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AgriVisor Afternoon MarketWatch

 
Friday, September 02, 2016
***** Corn up 3 1/2 to 5 1/2 cents; soybeans gain 8 1/4 to 9 1/2; Chicago wheat up 4 1/2 to 5. *****

   # A back-and-forth week had December corn futures up 3 1/2 cents.  November soybeans dropped 14 3/4 after a rough Tuesday/Wednesday.  Chicago December wheat was off 8 1/4. 
   # Farmers in Argentina are still awaiting word on whether or not their government will cut soybean export taxes by 5 percent for next season, as promised by the newly-elected President Macri.
   # Russian officials are going ahead with a plan to cut wheat export duties to zero.  The country is not currently facing any sort of substantial inflationary pressure on food in the domestic market.  Recent reports put into doubt some of the most aggressive size estimates for the ongoing Russian harvest, but it will no doubt still be a big one.  
   # The U.S. drought monitor is mostly clear.  There remains moderate dryness in northern Ohio and more-severe drought conditions in the Southeast.  On the world drought map, northeastern Brazil still runs dry, as do parts of central Africa, and northern Russia.  
   # The weekend is dry for most in the Midwest.  Showers are expected to pop up in the Plains on Sunday night while the Eastern Corn Belt waits to get wet until Tuesday or Wednesday.  
   # Reuters issued a bulletin on Informa’s latest U.S. yield predictions.  Corn yield is estimated at 174.8 bushels per acre versus USDA August at 175.1.  Soybean yield is seen at 49.5 versus USDA 48.9.  More trade estimates for the September crop report will begin to circulate early next week.  
   # Oil prices climbed as Russian President Putin said he would encourage a production freeze agreement among Russia and the OPEC states.  Those countries will meet to discuss the market on September 27th. 
   # Dollar index futures rebounded after an initial selloff following the August jobs report.  Payrolls missed expectations at 151,000 versus a +180,000 consensus.       

***** Live cattle futures down $1.72 to $1.92; feeders off $1.80 to $2.45; hogs lower by $0.97 to $2.62. ***** 

   # Slaughters still run surprisingly high while weights are barely under year-ago levels.  High beef production has weighed on the market as could be expected, but there is now left the possibility that fall numbers will dip quicker and deeper than usual.  
   # There is a possibility that the seasonal dip for hog prices may have begun early, and a correction to the upside for cutout values may indicate that low prices have started to spur better demand.        

  SYMBOL IN EVEN SQUARE