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Morning MarketWatch: Grains reverse overnight losses as traders digest FSA acres data.

 
Wednesday, October 14, 2015
***** Corn futures up a few pennies at the break; soybeans higher by 1 3/4 to 3 1/4 cents; Chicago wheat steady. *****

   # Grains were moderately lower for most of the overnight session before finding some strength into the morning break.  Traders were awaiting FSA acres data.
   # This month’s FSA acres update had corn prevent acres up 10,000 to 2.362 million.  Soybean prevent plant gained 7,000 to 2.227 million.      
   # Harvest progress was near the high side of expectations.  The Tuesday afternoon report had the corn harvest at 42 percent with beans 62 percent cut.  Current progress is well ahead of last year’s pace.              
   # Soybeans are finding support from bullish palm oil data.  U.S. bean oil futures are up more than 10 percent since bottoming in mid-September.  
   # Fingers are being pointed at El Nino for dry weather in parts of Asia.  A weak monsoon season in India could lead to the country becoming a net importer in 2016.   
   # El Nino also still a concern in Australia, where dryness is affecting the wheat crop. 
   # This month’s NOPA soybean crush report will be released tomorrow.  Traders are expecting to see something near 129 million bushels.    
   # The forecast is clear for the next several days before turning wet in the 8-14 day outlook window.  Frost is possible late in the weekend but warmer than normal temperatures are expected to return late in the month.  
   # Outside markets are rather quiet overnight.  Dollar index futures are down to lend some support to the grains.  Stocks should have a steady open.  Energies are fractionally higher, metals fractionally higher, softs holding moderate gains.      

***** Hog futures look to open steady/higher; cattle futures poised for a slight rebound.  ***** 

   # Strong beef price gains on Tuesday give the bulls some optimism over cash cattle market potential.  
   # The cash market lends hog futures support as the October contract expires today.   
 

  SYMBOL IN EVEN SQUARE