HIGHLIGHTS
· Market Trend: Corn, 1½ Higher; Soybeans, 1-2 Lower; Wheat, 4 Higher. Europe: Wheat, Up 3 ½; Corn, Up 5 ½
· Asian markets were mixed: Shanghai ended .43% higher; the Nikkei gained a ½% and the Hang Seng, fell 1.9%. Pro-democracy rallies in Hong Kong created some uneasiness; China’s industrial sector profits fell .6% in August, possibly a precursor of softening economic conditions. Morning trade in Europe is weaker: FTSE, -.14%; DAX, -.20% and the CAC 40, -.32%. Pre-market trading has the Dow 70 points lower; the S&P is down 7 ¾ points and the Nasdaq is 16.25 to the negative; said to be mostly tied to Asia. Outside markets: gold, +$6 at $1,220; $ Index, +.043 to 85.965; energy futures are mixed
· T-Storm Weather: Temperatures remain warmer to much warmer than usual across the central U.S. over the next few days as upper-level high pressure dominates . Changes begin today-Tuesdayas a system produces rain across the central / northern Plains, then within Wednesday-Fridayelsewhere as another system develops and marks the start of a seasonably-cooler pattern. Since a sustained period of cool or stormy weather are not expected to follow, a significant slowing of corn / soybean harvesting and wheat planting is not expected
· Dec Corn Up $.0125 at $3.2425; March Up $.0125 at $3.37. The funds sold 4 K on Friday
· Nov Soybeans Down $.02 at $9.0825; Jan Down $.02 at $9.1675. The funds sold 6 K SB; 4 K SBM and 6 K SBO
· Dec Wheat Up $.0425 at $4.7850; March Up $.04 at $4.9150. The funds closed out the week by staying even
CORN/SORGHUM
· ATI Research: USDA Crop Progress likely to show U.S. corn crop Good/Excellent near steady at 74% vs. 55% last yr.
· December 2014 corn futures closed at $3.23 on Friday after establishing a contract low of $3.22 ¾. This is the lowest closing price for a nearby December corn contract for this date since 2006 ($2.59)
· U.S. corn harvest estimated at 13-18% as of Sept. 28 compared to 11% last year and the 5-year avg. of approx. 23%,
· Export Inspections released at 10 AM CDT; Corn, 33.7 needed; 40.1 last week. Milo—3.8 needed; 5.0 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 2,038 contracts
SOYBEANS/WHEAT
· ATI Research: Crop Progress likely to show U.S. soybean crop Good/Excellent near steady at 71% vs. 53% last year
· Export Inspections; Soybeans, 34.1 needed; 17.2 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 6,127 contracts
· U.S. winter wheat planting estimated at 38-43% as of Sept. 28 vs. 37% last year and the 5-year avg. of approx. 36%
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions increase 5,880 contracts
ENERGY
· Futures are again mixed: QCLX14,-$0.50 at $93.04; QRBX,+$0.0069; QNGX, +$.013; and QHOX, -$.0138
· A mixed tone was seen in cash ethanol markets on Friday: Chicago up ½; New York steady; Gulf, Tampa and Dallas all gained a penny; and LA was a 3 lower at $1.72 ½ per gallon
· RINs steady to slightly higher: 2012’s unch at 45 ½-46 ½; 2013’s up 1/8 at 46 ½-46 ¾; & 2014’s up 1/8 to 46 ½-46 ¾
· The October RBOB/Ethanol spread finally took a breather, easing $.0341/gallon to $1.0789 on Friday
LIVESTOCK/POULTRY    
· Choice boxed beef values fell $1.45 Friday and have lost $13.88 over the last 11 trading days
· The USDA pork carcass cutout value eased 9-cents on Friday after increasing $8.47 over the previous six trading days
· USDA Hogs & Pigs: Sep 1 herd down 2.3% due to PEDv, but strong margins encourage 1.8% increase in breeding herd
· CME Lean Hog Index up $0.56 to $107.64. October futures up $0.20 to $106.525, but are $0.20 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather