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Morning MarketWatch: Grain futures holding slight gains ahead of the break.

 
Thursday, October 01, 2015
***** Corn futures steady ahead of the morning break; soybeans up a few cents; Chicago wheat higher by a nickel. *****

   # Grains trade quietly mixed in the wake of Wednesday’s Grain Stocks report. Fresh news is scarce overnight.      
   # Traders are now looking ahead to the October 9th Supply and Demand update.  Yesterday’s quarterly Stocks numbers will make up the beginning stocks estimates for the 2015/16 balance sheet.  The report is also likely to include yield and acres adjustments.         
   # Meteorologists are tracking a hurricane that could bring some moisture to the Eastern Corn Belt late this weekend.  The two-week outlook is warm and wet for most of the Midwest.           
   # Brazilian growers are starting to run into slight troubles with soybean planting efforts.  The Mato Grosso region is dry while parts in the South are becoming too wet.     # The Indian monsoon season provided the country with 14 percent less rainfall than it normally does.  Dryness has also been a talked-about theme for Australia and the Black Sea region lately.  
   # 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.  
   # USDA’s revision to the 2014 soybean crop makes it so that the 2015 harvest could be a record.  The Grain Stocks report had last year’s soybean crop down to 3.927 billion bushels compared to the USDA’s September estimate for the 2015 crop of 3.935 billion.              
   # U.S. stock index futures are moderately higher overnight.  Initial jobless claims data will be reported this morning along with two important readings on manufacturing.  Tomorrow brings the monthly unemployment report.  

***** 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.  ***** 

   # October cattle futures made new contract lows on Wednesday as the cash market started up with sales that were $5-$6 lower on a live basis.  Heavy cattle coming to market continue to pressure prices.           
   # Hog futures continue higher as strong pork demand props up the market.  October 1st kicks off National Pork Month, when the meat will be heavily featured at the retail level.  
 

  SYMBOL IN EVEN SQUARE