Joe Camp

Bids and offers on the grain futures looked like they were stacking up slightly below the Friday settlements, but traders are expected to turn friendlier if oil and the outside financial markets show any early rebound strength. Market participants have their focus on fighting in the Middle East as they digest new concerns over the global economy. In the Headlines December corn futures were up 5 1/4 cents last week. November beans were up a nickel. December Chicago wheat futures bounced 15 1/2 cents and Dec KC wheat futures were up 12 1/4 cents. October live cattle were down $3.05 on a bearish weekly reversal while Oct feeders were lower by $6.80. October lean hogs also put in a lower low after turning down from a higher high last week, dropping $2.72. Technical considerations have taken on more importance following two weeks of rebound strength that left December corn futures back above $4, November beans over $10, and Chicago wheat above $5. Looking at retracement potential, December corn could take back 38 percent of the slide down from the year's high if the contract reaches $4.28, with the 62 percent Fibonacci target just above $4.50. November beans have their 38-percent…

Grains are closed for Labor Day before a 7 pm central open of the Tuesday session. Corn and soybean futures will look to follow-through on a firm close last week, with the December corn starting with an immediate test at $4 and November beans right at $10. Stock futures were trading in a quiet pre-open along with the energies and metals. In the Headlines December corn futures completed a weekly reversal to finish up by 10 cents over the last five sessions. November beans rallied 27 cents to settle at $10.00 exactly. December Chicago wheat futures bounced 23 1/2 cents and Dec KC wheat futures were up 30 1/4 cents. October live cattle closed the week higher by $2.90 while Oct feeders were up $3.37. October lean hogs were up $1.65 for a third straight up-week. Labor Day in the U.S. comes as there is attention being paid to a growing labor dispute that could threaten a strike by port workers on the East Coast and along the Gulf of Mexico. The International Longshoremen's Association will meet this week to form its contract demands. Up to 25,000 union members could strike after their current employment agreement expires on September 30th.…

Grains are called slightly softer as Chicago wheat leads with a test of downside support at $5. Ag markets are likely to look for more guidance from how the energy space opens as well as how the dollar acts at the start of the week. In the Headlines December corn futures lost 1 1/2 cents last week. November beans rebounded by 16 cents. December Chicago wheat futures dropped 24 1/2 cents and Dec KC wheat futures were down 20 cents. October live cattle closed the week down $2.60 while Oct feeders were down $1.57. October lean hogs were up $5.47 for a second straight up-week. Iran-backed Hezbollah fighters attempted to launch a wide scale drone attack against Israel over the weekend, but the offensive was largely thwarted by Israel's Iron Dome air-defense system. While the development shows risk of the Middle East conflict expanding, it was also deemed by observers to be a weak response by Iran that does not diminish the potential for Israel to agree to a ceasefire with Hamas in Gaza. There is a clear political influence evident in the market following the Democratic National Convention in Chicago last week and during an accelerating window of campaigning…

Grains are called steady to slightly higher on a technical rebound attempt. Stock futures are expected to start on solid footing while commodity traders look out for any big moves coming from oil and/or the dollar. In the Headlines December corn futures lost 2 1/2 cents last week. November beans were down 45 1/2 over the last five sessions. December Chicago wheat futures dropped 13 1/4 cents. Dec KC wheat futures were down 15 1/2 cents. August live cattle closed the week down $1.45 while August feeders were down $3.72. October lean hogs were up $1.10 for the week. The Pro Farmer Crop Tour takes place this week, kicking off in both South Dakota and Ohio with participants moving in toward a final meet-up in Minnesota. National yield predictions will be expected on Friday. Last year's results ended up at 172 bushels per acre for corn (177.3 final USDA) and 49.7 bpa for soybeans (50.6 USDA). Several other private sources will also be expected to refresh their yield views over the next two weeks. All new yield forecasts will be compared to USDA August estimates calling for corn at 183.1 bpa and soybeans at 53.2. The central bank meets for…

Grains are called steady on a quiet open that has traders waiting to judge the tone of outside financial markets and settling in to see the August crop report. In the Headlines September corn futures lost 9 3/4 cents last week. November beans were down 24 3/4 over the last five sessions. September Chicago wheat futures gained 3 1/2 cents. Sep KC wheat futures were down 5 3/4 cents. August live cattle closed the week steady while August feeders were down $10.05. August lean hogs were down $3.15 for the week. Export sales announcements were flashed on Friday morning to follow up rumors earlier in the week about Chinese buying. The trade activity did not rile up much enthusiasm for grain prices, even though it confirmed the price advantage that has opened up for U.S. exporters. A weakening dollar against the Japanese yen and Chinese yuan has the potential to boost additional export interest going forward. Trade groups have petitioned the U.S. government for help with railroad service issues being faced by exporters shipping grain to Mexico. The USDA Transportation Report cites Mexico having "insufficient rail capacity to meet demand." There have also been problems in the past with rail…

Grains are called slightly firmer on the open to extend the re-positioning bounce from Friday. Sentiment could change quickly if the evening forecast flips any wetter and cooler. Traders are also going to want to see the tone of stocks and the dollar after the big break down to finish last week. In the Headlines September corn futures lost 8 cents last week. November beans were down 21 1/4 over the last five sessions. September Chicago wheat futures bounced 15 1/2 cents. Sep KC wheat futures were up 14 1/4 cents. August live cattle closed the week lower by $4.47 while August feeders were down $10.05. August lean hogs were down $1.27 for the week. Grains were supported on Friday by a mix of fresh buying from capital rotating in from weaker outside markets and short-covering from hedge funds that wanted to move their profits into cash. A sharp move down for the dollar index also helped grains. There was more nervousness over the economy following a weak jobs report. Corporate earnings had also been leaning disappointing and were cause for concern about consumer demand. The Nasdaq entered "corrective" territory after falling more than 10 percent from its recent high…