Morning MarketWatch: Grains start lower after active harvest weekend.

Monday, October 19, 2015
***** Corn futures down 3 cents overnight; soybeans also off 3; Chicago wheat trading lower by 5 to 6. ​*****

   # Grains are lower across the board with outside markets exerting a negative influence on commodities overnight.  
   # Chinese GDP was reported at 6.9 percent, which was better than expected but low enough still to weigh on commodity prices.                
   # The dollar is higher against most currencies to start the week as traders price in a better chance for an interest rate hike in 2015.                     
   # Corn basis is slipping in the Western Corn Belt as elevators become full.  Bids in Minnesota are as much as 50 cents under the December.  
   # Soy oil futures continue lower for what may be a third straight losing session.  Bullish enthusiasm in the vegetable oil market has faded after sluggish export data was reported by Malaysian palm oil traders last week.      
   # Growers in Russia and Ukraine remain burdened by dry, cold weather.  Row crop harvest and winter wheat planting efforts have started slow as a result.
   # Conditions are expected to improve for growers in Brazil after a dry start to soybean planting season in Mato Grosso.  Planting progress is picking up in southern Brazil after too much rain had threatened the region just a few weeks ago.   
   # Rain is in the forecast for the United States starting Wednesday.  Temperatures are expected to warm to above normal this week.      
   # Harvest progress will be reported after the closing bell.  Estimates have the corn harvest nearly 60 percent complete while soybeans should be just under 75 percent cut.    

***** Hog futures look to open weaker as the board loses technical support; cattle futures to find some follow-through buying interest after last week’s cash gains. ***** 

   # Hog futures are threatened after recent price strength has led to higher slaughter numbers.  
   # Traders are assuming the worst is over for the cattle market.  Futures have climbed as cash prices made two straight weeks of gains.