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AgriVisor Morning MarketWatch

 
Wednesday, September 18, 2019
Corn, soybeans, and wheat continue their see-saw trend in the market with moderate advances being posted this morning following yesterday’s losses. Yesterday’s pressure came from several factors, including weak outside markets and favorable US weather. Thoughts that too much risk-premium has been removed from the market ahead of the South American growing season is giving trade support today as well. Trade is struggling to find a clear direction which will likely cause this action to continue. Technicals are lending little direction either as indicators point towards a sideways pattern. It would not be surprising to see this two-sided trade continue until we get into harvest and production can be better defined. Today’s attention will be split with geopolitical developments, weather, and any news out of the US Fed on interest rates providing direction. It will also be interesting to see if China shows up for soybeans for a 4th straight day. 

Highlights
* Middle-East developments
* China buys US soybeans for three days straight
* Investors show interest in Brazil ethanol
* Hot, dry weather in South America
* ASF found in South Korea
* US reaches trade deal with Japan
* Saudi Arabia crude back on-line sooner than thought

Corn
* Chinese reserves tighter than thought
* China has army worm under control
* Brazil raises export forecast
* Early US yields mixed
* Corn continues to follow crude

Soybeans
* US crush 5 mbu ahead of USDA estimates
* China buys 26.3 mbu over past 3 days
* China approves soymeal from Argentina
* No US frost through 1st week of October
* Asian feed demand to drop

Wheat
* Planting starts on US winter crop
* Drought in Argentina, Australia
* Australia lowers export forecast 7.7%
* Late soy harvest may impact US winter crop acres
* Global market remains depressed

Livestock
* ASF in South Korea
* So Korea to cull 4,000 hogs
* COF on Friday
* China to auction pork reserves
* US wholesale beef is weaker
 

  SYMBOL IN EVEN SQUARE