Wednesday September 16, 2015 AgriVisor Morning MarketWatch

Wednesday, September 16, 2015
***** Corn futures down 1 1/4 to 1 1/2 cent; soybeans fractionally higher; Chicago wheat lower by 1 to 1 3/4. *****

   FSA acres data released in confusing fashion: USDA has released acres data this morning that has prevent plant falling sharply from the August estimates. Corn prevent was listed at 1.6 million acres versus 2.3 in August while soybean prevent fell 1.3 million acres to just 848,000. It is suggested that the numbers have been reported in error. 
   Planting season begins in Brazil: Farmers have been given the go-ahead to plant soybeans. Weather is wet and cold in many areas but the outlook still points to an early planting. Acres are expected to rise 4 percent on the year while output could reach a whopping 100 million metric tons.
   Early harvest results reported without trend: As expected in a year when 'variability' is the key word, harvest results are mixed so far. Very early corn was called disappointing in the central Midwest before this week had farmers finding better than expected yields. 
   Two-week weather outlook shifts drier: The National Weather Service's 6-10 and 8-14 day maps have the entire Corn Belt leaning drier than average. Temperatures are expected to keep above normal after rising again this week.
   Soybeans make bullish chart close: Tuesday's move had November soybeans break higher from the range that was guiding prices sideways for three weeks. Corn futures are still working with strong technical momentum but will start today with an important test of support from Monday's $3.86 1/4 low for the December.

***** Hogs look to build on Tuesday's strong rally; cattle futures to find technical support at the open. ***** 

   Cattle prices on the defensive ahead of Friday's report: The monthly Cattle on Feed report will be released at the end of the week. Efforts to grow the herd are likely to show results in future reports. 
   Cash hog strength kicks of a futures rally: Direct hogs in the Western Corn Belt jumped nearly $2 on Tuesday. The market had not enjoyed any of its usual seasonal strength until yesterday.