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Tue, September 29, 2015 AgriVisor Morning MarketWatch

 
Tuesday, September 29, 2015
***** Corn futures steady overnight; soybeans fractionally firmer; wheat moderately weaker.​ *****
   
   # Grain markets are quiet overnight with futures trading tight ranges.  Outside markets lean mildly supportive.
   # The weekly Crop Progress report had corn harvest at 18 percent done, which was a little behind expectations and below the five year average of 23 percent.  Soybean harvest was pegged at 21 percent, ahead of the 16 percent average.        
   # New estimates from Statistics Canada have the Canadian wheat crop beating earlier expectations.  The crop could produce 25.1 million tons, which would still be down 15 percent on 2014 crop.         
   # Traders are still waiting for more official soybean purchase agreements to come out of the good-faith deals that were made by the visiting Chinese delegation last week. A one-million metric ton purchase was announced for 2016/17 delivery on Monday.    
   # The two-week weather outlook has shifted, now leaning wetter and cooler for the first half of October.
   # Brazilian soybean plantings are on pace with last year’s progress at about 2 percent accomplished.  The Mato Grosso region has suffered a dry spell while the southern portion of the country has faced heavy rains in recent weeks.         
   # Commodity-focused companies were taking a hit on the public stock exchanges after shares of the trading firm Glencore dropped more than 25 percent on a negative analyst report.           
   # The stock market is attempting a recovery after Monday’s rout.  Worries about the Chinese economy are resurfacing after data showed industrial profits to have dropped 8.8 percent on the year.             

***** Hog futures look to open steady/weaker; cattle futures likely to start with a firmer tone.  ***** 

   # Wholesale beef is starting the week off with a weaker tone and helps paint a bearish outlook for the cash market.  Friday’s low still holds as technical support on the futures chart.      
   # Hog futures are holding up well against last week’s bearish Hogs and Pigs report.  The data did give the trade some greater detail for forward supply expectations, so spreading was featured on Monday.   
 

  SYMBOL IN EVEN SQUARE