Friday, September 11, 2015 AgriVisor Morning MarketWatch

Friday, September 11, 2015
***** Corn futures rest fractionally firmer at the break; soybeans up 2 3/4 to 3 3/4 cents; wheat prices in Chicago and Kansas City sit steady. *****

   Grains quietly mixed overnight: Futures traded very light volume and stuck within tight ranges. Little action is expected ahead of the report.
   Report day: USDA analysts will update their WASDE tables for release at 11:00 a.m. central today. Since the volatile August report, corn futures have not broken the range set on August 12th. Soybeans continued lower through most of August before having consolidated in recent weeks.
   Early harvest in the Corn Belt features some disappointment: Yields are missing expectations in parts of Illinois and in many cases missing the estimates generated by the various crop tours. Moisture levels are still high. Early soybean yields are mostly as good as advertised.
   Corn futures establishing some technical momentum: A bullish signal line crossover on the daily MACD was made this week. The most-active December contract settled above prior resistance from its 20-day moving average on Thursday. Report day may throw some volatility into the mix after four weeks of consolidation. 
   Oil prices remain pressured: Futures rebounded from early-session weakness on Thursday but could not make it over the previous day's high. The WTI contracts are facing technical resistance from their 50-day moving average.
   Dollar futures staging a mild rebound overnight: A lower index helped grains move higher on Thursday, but the same support is not being had yet on Friday. The dollar market is likely to remain choppy as traders price in their expectations for the Fed's September interest rate decision. 

***** Hogs look to correct a five-day losing streak; cattle futures likely to start firmer for an early-session test of overhead technical resistance. *****

   Cash cattle trade not active on the short week: Light volume has been traded at slightly lower prices, but not enough to make a trend. Heavy competition for still-high-priced beef remains a headwind for the market.
   Strong pork demand still propping up the hog market: Robust demand is likely sustainable as it is benefited by weakening cash prices that defy seasonal expectations.