 cents and MIAX September Minneapolis wheat is down 0.0500 cents. The Dow Jones Industrial Average is up 656.27 points. The U.S. Dollar Index is down 0.180 and July crude oil is down $4.40 per barrel. August gold is up $136.70 per ounce. At mid-morning all grain and soy markets with the exception of bean oil and Minneapolis wheat have recovered to trade higher. July corn came within a penny of filling a weekly open chart gap before rallying a dime.
Posted 08:30 -- July corn is down 5 cents per bushel, July soybeans are down 8 cents, July KC wheat is down 9 1/4 cents, July Chicago wheat is down 10 cents and MIAX September Minneapolis wheat is down 6 1/4 cents. The Dow Jones Industrial Average is up 586.04 points. The U.S. Dollar Index is down 0.280 and July crude oil is down $4.28 per barrel. August gold is up $135.60 per ounce. Another wave of risk-off selling has hit the grain and soy markets early following the news that the U.S. and Iran are slated to sign a memorandum of understanding on Friday that will begin a 60-day ceasefire and further discussion of Iran's nuclear program. The temporary end to the conflict has sent crude oil falling on the premise that the Strait of Hormuz would reopen to traffic.
Posted 19:11 -- Early Sunday evening, July corn is down 3 cents and July soybeans are down 4 1/4 cents. July KC wheat is down 3 1/4 cents, July Chicago wheat is down 4 1/4 cents, and July MIAX Minneapolis wheat is down 2 1/2 cents. July crude oil is down $4.04 and Dow Jones futures are up 340 points. The U.S. Dollar Index is down 0.27 and August gold is up $77.20. Row crop futures are moderately lower to open the week's trade, likely following the influence of weaker energy markets. Breaking news on Sunday was the announcement that the U.S. and Iran have reached an agreement to end hostilities in the Persian Gulf. More details are likely to emerge but thus far the deal is reported to include an end to the U.S. blockade of Iran and Iran's reopening of the Strait of Hormuz. The deal is to be signed on Friday, and will be a closely followed storyline through the week. Traders will, of course, also continue to monitor U.S. weather which has been nonthreatening to growing crops as of mid-June. Last week's WASDE update from USDA served as a reminder of what remains healthy and historically large grain reserves both in the U.S. and globally which may also work to keep a lid on bullish price potential for the time being.
LivestockPosted 11:40 -- August live cattle are up $1.08 at $242.25, August feeder cattle are up $3.50 at $360.925, July lean hogs are down $0.25 at $97.2, July corn is up 2 1/2 cents per bushel and July soybean meal is up $0.30. The Dow Jones Industrial Average is up 688.47 points and the NASDAQ is up 760.65 points. With the help of stronger boxed beef prices, the cattle contracts are trading higher into Monday's noon hour. New showlists appear to be mixed, higher in Kansas and Nebraska/Colorado, but lower in Texas.
Posted 08:33 -- August live cattle are up $0.70 at $241.875, August feeder cattle are up $1.23 at $358.65, July lean hogs are up $0.05 at $97.5, July corn is down 3 1/2 cents per bushel and July soybean meal is up $0.80. The Dow Jones Industrial Average is up 596.15 points and the NASDAQ is up 596.58 points. Following last week's mixed trade, the livestock complex is again hungry for increased fundamental support to give the market more direction. Do note that even though it is a holiday weekend, the monthly Cattle on Feed report will be released on Thursday.
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