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Wednes, Sept 23, 2015 AgriVisor Afternoon Marketwatch

 
Wednesday, September 23, 2015
***** Corn futures gain 2 1/2 to 3 cents on the day; soybeans inch up by 1 1/4 to 2; Chicago wheat rallies 12. *****
   
   # Showers in the Western Corn Belt were disrupting harvest activity for some on Wednesday, but wet weather is not expected to reach into the East.  
   # U.S. equity markets took on a weaker tone after starting slightly firmer on the day.  The dollar index leveling off somewhat helped take pressure off of the grains, but lower energy prices did not spur into any enthusiasm for the commodity space.  
   # Thursday is expected to bring news of Chinese soybean purchases when the country’s president visits Des Moines.  The delegation signed an order for 300 Boeing planes during their stop in Seattle earlier in the week.  
   # It’s a mix of fortunes for the different regions of Brazil, with Mato Grosso hot and dry while the South maintains beneficial moisture levels.  Soybean planting season is just kicking off in the country.   
   # Ethanol production was down on the week while stocks were up.  Corn grind was disappointing at 98.5 million bushels.  
   # Dry weather has nipped the top end off of yield expectations for wheat in Australia.  Growers there had been enjoying a good growing season, but El Nino influences may be resurfacing.  Dry weather concerns in Australia paired with the same in Russia to help spark a wheat price rally this week.  
   # Trade estimates are circulating for Thursday’s export sales report:  650,000 metric tons of corn, 1.1 million tons of soybeans, 325,000 mt of wheat.  
   # Stocks dropped further as Chinese economy worries persist.  A purchasing manager’s index declined by more than expected and the Shanghai composite closed lower by 2.2 percent on Wednesday.  Traders also continue to price in uncertainty over the Fed’s plans for U.S. interest rates.  

***** Hog futures down $0.42 to $0.62; live cattle drop the $3 limit as feeders finish lower by their $4.50 limit. *****
 
   # Cattle futures suffered limit-down losses after Tuesday’s Cold Storage report had beef inventories growing by 36 percent on the year.  Wholesale demand remains sluggish while exports fail to help out any. 
   # Wholesale demand for National Pork Month is helping support prices.  On Friday, the USDA will release a quarterly hog report, with analysts currently expecting all hogs to grow by 3.5 percent on the year
 

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