Morning MarketWatch: Grains holding gains overnight

Wednesday, November 18, 2015
***** Corn futures up 1 to 1 3/4 cent; soybeans higher by 3 cents; Chicago wheat up 1 1/2 to 1 3/4 ahead of the morning break. ​*****
   # Moderate gains being held across the board.  Trading ranges are tight overnight with 2 1/2 cents for corn, 6 for beans, 3 for wheat.   
   # Weekly ethanol numbers are reported today.  Last week’s corn grind was strong at 103 million bushels. After the USDA revised down its target for ethanol usage to 5.175 billion bushels last Tuesday, the industry still needs to grind around 100 million bushels per week to meet to goal.         
   # Cash corn bids in Illinois improved by a few cents on Tuesday. Soybean bids followed the board higher by 4 to 5.  Basis levels remain seasonally firm for much of the Corn Belt.      
   # Asian palm oil prices were higher on improved export expectations and were helping support U.S. soy oil futures on Wednesday.            
   # Much of Brazil will enjoy rainfall through the rest of this week, but there are questions about whether or not the dry parts of Mato Grosso will collect any moisture.  
   # Fund traders are showing a lack of follow-through after building net-short positions that pulled corn and soybeans down to new contract lows.  
   # Energy prices are higher ahead of the weekly stocks update. U.S. crude futures have approached old contract lows but are finding support from the psychologically-important $40 mark.        
   # Financial markets are quiet ahead of the release of minutes from the last FOMC meeting.  The dollar index was steady but our currency was lower against the ruble and real.  Gold futures are starting lower again after making new contract lows on Tuesday.  
***** Livestock markets look to begin stabilizing after a volatile several sessions.  ***** 

   # Action in the wholesale market will help guide the cattle futures trade until cash activity picks up later in the week.  Aside from that, the market will trade in anticipation of this Friday’s Cattle on Feed report.      
   # Hog futures climbed on Tuesday to make for just the fourth higher close in 20 sessions.  Traders will look to see if the carcass average holds above $70 this week.