AgriVisor Morning MarketWatch

Thursday, August 22, 2019
Trade was mostly steady overnight as neither buyers nor sellers showed up in force. This is a common action in a market that is attempting to consolidate after recent volatility. Mixed fundamental data is keeping trade interest to a minimum this morning as well. We continue to receive field reports that are showing crops are between 2 and 3 weeks behind normal in maturity, but this does not necessarily mean a yield reduction. We are also seeing bigger yield estimates as tours move into the heart of the Corn Belt which is not surprising. The question now is if these areas are good enough to compensate for the losses in others to give us the crop size currently being predicted. Technicals are currently oversold, but we are not seeing much interest in correcting this, which is also keeping the market stable this morning. Trade will be looking to the weekly export data for direction today, mainly to see if China was listed as a buyer of any commodity. The two main ones will be pork and soybeans. We will also see interest in weather to see if additional rains fall in the driest regions of the Midwest. 

* More ethanol plants idled
* EPA waivers to be investigated
* Weather mostly favorable
* More interest in cooling temperatures
* US rail traffic continues to decline
* Ethanol stocks close to year ago 
* Currency valuations favor So Am over US for imports

* SAM export business growing
* Brazil corn exports record sized
* High variability in crops
* Demand slipping
* Cheap wheat pressures corn

* Pod counts rising
* Global oilseed questioned
* Limited interest in US offerings
* Lack of risk premium
* China sourcing all needs from Brazil

* Global production rising
* Harvest deliveries increasing
* Spring crop in good quality
* US follows global market lower
* Buyers look at feed wheat over corn

* Cattle on feed report is Friday
* Cold storage report today
* Russia finds ASF on Chinese border
* Boxed beef higher
* Buyers pass on beef asks at 107-108