AgriVisor Afternoon MarketWatch

Friday, April 15, 2016
***** Corn closes higher by 2 1/2 to 4 1/2 cents; soybeans up 7 1/4 to 8; Chicago wheat fractionally firmer. *****

​Check Corn And Soybean Advice*******************

   # Grains finished firmer but off session highs.  Corn futures closed the week with gains of 16 1/4 cents.  Soybeans climbed 39 1/4 this week.  Chicago wheat was flat. 
   # Planting in Iowa kicked off earlier in the week as soil temperatures reached the low 50 degree levels.  Most of Illinois soil should reach the 50 degree mark and make for an active planting weekend.
   # The two-week weather maps lean very warm for most of country.  National Weather Service gives the heart of the Midwest a 90 percent chance of temperatures coming in above average over the next 8-14 days.  The 6-10 day outlook runs dry for the Midwest before the 8-14 day turns wet.  
   # China’s changing stance on the grain price support program was talked about again this week, with some chance of there being delays to government action.  State-owned inventories could eventually be marked down by $10 billion as the government starts to give the free market the job of pricing grain.
   # The NOPA crush report featured a tally that was slightly above trade expectations.  March soybean crush was 156.7 million bushels.  The number was up on February’s 146.2 million but below last March’s 163 million.
   # Weather worries will persist for growers in Brazil and Argentina this weekend.  Brazil should remain hot and dry for the next several days while rain continues to fall in Argentina.    
   # China reported GDP growth of 6.7 percent, which was close to the average trade guess.  Economists still often view Chinese government data with some suspicion and suggest growth in the 1st quarter may not have been as robust.
   # Consumer confidence fell in April to an index reading of 89.7.  The confidence rating was expected to come in at 92.  The consumer confidence report combined with disappointing data on U.S. manufacturing to offset a couple of better-than-expected earnings reports to weigh on the stock market.   
   # Two important events on Sunday to mention again:  A vote on the impeachment of Brazil’s president will take place and an OPEC meeting will be held.          

***** Live cattle finish $0.42 to $0.87 higher as feeders $0.37 to $0.65; hogs up $0.32 to $0.97. *****

   # June cattle dropped about $2 this week while the beef cutout gained almost $10.  Cash prices were able to respond somewhat favorable to the wholesale gains with live deals recorded around $133-$134 early on Friday. Futures’ discount to cash should help prop up the curve.               
   # A high slaughter week and expectations for that to continue into next week has put some pressure on the market.  Wholesale prices were able to hold up but the cash market maintains a notable discount to futures.  Accelerating packer interest should help lend some support as the warm weather months approach.