August 21, 2015 AgriVisor Morning MarketWatch

Friday, August 21, 2015
***** Corn steady ahead of the break; soybeans down a nickel; Chicago wheat off 3 to 4 cents.*****
   Grains trade with a mostly weaker bias overnight: Corn future spent some time higher but trade only a three cent range. Soybeans are quietly lower, as are wheat futures. 
   Weather forecast does not beg for a rally: Soybeans are still pressured by the healthy rains that fell early in the week. The two-week forecast is dry but also cool. 
   Pro Farmer tour results expected today: Variability has been the name of the game for individual state yield estimates. Even the Western Corn Belt states with high expectations have yield potential that is spotty. The majority of Pro Farmer state yield estimates have come in below the USDA.
   Bullish technical reversal possible if beans beat Wednesday's high: The most-active November contract could not find a buyer above $9.09 on Thursday. Another important test of resistance come at $9.28 1/2, the intraday highs posted on the two sessions immediately following last week's report. 
   Risk-off sentiment a possible feature of today's trade: U.S. stock index futures are down again overnight after posting the largest drop in 18 months on Thursday. Liquidation is occurring as traders scale back positions in the face of U.S. interest rate uncertainty. Chinese economy worries persist to weigh on the broad commodity space. 

***** Hogs looking to keep support from the major moving averages at the open; live cattle likely to start on the defensive as lower cash expectations weigh on the board. *****

   The Cattle on Feed report will be released after the bell. Traders are looking for the total on-feed number to be about 2.5 percent higher than a year ago. Placements may rise 1 percent as marketings drop 3 percent. 
   Hogs futures are pressured as cash values begin to slide. The board may still find support yet from its steep discount to cash.