Tuesday, September 15, 2015 AgriVisor Morning MarketWatch

Tuesday, September 15, 2015
***** Corn futures down moderately ahead of the morning break; soybeans fractionally higher; Chicago wheat down a nickel. *****

   Light volumes traded overnight: Corn futures are at the bottom of a 5 cent range as soybeans trade quietly higher. Outside markets are steady on Tuesday morning. 
   Soybean crush numbers scheduled for midday: Analysts expect the National Oilseed Processors Association (NOPA) to report 135 million bushels crushed August. 
   Harvest progressing faster than a year ago in Illinois: USDA pegged the state's harvest at 6 percent, which is ahead of 2 percent in 2014 but behind 12 percent for the five-year average. The nation's collective progress is estimated at 5 percent. 
   Weather supports early harvest activity across the Corn Belt: Warm, dry conditions help both corn that has yet to mature and farmers that are ready to harvest. Disruptions may be caused by rains expected for later in the week. 
   Corn futures taking pause after quick run-up: The most-active December contract was registering just slightly overbought after Monday's rally settled it outside the upper Bollinger Band. Futures are also facing resistance from their 50-day moving average. 
   Plenty of economic data to help guide the trade this week: Retail sales for August will be reported today. The Consumer Price Index (CPI) report is due out tomorrow as the Federal Reserve Board begins a two day meeting that may result in a decision to the economy's key lending rate. 

***** Hogs look to correct a seven-day losing streak; cattle futures likely to start firmer in continuation of a bounce from technical support. *****

   Forward supply outlook weighs on the hog market: Demand is still robust enough to support the front end of the futures board, but large production gains expected for future quarters leans bearish for prices. 
   Cattle futures able to find buyers above contract lows: The supply-side fundamentals are not positive, but traders are feeling that the steep summer price slide may now have futures properly valued.