HIGHLIGHTS
· Market Trend: Corn, ½ Higher; Soybeans, 4-5 Lower; Wheat, 2-3 Lower. Europe: wheat, Down 5 ¼; corn, Down 4
· An uptick in unemployment claims along with a sharp drop equipment orders hammered Wall Street. Asia more or less followed suit with the Nikkei closing off .88%; the Hang Seng dropped .38% while Shanghai bucked the trend by posting a .14% gain. Europe started off lower but current #’s show the modest gains for both the DAX and FTSE (+.03%) with the CAC 40 up .69%. Pre-market indications point to a positive U.S. start: Dow futures, +27; NAS, +4; S&P 500, up 2. Outside markets have the $ Index up .077 at 85.535; gold is $.70 higher at $1,221.90 and energy futures range are mixed
· T-Storm Weather: Mild and dry upper-level high pressure dominates the U.S. over the next five to seven days. The lack of rain accelerates harvesting until rains arrive; wheat planting also advances. Rain chances increase from west to east as next week progresses, though the path and speed of the next system are difficult to assess; it remains most probable for rains to initially focus on the central / northern Plains Tuesday-Wednesday, then the Corn Belt later next week; 0.67” – 1.33” is most probable in the Plains with 0.50” – 1.00” elsewhere
· Dec Corn Up $.0025 at $3.2625; March Up $.0050 at $3.3950. The funds sold back the 5 K they bought on Wednesday
· Nov Soybeans Down $.0450 at $9.1825; Jan Down $.0475 at $9.2675. The funds sold 6 K SB; 4 K SBM and bought 1 K SBO
· Dec Wheat Down $.0225 at $4.7175; March Down $.02 at $4.8575. The funds were seller of 4 KThursday
CORN/SORGHUM
· T-storm Weather: Cooler and seasonably-stormy pattern for corn areas likely begins from Oct. 3-5forward
· ATI Research: Sept. 1-24 accumulated rainfall in Bloomington, IL was 5.28” compared to the long-term avg. of 2.55”
· U.S. corn mature as of Sept. 28 likely to range from 60-65% compared to 61% last year & 5-year avg. of approx. 70%
· Outstanding U.S. corn export sales as of Sept. 18: 450mbu vs. 500 mil last year and the 5-year avg. of 477 mil
· Outstanding U.S. sorghum export sales as of Sept. 18: 85mbu vs. 27 mil last year and the 5-year avg. of 22 mil
SOYBEANS/WHEAT
· T-storm Weather: Favorable conditions exist for U.S. soybean maturation and harvest as 66% of production received less than 0.50” of rain over the last seven days
· Outstanding U.S. soybean export sales as of Sept. 18: 1.004Bbu vs. 923mbu last year and the 5-year avg. of 721mbu
· U.S. soybeans dropping leaves as of Sept. 28 likely to range 63-68% vs. 64% last year & 5-year avg. of approx. 71%
· T-storm Weather: 81% and 74% of U.S. HRW and SRW wheat production were seasonable to wet over the last 30 days
· ATI Research: U.S. wheat export sales historically slow; sales of 58mbu past 4 weeks lowest since at least mid-1980s
ENERGY
· Futures are mixed: QCLX14, +$0.45 at $92.97; QRBX,-$0.0028; QNGX, -$.019; and QHOX, +$.0079
· Cash ethanol markets were weaker on Thursday: Chicago down 3 ½; New York eased ½; Gulf declined 3; Dallas slipped a nickel; Tampa lost 6; and LA was a 1 ½ lower at $1.75 ½ per gallon
· RINs were mostly steady: 2012’s unch at 45 ½-46 ½; 2013’s steady at 46 ¼-46 ¾; & 2014’s down 1/8 to 46 ¼-46 ¾
· The October RBOB/Ethanol spread added close to another 6 cents, reaching $1.1130 byThursday’s close
LIVESTOCK/POULTRY    
·   Choice boxed beef values eased 2-cents yesterday and have lost $12.43 over the last ten trading days
· Cash cattle remain quiet with feedyards asking around $161, but no packer bids. Cattle traded LW at mostly $159.00
· The USDA pork carcass cutout value gained $1.41 yesterday and has increased $8.47 over the last six trading days
· CME Lean Hog Index up $0.54 to $107.08. October futures down $1.125 to $106.325 and are $0.755 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather