Wed, September 30, 2015 AgriVisor Morning MarketWatch

Wednesday, September 30, 2015
***** Corn futures up a penny ahead of the break; soybeans higher by 2 3/4 to 3 cents; Chicago wheat gaining 1 1/2 to 1 3/4. *****
   # Grains trade with slight gains overnight.  Ranges are tight, volume light.   
   # Traders await the quarterly Grain Stocks report.  Analysts expect leftover inventories from the 2014 crops to total 1.739 billion bushels of corn, 205 million bushels of soybeans, and 2.149 billion bushels of wheat.         
   # Today’s report will set the corn and soybean beginning stocks estimates for the 2015/16 balance sheet update that will come on October 9th.            
   # October 9th WASDE report expected to include adjustments to the acres estimates made in part based on prevent plant data from FSA.     
   # Traders will look to next week’s U.S. Census report for guidance on grain exports, which have been lagging so far in the new marketing year.
   # Palm oil prices in Asia were lower on Wednesday to weigh on the U.S. oil market overnight.           
   # Meteorologists are tracking a Tropical Storm Joaquin that could bring some wet weather to the Southeast United States.  Some overnight showers in the Eastern Corn Belt may slow some harvest work today, but it is mostly clear skies expected for the Midwest through the weekend.              
   # Parts of the Southern Plains are starting to register as ‘Abnormally Dry’ on the U.S. drought monitor.  Dry weather is becoming a slight worry for a winter wheat crop that is now about one-third planted across the country.  
   # U.S. stock index futures are rebounding overnight.  Traders will look for some guidance from various Fed officials that are scheduled to speak today.  The dollar index was rising as the yen was sliding.  Unemployment data will be published Friday.             
***** Hog futures look to open steady/weaker in a correction from overbought territory; cattle futures likely to stage a rebound effort after Wednesday’s limit-losses.  ***** 

   # Cattle futures continue to face pressure from a weak wholesale beef market.  Traders are uneasy as they wait for direction from a cash trade that should develop late today or tomorrow.        
   # Hog futures continue higher as we approach October’s National Pork Month, when the meat will be heavily featured in restaurants and at the grocery store.  Futures still maintain support from a solid technical uptrend.