Morning MarketWatch: Lack of fresh news making for a quiet start to the market week.

Monday, October 26, 2015
***** Corn futures down fractionally overnight; soybeans off 4 to 5 cents; Chicago wheat up a nickel. ​*****

   # Soybean futures are failing to hold technical support from $9 as contracts November through May now trade below the mark.                        
   # Friday’s CFTC report had fund traders making a significant cut to their bullish bet on corn.  The large speculators were a net seller of nearly 60,000 contracts.     
   # Hurricane Patricia dumped rain over Texas and the Delta states this weekend, but wet weather did not extend north into much of the Plains or the Midwest.  Showers are expected to develop for the Midwest later this week.     
   # Analysts have suggested that world palm oil demand will double by 2020.  For now, palm oil prices are moving lower because of growing stockpiles and weak exports this October.   
   # While soybean planting in southern Brazil is well underway, efforts in the Mato Grosso region are still threatened by dry conditions.  Only the chance for light scattered showers exists this week for Brazil.       
   # Traders are far from consensus on what to expect out of the November crop report.  Yield guesses remain all over the board and questions exist about the USDA’s current demand targets.    
   # Outside markets are quiet overnight as financial traders wait for guidance from this week’s Federal Reserve meeting.  Also this week, third quarter GDP and personal income will be reported.     

***** Livestock futures look to have a weaker start as traders approach the meats with caution this week. ***** 

   # Numbers from Friday’s Cattle on Feed report were fully anticipated.  Placements at 96 percent were maybe a touch higher than what analysts were looking for.  Cattle futures are still on an uptrend, having been led higher in recent weeks by firmer cash markets.        
   # Talk of a World Health Organization study that links processed red meat to cancer puts the meats at risk to start the week.  The story is still developing.