Monday, September 21, 2015 AgriVisor Morning MarketWatch

Monday, September 21, 2015
***** Corn futures down 2 cents overnight; soybeans higher by 2 to 2 1/2 at the break; Chicago wheat off 3 cents. *****

   Clear skies to support harvest progress this week: Two to three inches fell over a large swath of the Corn Belt this weekend, with totals locally heavier in the West. The two-week forecast remains dry and warm. 
   Harvest pace running close to average: This afternoon's Crop Progress report should show the corn harvest to be just one or two points shy of the five-year average of 15 percent. 
   Hedge funds turn slightly less bearish the ag commodities: The large speculators were net buyers of the grains in the last reporting week. They hold a net-long corn position but maintain more shorts than longs for soybeans and wheat. 
   Californians hoping El Nino brings wet winter weather: The phenomenon is associated with warm, wet winters in North America, which would benefit drought-stricken crops in California. In South America, dry weather is a threat to crops from Columbian coffee to Brazilian soybeans.
   Dollar continues higher overnight: Index futures have climbed for a full recovery of the losses incurred on Thursday last week, when the Federal Reserve decided not to increase interest rates in September.
   International equity markets climbing on Greek election news: Greece re-elected the Syriza party, which should be ready to move forward on reform measures agreed to in exchange for a bailout. 

***** Hogs look open steady to lower as futures consolidate on recent gains; cattle futures likely to try for a firmer start. ***** 

   Cattle futures to digest on-feed numbers: The report from Friday afternoon was viewed to be bullish, after the placements total came in at 95 percent of the year-ago level. Analysts had been expecting no change.
   Hog futures testing key technical resistance: The most-active December contract settled just short of its 100-day moving average on Friday. Robust pork demand aided by its price advantage relative to other meats lends fundamental support.