AgriVisor Afternoon MarketWatch

Thursday, January 14, 2016
***** Corn steady to fractionally weaker on the day; soybeans up 3/4 to 2 1/4 cents; Chicago wheat down 7 1/4 to 9 1/4. ******

   # Corn futures traded both sides of unchanged before ending fractionally weaker as soybeans finished in the top half of their trading ranges.  Chicago wheat posted losses for a second straight session and had all of the report day gains wiped out.    
   # Grain export sales weren’t terrible this week, but nothing to write home about.  New corn commitments totaled 26 million bushels, while soybean sales were 41 million and wheat 10 million.  All numbers came in as expected. A daily sale was announced by the USDA after the report, 4 million bushels to Mexico.          
   # One bright spot on the weekly export sales report was soyoil. Sales were more than double the top end of traded guesses at 45,000 metric tons.  The market continues to find support from El Nino’s disruption to palm production in Asia.            
   # Traders were updated on Argentine planting progress by the Buenos Aires Grains Exchange on Thursday.  Growers there are hurrying to plant some late corn after the new government’s favorable stance shift on agriculture and in response to some drowned-out and hail-damaged early plantings.  The exchange has increased its corn planting estimate by 9 percent over the previous forecast. Soybeans are also reported to be all but planted.  Wheat harvest is starting to ramp up.    
   # Soybeans had a good day on the charts.  The March contract settled above its 100-day moving average for the first time this month.  Futures responded by turning lower in session after both of the previous two closes above the moving average in December.  It was an ‘inside day’ for March corn futures, which were turned away from their 20-day moving average.            
   # Friday’s data from the National Oilseed Processing Association (NOPA) will make for an important report.  December soybean crushings are expected to total 158 million bushels.          
   # Stocks started weaker after a disappointing jobs report.  Initial jobless claims jumped 7,000 to 284,000 last week versus analysts’ expectations of 275,000. Prices rebounded on some better than expected earnings from the big banks.           

***** Live cattle down $1.47 to $1.70 as feeders slump $1.80 to $2.80; hogs up $0.40 to $0.95. ***** 

   # Cattle traders weren’t impressed by some improved cash sales and were instead active sellers of the boar on Thursday.  Traders also shrugged off wholesale beef prices that were firmer as of midday.  Chart sellers stepped into take advantage of resistance from the major moving averages.    
   # Buyers of hog futures were encouraged by better pork prices.  The charts were also leaning friendly, with the most-active April contract breaking through its 100-day moving average.