HIGHLIGHTS
· Market Trend: Corn, ½-1 Higher; Soybeans, 7+ Higher; Wheat, Up 2-3. Europe: Wheat, - 4 ¼; Corn, - 2 ½
· Global economic growth, or rather diminishing prospects for it seem to be at the forefront of current market action. In Asia, the Nikkei fell 1.2%; the Hang Seng pulled back .7% and the resumption of trading in Shanghai resulted in a 77% decline. Europe is not faring much better with the FTSE off .48%; the CAC 40, -.72% and the DAX, .75% lower. Pre-market indications in the U.S. have something for everyone: S&P futures, up ½; the NAS, steady and the Dow, down 9. Outside markets find the $ Index little changed at 85.95; gold is $6.20 to the plus side and energy futures are all in the red
· T-Storm Weather: Heavy rain from the remnant of Hurricane Simon slows and stops corn / soybean harvesting and winter wheat planting across the U.S. southern Plains, Delta, and southeast Corn Belt within Thursday-Saturday. Dry weather to the north aids harvesting through at least the weekend. Temperatures likely turn warmer next week, but an increase in humidity is plausible, thereby continuing the low chance for widespread rainfall across the Corn Belt and Delta (most likely withinTuesday-Thursday / Oct. 14-16, if it occurs).
· Dec Corn Up $.01 at $3.4150; March Up $.0075 at $3.5425. The funds bought 7 K on Tuesday
· Nov Soybeans Up $.0750 at $9.4850; Jan Up $.0750 at $9.5675. No SBM, SBO del’ys. Funds: bought 2 K SB; 4 K SBM, sold 2 K SBO
· Dec Wheat Up $.02 at $5.0825; March Up $.03 at $5.2125 Fund buying was estimated at 7 K yesterday
CORN/SORGHUM    
· ATI Research: Near-term U.S. corn exports pegged at 30-35mbu per week; 15-23 via Gulf; 5-8 off PNW; & 5-7 Interior
· USDA WASDE report on Oct. 10: Avg. trade guess for 14/15 U.S. corn production, 14.523Bbu (14.395 in September)
· USDA WASDE report on Oct. 10: Avg. trade guess for 14/15 U.S. corn ending stocks, 2.144Bbu (2.002 in September)
· Private crop consultant pegs 14/15 U.S. harvested corn acreage at two million less than current USDA estimate
· Ethanol margins: $0.23 per gallon vs. $0.60 last week and below $0.67 last year. EIA report at9:30 AM CDT
SOYBEANS/WHEAT
· ATI Research: U.S. soybean exports expected to be averaging 60-65mbu per week by the end of October
· USDA WASDE report on Oct. 10: Avg. trade guess for 14/15 U.S. soybean production, 3.977Bbu (3.913 in September)
· USDA WASDE report on Oct. 10: Avg. trade guess for 14/15 U.S. soybean ending stocks, 478mbu (475 in September)
· ATI Research: Modest recovery in U.S. HRS export sales with the 4-week total the third highest of the past 7 years
· USDA WASDE report on Oct. 10: Avg. trade guess for 14/15 U.S. all wheat ending stocks, 704mbu (698 in September)
ENERGY
· Futures are decidedly lower: QCLX14,-$1.00 at $87.85; QRBX,-$0.0404; QNGX, -$.064; andQHOX, -$.0245
· A firmer tone was evident Tuesday in cash ethanol markets: Chicago up 3 ½; Gulf added 3 ¼; New York jumped 6; Dallas gained 4 ½; Tampa climbed 2; and LA was 4 higher at $1.69 ½ per gallon
· EIA estimates (API): crude, +1.9 mb (+5.1); gasoline, -0.9 (+2.5); distillates, -1.2 (-1.1)
· RINs posted gains: 2012’s up ¾ to 46 ½-47; 2013’s added ¼ to 46 ½-47; and 2014’s were 3/8 higher at 46 ¾-47
· The November RBOB/November Ethanol spread fell close to $.04, settling at $.7640 per gallon
LIVESTOCK/POULTRY   ;
·   Choice boxed beef values gained $2.52 yesterday and have increased $5.56 over the last two days
· Cash cattle are quiet with feedyards asking $165, but no packer bids reported. Cattle traded LW at $160 to $162
· The USDA pork carcass cutout value eased 60-cents yesterday after increasing $2.71 over the previous 3 trading days
· CME Lean Hog Index up $0.37 to $109.91. October futures up $0.05 to $107.225, but are $2.685 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather