Wednesday, September 2, 2015 AgriVisor Afternoon Marketwatch

Wednesday, September 02, 2015

***** Corn finished softer, 1-2 lower; soybeans finished fractionally changed, with Chi. wheat 4-11 lower.

  •    Deliveries against Sept. futures were the key element driving wheat futures lower.
  •    Dollar strength and weak competitive FOB wheat values remain drag on wheat prices.  Egypt has a tender scheduled for tonight; results come tomorrow.
  •    Warm conditions are causing some uncertainty on how the corn/soybean crops might finish.  FC Stones’s corn, 165.0 bu. and soybean, 45.4 bu., yields were not a surprise.  Informa is slated to come tomorrow.  Trade estimates should be out Monday for the Sept 11 USDA report.  Few expect any significant changes from the USDA on the Sept. report.
  •    End user demand appears to be steady, but somewhat slow.  Value is good, but little rush to cover needs aggressively with harvest ready to start.
  •    Export sales are out tomorrow.  The trade is looking for: wheat - 250,000-500,000 tons, corn - 0-200,000 tons old-crop, 500,000-700,000 tons of new-crop, soybeans - (150,000) to 50,000 tons old-crop, 700,000-900,000 tons new-crop, soymeal - 0-50,000 tons old-crop, 50,000-150,000 tons of new-crop.
  •    Outside markets are having some impact, but grains didn’t follow their late recovery.

***** Hogs ended $0.85 to $1.67 higher; live cattle ended steady to $0.17 lower; feeders ended $0.60 to $1.75 higher.  *****


  •    Weak beef demand/prices is weighing on live cattle bids.  Cash traded as low as $140 Wedneday.
  •    Wholesale pork is supporting hog prices, but the short slaughter week is undermining packer buying interest.