HIGHLIGHTS
· MARKET TREND— A Little Weaker--CZ: Down $.0125; SX: Down $.0075; WZ: Down $.0150; KWZ: Down $.01
· MACRO: Deutsche Bank’s financial condition is sending if not shockwaves, then ripples of concern through the global financial markets. ASIA: Nikkei, -1.46%%; Shanghai, +0.23%; Hang Seng, -1.86%. EUROPE: Weaker—DAX, -1.20%; FTSE, -1.10%; CAC -1.51%. WALL STREET: Futures are lower with the DOW down 31; the S&P is 2.75 lower and the NAS, 11.50 in the red. EXTERNALS: $ Index, +.273 @ 95.745; Gold, +$3.50 @ $1,329.30.40; Nov Crude, -$.49 @ $47.34/barrel.
· T-Storm Weather: A strong, stagnant & cool upper-level circulation spins within the eastern half of the Corn Belt through the weekend resulting in periodic showers within eastern Illinois, Indiana, Michigan & Ohio, & accumulating into another 0.50” to 1.00” by Sat.-Sun.; higher coverage &amounts in/near Michigan & Ohio. Little to no rain occurs to the west into at least Monday, allowing corn/soybean harvesting & wheat planting to advance in sufficiently dry areas. Temps in the west remain mild (70s-80s)
· Corn: CZ Down $.0125 @ $3.28; CH Down $.01 @ $3.38. The funds were even in Thursday’s trade
· SB: SX Dn $.0075 @ $9.4950; SF Dn $.01 @ $9.5525. Funds: bought 1 SB & 2 SBO, sold 2 SBM. Oct crush, $.79 -$.04; LY: $0.90
· Wheat: WZ Down $.0150 @ $3.9750; WH Down$.0125 @ $4.2050. The funds sold 3 K yesterday
CORN/SORGHUM
· USDA Grain Stocks report at 11:00 am CDT: Avg. trade guess for U.S. Sep. 1 corn stocks, 1.754 bbu (range 1.665-1.862)
· ATI Research: U.S. corn export sales for 16/17 for the week ending Sep. 22 of 22.6 mbu were below the trade range of 30-37, and below last year’s total of 29.5. Sorghum sales for 16/17 were 8.9 mbu compared to 6.4 last year
· U.S. corn harvest for the week ending Oct. 2 was approx. 24% last year and the five-year average is approx. 27%
· T-storm Weather: Rain develops within U.S. Plains, northwest third to half of Corn Belt Oct. 3-8; 0.67”-1.33” amounts
· Consultant: Planting of Argentina’s 2016/17 corn crop has begun; most activity in central, eastern production regions
SOYBEANS/WHEAT
· USDA Grain Stocks at 11:00 am CDT: Avg. trade guess for U.S. Sep. 1 soybean stocks, 0.200 bbu (range 0.158-0.256)
· ATI Research: U.S. soybean export sales week end Sep. 22: 62.2 mbu—above trade range of 40-48, below 92.1 in 2015
· T-storm Weather: While rain chances exist in eastern soybean areas of the U.S. Midwest next week, they are lower than the west due to an upper-level high that attempts to block a series of systems flowing inland from Pacific Ocean
· USDA Small Grains Summary report at 11:00 am CDT: Avg. guess for U.S. all wheat crop, 2.323 bbu (v. 2.321 in Aug.)
· USDA Grain Stocks report at 11:00 am CDT: Avg. guess for U.S. Sep. 1 wheat stocks, 2.438 bbu (range 2.175-2.650)
· T-storm Weather: Widespread rain of 1.00”-3.00” is likely in most wheat areas of Argentina over the next 10 days
ENERGY
· Weaker: CLX16, -$.49 @ $47.34; EBX,-$0.85; EBX-CLX, $1.06, -$.35; RBX, -.0182; NGX, +.003; HOX, -$.0143
· Most cash ethanol markets posted additional declines on Thursday: Chicago off 3 7/8; New York down 2; Gulf eased 4; Tampa slipped 1 ½; Dallas off 2; but LA was unchanged at $1.69 ½ per gallon
· Ethanol RINs higher: 2014’s up ½ to 87 ¼-90 ¼; 2015’s added ½ to 87 ¼-90 ¼; and 2016’s firmed ½ to 87-90
· The Oct RBOB/Oct ethanol inverse eased about a ½ to -$0.0732/gallon inThursday’s trade
LIVESTOCK/POULTRY  
· Choice boxed beef values declined 98-cents on Thursday to $189.75, but is $2.40 higher compared to a week ago
· Dressed steer weight week end Sep. 17: 905 lbs., up 2 pounds v. last week, 897.5 for the 4-week avg. & 923 last year
· USDA mandatory pork carcass cutout value declined $1.55 on Thu. to $73.15, and is $4.73 lower vs. last week
· Quarterly Hogs and Pigs at 2:00 pm CDT: Avg. trade est, all hogs and pigs, 101.1%; breeding, 100.6%, market, 101.1%
Sources: Bloomberg, Dow Jones, AP, T-storm Weather