AgriVisor Afternoon Marketwatch

Wednesday, November 18, 2015
***** Corn futures settle fractionally mixed; soybeans lose 3 3/4 to 6 1/4; Chicago wheat drops 1/2 to 4 1/4. ***** 

   # Another lackluster trade for the grains on Wednesday.  Soybeans suffered moderate losses on limited news.  Wheat continues lower on what has so far been a quietly rough week.  Corn holds steady to maintain small gains over three sessions.   
   # Weekly export sales tallies are out in the morning.  Traders look for new corn purchases near 22 million bushels.  Soybean sales should be a strong 45 to 65 million bushels.  The average trade guess for wheat sales isn’t very optimistic at 14 million bushels.    
   # Mixed reports are coming out of Brazil over what to expect out of the next corn and soybean crops.  Weather is variable across the major growing regions.  Some troubles with soy plantings in Mato Grosso could result in switches toward first-crop corn acreage.  
   # Corn grinded for ethanol was down on the week but still a solid 102.4 million bushels.  The recently-revised 5.175 billion bushels usage target requires a weekly grind pace of 99 million bushels.       
   # Improved soil moisture levels in the Southern Plains have taken some weather risk premium away from the U.S. wheat market.  Better conditions in Russia and Ukraine add some pressure to prices.   
   # A cold spell in the Midwest this weekend will give way to warmer temperatures over the next 6-10 days.  The two-week outlook remains wetter than average.  
   # U.S. stocks rallied sharply despite indications in the Federal Reserve Open Market Committee minutes that interest rates would very possibly be raised in December.    

***** Live cattle climb another $1.22 to $1.95 as feeders gain $2.52 to $3.27; hogs finish $0.30 lower to $0.52 higher.  ***** 

   # Cattle traders were taking profits on short bets Wednesday.  Some cash bids showed up at $137 live and lead market participants to believe that the late-week action could be price positive.         
   # Direct hogs were trading lower in the Western Corn Belt to bring the weighted average down near $50.  Cutout values were able to rebound after posting sharp losses on Tuesday.  Futures are technically weak, struggling just to clear their 10-day moving averages.