Afternoon MarketWatch: Export enthusiasm lifts soybeans.

Tuesday, October 13, 2015
***** Corn futures climb 3 1/2 to 3 3/4 cents; soybeans up more than a quarter across the curve; Chicago wheat futures gain 12 to 12 3/4.  ***** 

# Soybeans put together a surprising rally to lead the grains higher. Chinese import data, seasonal expectations, and strong technicals helped. 
# A preliminary number for China's September soybean imports came in better than expected at 7.24 million metric tons. 
# The USDA's daily reporting system included an 8.8 million bushel soybean sale for delivery to Chine in 2015/16. 
# Traders were talking about the commercial market bidding up soybeans to fill the pipeline in seasonal fashion. 
# The charts are leaning positive for soybeans after this morning's move pulled the nearby contract up over its 50-day moving average and above the psychologically-important $9 mark. 
# Weather forecasts for the Midwest lean favorable for harvest progress this week. Cooler temperatures are expected to develop later in the week. 
# Weekly export inspections were solid: 22.6 million bushels of corn, 67 mbu soybeans, and 10.7 mbu wheat. 
# This month's FSA acres update is scheduled for release on Wednesday. 
# The wheat market is benefiting from weather premium entering the market as a result of dry conditions in Russia and Ukraine. 
# Crop Progress numbers were reported: The corn harvest was 42 percent complete as of Sunday with soybeans 62 percent cut. Winter wheat is 64 percent planted. 

***** Live cattle futures close $0.17 lower to $0.85 higher with relative strength in the front as feeder finish fractionally lower; hog futures climbed $1 in the most-active December contract. *****
# Another up day for hog futures as a strong cash market leads the board higher. Direct hogs in the Western Corn Belt were fetching 72.32, 97 cents higher on day. 
# Cattle futures ended mostly lower after having posted strong gains in the previous few weeks. Beef cutout values made a strong jump higher on Tuesday and may keep some strength under cash bids when the market develops later in the week.