HIGHLIGHTS

• MARKET TREND—lower across the Board: CZ: down $.0150; SX: down $.0550; WZ: down $.0350; KWZ: down $.04

• MACRO:  Far-right party wins seats in German election—1^st time in 70 years, Merkel re-elected; Japan announced $18 billion stimulus package. ASIA—Mostly lower:  Nikkei, +0.50%; Shanghai, -0.35%; Hang Seng, -1.36%.  EUROPE: Mostly lower:  DAX,+0.12%; FTSE, -0.24%; CAC, -0.28%.   WALL STREET—Futures are weaker—DOW, -15; S&P, -2.00; NAS, -5.25.  EXTERNALS:  $ Index: +.278 @ 92.245; Gold: +$1.00 @ $1,294; Oct crude:+$0.01 @ $51.04/bl.  

• T-storm Weather: Heavy rain (1.00”-3.00”) affects much of central & southern U.S. Plains through Wed., while much of  northern Plains & northwest third of Corn Belt will be affected by light to moderate rain of 0.50”-1.00” through today.  In contrast, areas of high pressure keep the southeast two-thirds of the Corn Belt and Delta dry over much of the next 10 to 14 days.  The central U.S. will be sharply divided by hot weather across the southeast half and chilly weather across the northwest half through Tue.

• CZ, down $.0150 @ $3.52; CH, down $.0125 @ $3.6475.  The funds bought 5 K to close out the week

• SX, down $.0550 @ $9.7875; SF, down $.0550 @ $9.89.  Funds:  bot 8 SB; 6 SBM; sold 3 BO.  Board Crush: $.83, -1; LY: $.79

• WZ, down $.0350 @ $4.46; WH, down $.0350 @ $4.66.  The funds were said to be even in Friday’s trade

CORN/SORGHUM

• December 2017 corn futures on Fri. closed at $3.53 ½; one year ago, December 2016 corn futures settled at $3.36 ½

• Consultant: USDA Crop Progress report—U.S. Corn Good/Excellent est. at 59-61% vs. 61% last week and 74% last year 

• ATI Research: U.S. corn harvest on average increases approximately 6% over Sep. 17-24 to approximately 17%

• T-storm Weather: U.S. corn harvest is likely to accelerate across the southeast two-thirds of the Corn Belt and Delta through at least the first week of October

• Export Inspections released at 10 am CDT; Corn, 35.9 mbu needed; 26.6 last week.  Milo—4.1 needed; 2.6 last week

SOYBEANS/WHEAT

• Consultant: USDA Crop Progress report—U.S. Soybean Good/Excellent est. at 57-59% v. 59% last week & 73% last year 

• T-storm Weather: Very heavy rainfall of 1.00” to 3.00” impacts the U.S. Plains and far western Corn Belt through Wednesday, slowing soybean harvest.  Sharply drier weather further east to support harvest progress into early Oct.

• Export Inspections released at 10 am CDT; Soybeans, 43.5 mbu needed; 34.1 last week

• Export Inspections released at 10 am CDT; Wheat, 17.7 mbu needed; 17.1 last week

• ATI Research: 5-year avg. for U.S. winter wheat planting progress increases approx. 13% from Sep. 17-24 to 28%

• T-storm Weather: Widespread rain wipes out dryness in the U.S. HRW wheat belt through midweek

ENERGY

• Firm: CLX17, +$0.01 @ $51.04; EBX, +$0.50 @ $57.36; EBX-QCLX, +$.48; RBX, +.0133; NGX, +.0009; HOX, +.0116

• Cash ethanol markets were mixed on Friday: Chicago and Gulf up 1 ¼; New York off ½; Dallas and Tampa firmed ½; and LA was unchanged at $1.72 per gallon

• Ethanol RINs firmed were higher on Friday: 2016’s and 2017’s added 1 1/8 to 82 ¼-84

• The Oct RBOB/Oct ethanol spread gained $.0216 on Friday, settling at +$.15440/gallon   

  LIVESTOCK/POULTRY                                    &nbs​p;                        ​;                  ​

• Choice boxed beef values firmed 9-cents on Friday to $191.60, and are 18-cents higher vs. last week

• Cattle on Feed: Sep 1 on feed, 103.6% (102.7% avg est); Aug. place, 102.6% (97.3%); Aug. Market, 105.9% (105.8%)

• USDA mandatory pork carcass cutout value declined 52-cents on Friday to $72.26, and is down $5.10 vs. a week ago

• CME Lean Hog Index was $1.04 lower on Fri. at $59.08.  October futures fell $1.625 and are $3.38 below the index

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather