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August 10, 2015 AgriVisor Morning MarketWatch

 
Monday, August 10, 2015
***** Grains climb overnight as weather and expectations for the crop report. Corn futures up 3 3/4 to 4 3/4 at the break; soybeans higher by 7 to 10; Chicago wheat fractionally firmer. *****

   Rain coverage wide in Western Corn Belt over the weekend: Up to four inches fell in central Iowa before rains reached into Illinois on Sunday morning. The Eastern Corn Belt was dry this weekend after having received showers on Thursday and Friday. 
   Hotter, drier conditions forecasted for the back half of August: The National Weather Service's 6-10 and 8-14 day outlooks have high probabilities for above normal temperatures in the Midwest. Chances for drier weather are higher early in the forecast timeframe. 
   Report week is here: The key USDA Crop Production and WASDE updates are scheduled for Wednesday at 11:00 a.m. central. Analysts look for lower yields and fewer acres to bring down estimates for U.S. corn and soybean production. Smaller domestic stocks should contribute to smaller world carryout tallies.
   Fund traders lighten up on longs last week: Money managers still hold a sizable net-long position on corn at more than 150,000 contracts. They are long soybeans and now net-short wheat. Last week's paring of bullish bets may leave traders with some ammunition to use in post-report trading. 
   U.S. stock index futures higher overnight: Equities are enjoying some spillover strength from higher European markets. Greece should have access to bailout funds by midweek. China's closely-watched Shanghai Composite rallied nearly five percent on Monday. 

***** Hogs look to open stronger as bulls buy on chart support; live cattle poised to continue higher. *****

   Cash values improved last week to help spark strength for cattle futures. The negotiated trade wrapped up with $148 to $149.50 being paid, a $2 to $3 gain on the previous week. The idea is that cash and wholesale values are establishing a seasonal low.
   Pork supplies are still plentiful, but demand is strong. Pork prices continue to hold a discount relative to beef and should remain competitive through Labor Day. 

  SYMBOL IN EVEN SQUARE