Morning MarketWatch: Corn holding steady to start the week

Monday, November 16, 2015
***** Corn futures fractionally mixed; soybeans down 2 to 2 3/4 cents; Chicago wheat lower by 3 1/2. ​*****

   # Corn and soybeans drift moderately lower overnight.  Fresh news is limited and the report day bearishness still lingers. March corn futures become the contract with most open interest today. 
   # Traders look for export inspections to improve this week.  Estimates call for corn shipments near 30 million bushels, soybeans around 75 million, and wheat close to 15 million.     
   # Crush data from the National Oilseed Processors Association (NOPA) will be reported today.  Traders look for monthly crush near 161 million bushels, which would beat the October 2014 number if achieved.  
   # Meteorologists have a wet week forecasted for the country.  Hard red winter wheat growers in the Plains and soft red growers in the Midwest will welcome the expected 2 to 4 inches of rainfall.       
   # Soybean planting in Mato Grosso, Brazil is up to speed.  The crop is projected to be nearly 90 percent planted in that state.  Fieldwork is slower going throughout the rest of the county.
   # A weekly report shows Asian palm oil exports up by less than expected so far in November.  High inventories also pressure the palm oil market.  Traders still expect El Nino to threaten production this season.                          
   # Fund traders now hold a net-short position on corn, something in the order of 15,000 contracts.  They have held a net-short on soybeans and wheat for several weeks now.    
   # U.S. equity futures are unchanged as most international markets take on a softer tone.  Bonds are starting the week off with strength.  The dollar is steady against most foreign currencies.  U.S. crude oil futures are steady overnight.  Gold has gained $5 as copper slides lower.     

***** Livestock futures look to enjoy a steady/firmer start as the market begins to stabilize.  ***** 

   # Cattle futures remain pressured by weak cash and wholesale markets.  The charts lean bearish, but the board remains technically oversold for the near-run.
   # Hog futures can stabilize if cutout values are able to hold steady this week.  Slaughters continue to run high with 8 percent year-on-year gains.