AgriVisor Afternoon MarketWatch

Monday, August 15, 2016
***** Corn up 3 1/4 to 4 1/4 cents; soybean futures rally 24 to 27 1/2; Chicago wheat steady to 7 1/2 lower. *****

   # There were no daily sales announcements at the start of the week but talk of additional Chinese purchases over the weekend helped to sustain optimism surrounding soybean export demand.
   # Export inspections were fully anticipated with corn 45.2 million bushels, 27.4 mbu soybeans, and 23 mbu wheat.  
   # Fund traders were seen actively covering corn and soybean shorts at the start of the week.  Market focus is seemingly turning to demand, which features increasing potential due to strong export prospects.  
   # The NOPA July crush tally was disappointing relative to expectations.  Processors in the group were estimated to have gone through 143.7 million bushels last month, which fell short of guesses looking for around 146.7.
   # Crop Progress numbers were reported after the bell.  Corn conditions remained at 74 percent Good or Excellent.  Corn dented was right on the 5-year average at 21 percent.  Soybean conditions were also steady with the previous week at 72 percent G/E.  80 percent of the crop was setting pods versus 69 percent last year and 75 percent the 5-year average.    
   # Oil futures rallied as speculation ramped up over potential production cuts coming out of an upcoming OPEC meeting.  

***** Live cattle steady to $0.55 weaker; feeders down $0.35 to $0.50; hog futures up $1.75 to $2.50. ***** 

   # Cattle futures failed to hold early gains and finished mostly lower under the weight of profit-taking that developed as futures ran into technical resistance.  October live futures were turned away from their 100-day moving average.  
   # Hog futures moved higher behind better pork and wholesale markets.  The midday cutout report had the carcass average up $3.27 on a jump for bellies that amounted to $15.83.