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AgriVisor Morning MarketWatch

 
Thursday, September 19, 2019
Yesterday’s mixed closes carried over into the night session and we are still on both sides of unchanged this morning. This is mostly for corn and soybeans as wheat futures have stabilized. All losses have been trimmed, giving us the indication funds are not willing to continue selling at these values. Uncertain global weather is preventing losses at this point, as is a rebound in the outside market. This is especially the case on corn as that commodity tends to mirror crude oil movement. Thoughts we will see high weekly export sales numbers today are benefitting futures as well. Uncertainty over future demand, both for export and domestically are restricting any advancement. Sparse fresh news and questions over trade relationships in the global market are also limiting factors for trade. 

Highlights
* US temps to remain above average
* Fed lowers interest rate ¼ point
* Little down time for Saudi oil
* US asks for tighter sanctions on Iran
* US/China meet on trade deals
* Bio fuel credits up 30% in past week
* ASF continues to spread in Asia

Corn
* Test weights on new crop corn mixed
* Ethanol production drops, stocks build
* US ethanol production -4.5% from year ago
* Brazil predicts 102.3 mmt crop
* Brazil now sees 3.4% expansion to plantings

Soybeans
* Demand concerns build
* Chinese buying streak ends
* Rains forecast for Brazil
* Early US harvest reported, no yield data
* Asian feed demand to drop

Wheat
* Quality concerns on remaining spring crop to harvest
* Global demand up for milling wheat
* Ukraine govt asked to raise export quota
* Russia undercuts global market with offers
* EU predicting larger exports this year

Livestock
* Another case of ASF in South Korea
* Thailand culling hogs, no ASF confirmation
* Lower on-feed number expected tomorrow
* Lower placements and marketings also
* Chinese consumers shift to poultry
 

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