AgriVisor Afternoon MarketWatch

Friday, September 09, 2016
***** Corn up 2 to 3 cents; soybeans gain 3 1/2 to 5 1/4; Chicago wheat down 1 to 2 1/2. *****

   # Corn futures perked up after starting on the defensive.  Volume was light as traders used the session to make only small adjustments to their positions ahead of report day.
   # Markets were certainly friendlier to farmers this week than they were in the previous two.  December corn futures recovered 12 1/2 cents while November beans gained 27 3/4.  December Chicago wheat inched higher by 2 3/4 cents.  
   # Another higher close made six straight for December corn.  The contract settled just under its 50-day moving average and trades not far from its August high at $3.44 1/4.  November soybeans were turned away from their 20-day moving average today with some room yet behind their August high of $10.20.
   # USDA crop reports are due out at 11:00am central on Monday.  The Crop Production update will feature yield adjustments from the NASS analysts while the WASDE report will include revisions made by the various government groups on domestic and global usage. 
   # The weekly sales report featured strong tallies for the new-crop.  Corn commitments increased by 43 million bushels versus expectations of something closer to 35 mbu.  New soybean sales were 65 million versus an average trade guess of 45 and wheat sales were 24 versus 15.  
   # South Central Illinois collected up to 3/4 of an inch today as more widespread rains are expected for the Corn Belt over the next 24 hours. 
   # U.S. stocks fell hard as interest rate expectations shifted.  In a speech today, Boston Fed President Rosengren was hawkish in his advocating for a gradual rate increase, one that traders now say has a better chance of happening by the end of the calendar year.  

***** October live cattle futures up the $3 limit; feeders climb $1.82 to $2.77; hogs drop $1 to $1.77. ***** 

   # Wholesale values backed off a touch on Friday while cash deals were steady.  Traders will expect to see some better retailer demand as October’s National Pork Month approaches.  Technical traders were sellers where December hog futures met their major moving averages but couldn’t push the contract to new lows.  
   # Cattle futures charged higher without much direction from the fundamentals.  The beef cutout was down while the cash market was quiet.  Futures gains were attributed to the proverbial “profit-taking.”