AgriVisor Afternoon MarketWatch

Friday, September 23, 2016
***** Corn down 1/4 to 1 1/4; soybeans drop 18 1/2 to 21 1/2 cents; Chicago wheat fractionally lower. ***** 

   # Soybean futures fell hard as the soyoil rally eased, on a drier 6-10 day forecast, and because of exceptional yield results being reported.
   # The 6-10 day outlook may have turned drier, but the 8-14 day forecast stays west for the northwest Corn Belt, which will be a concern for those who have been inundated with rains over the past few days.  
   # The forecast shifted to provide better rain chances for Brazil this weekend.  Farmland there is still holding a moisture deficit after last season’s drought and has been causing some worry for producers whom are in the process of planting corn and soybeans.
   # The corn market shrugged off news of China levying an increased duty against U.S. DDGs.  Chinese officials are combatting what they see as U.S. dumping, or the exporting of trade goods at prices below fair value.     
   # Fund traders were estimated to be net-sellers of at least 20,000 soybean contracts.  The large speculators were small sellers of corn and came out of the session flat on wheat.
   # November soybeans dropped below their 10-, 20-, and 200-day moving averages on today’s move.  Next up to provide potential technical support is the 3-month low at $9.37. 
   # Oil prices tumbled as comments from officials in Saudi Arabia and Iran indicated that an OPEC production freeze is unlikely.  Nearby WTI futures made a bearish technical reversal on the move and skipped below its major moving averages in the process.  

***** Live cattle and feeder futures finished fractionally mixed; October hogs down $0.20, December up $0.30. ***** 

   # The August Cattle on Feed report featured some bearish estimates.  Total on-feed were counted at 101.5 percent of last year’s figure.  Placements were 115 percent versus an average trade guess of 113 with marketings at 118 versus 117.5.           
   # Hog futures finished fractionally mixed on another session featuring an active spread trade.  Cash prices were down another $1 - $2 while the pork cutout average was off $1.19 on the midday report.