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Wednesday, September 9, 2015 AgriVisor Afternoon MarketWatch

 
Wednesday, September 09, 2015
***** Corn settles 1/2 to 1 1/2 higher; soybeans down 5 1/4 to 8 cents; Chicago wheat futures drop 2 1/2 to 3 1/4. ***** 

• A reversal of the early-morning strength in U.S. equity markets helped erase gains held by the grains at the open.
• The Reuters survey has analysts looking for the USDA to lower corn yield from 168.8 to 167.6 bushels per acre, soybeans from 46.9 to 46.4. Most analysts look for harvested acres estimates to remain unchanged from the August report.
• Private forecasters are high on production potential for the Brazilian soybean crop, with one group of analysts looking for output over 100 million metric tons. USDA had output at 97 mmt on the August report. 
• The export sales report will be delayed until Friday on this shortened trading week. Sales have been building for new crop corn and soybeans in recent weeks, but both books remain considerably smaller than they were at this time last year. 
• Funds are slight net-buyers of corn so far this week. The large spec crowd is close to even on soybeans since becoming net-short by about 17,000 contracts in the last reporting week. 
• Bloomberg reports on infrared satellite imagery from Descartes Labs that estimates U.S. corn yield at 164.8 bushels per acre. 
• Crop estimates in the Southern Hemisphere are improving as El Nino so far fails to develop as strongly as was expected a few months ago. 

***** Lean hog futures end fractionally mixed with slight relative strength in the front; cattle drop moderately to give back only a small portion of Tuesday's limit-up gains. *****
 

• Beef demand continues to hold up well and lends support to wholesale prices that run about 5 percent lower than year-ago values.
• Hog futures are enjoying a boost from bullish technical momentum at a time when bullish seasonal fundamentals also can be expected to kick in.
 

  SYMBOL IN EVEN SQUARE