September 23, 2015 AgriVisor Morning MarketWatch

Wednesday, September 23, 2015
***** Corn futures gain 3 cents overnight; soybeans up 5 1/2 to 6; Chicago wheat better by 7 3/4 to 8. *****

   Grains rebounding overnight: Traders find no reason to hammer corn and soybeans any further after a rough Tuesday and a calm start for outside markets on Wednesday. 
   Brazilian acres outlook comes into question: Analysts have been looking for up to a 4 percent increase in Brazilian acres planted to soybeans this year, but low domestic prices and credit issues present some doubt. Hot, dry weather is also disrupting fieldwork early in the planting season. 
   Dryness taking top end off of good wheat yields in Australia: Growers in the South Pacific had been largely enjoying favorable conditions this season, but El Nino could spell trouble for Australia's harvest. Worries about El Nino's influence on Asian palm production also remain.
   Pause in the dollar rally takes weight off the grains: Dollar bulls are taking a breather after pushing the index up for a set of sharp gains. Futures will face some technical resistance as they bump up against their major moving averages and the month's high. 
   Today marks one week until key USDA report: The quarterly Grain Stocks report will be released on September 30th at 11:00 a.m. central. The last quarter's inventory numbers for corn and soybeans will set the 2014/15 ending stocks - and 2015/16 beginning stocks - for the balance sheet that is to be updated next on October 9th. 
   Outside financial markets trade as if interest rate increase is imminent: Statements from the various Fed presidents suggest a funds rate hike is likely in 2015. Stocks face pressure and the dollar also finds support from economic worries in Europe and Asia. 

***** Hogs look open steady as futures consolidate on recent gains; cattle futures likely to face further pressure after notching in new contract lows on Tuesday. ***** 

   Cold storage report leans negative for cattle market: Beef stocks were found to be up on the month and up 36 percent on the year, indicating rising production and sluggish demand. 
   Hog futures supported as the cash market finds its footing: Direct hogs have found higher bids the last couple of days. Futures may trade tentatively ahead of Friday's quarterly Hogs and Pigs report.