HIGHLIGHTS
· Market Trend: Corn, ½ to 1 Lower; Soybeans, ½ to 1 Higher; Wheat, ½ to 1 Lower
· Fed says “considerable” time may elapse before it begins to boost interest rates, pacifies markets even though a further cut-back in bond buying was announced. Asia started off lower; the Hang Seng finished .9% in the red; the Nikkei gained 1.13% with Shanghai edging up .35%. Europe is trading in positive territory: DAX, +1%; FTSE, +.49%; CAC 40, +.67%. U.S. markets look set to boost 401-K values—Dow futures are 56 higher; S&P500 called 8 higher and the NASDAQ, up 15.7. Asian stalwarts Sony and Hyundai not doing so well--former ceases dividends for the 1st time in 5 decades; latter of 9% on a perhaps over-zealous land purchase. Energy futures are mostly weaker; the $ Index is heading for 85, up ¼ point and gold, well, so much for those TV purveyor/actor types, off $11.60
· T-Storm Weather: Temperatures turn sharply warmer over the next few days. A cool front breaks warmth within Friday-Sunday, triggering scattered (not widespread) thunderstorms across the Corn Belt, while organized rainfall slows planting in HRW wheat areas to the south of Nebraska. Coolness follows early next week, resulting in a low to moderate (not high) chance for frost across the northeast third to half of corn and soybean production Monday and / or Tuesday morning; it will take another day or two to increase or decrease odds. Dry weather occurs next week as areas of high pressure dominate
· Dec Corn Down $.0075 at $3.41; March Down $.0050 at $3.5350. The funds sold 2 K mid-week
· Soybeans Up $.0050 at $9.83; Jan Up $.0050 at $9.9125. The funds bought 2 K SB, sold 2 K SBM and bought 3 K SBO yesterday
· Dec Wheat Down $.01 at $4.9825; March Down $.01 at $5.1525. The funds bought back 2 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 22 to 30mbu corn
· T-storm Weather: Scattered rain of 0.50”-1.00” affects much of Corn Belt Friday-Sunday to slow corn harvesting
· ATI Research: Corn planted May 1 in Central, IL has 2627 Growing Degree Days, which is 129 below normal
· Ethanol grind: 931 thou barrels per day for week ending Sept 12—up 4 thou vs. last week and up 11.1% vs. a year ago
· December 2014 corn futures closed at $3.41 ¾ Wed.; one year ago, the December 2013 corn contract closed at $4.54
SOYBEANS/WHEAT
· Export Sales: Soybeans, 40 to 51mbu; soymeal, 0-25 old-crop, 100-250 new-crop; soyoil, -5-10 old, 0-20 new-crop
· T-storm Weather: U.S. soybeans would benefit from drying as 27% received at least twice its avg. rain the last 14 days
· Nov. 2014 soybean futures closed at $9.82 ½ Wed.; one year ago, the Nov. 2013 soybean contract closed at $13.42 ½
· Export Sales: Trade expects 17-24mbu for all wheat
· T-storm Weather: Rain (1.00”-2.00”) affects central & southern Plains Friday-Sunday to slow & stop wheat planting
· CBT Dec. 2014 wheat futures closed at $4.99 ¼ Wed.; one year ago, the CBT Dec. 2013 wheat contract closed at $6.43
ENERGY
· Futures have a weaker tone: QCLV14, -$0.11 at $94.31; QRBV,+$0.0023; QNGV, -$.030; and QHOV, -$.0106
· Significant declines were seen in cash ethanol markets on Wednesday: Chicago off 6; New York eased 3 5/8; Dallas slid 11; Tampa declined 8 ½; Gulf dropped 3 ½; and LA was 5 ¾ lower at $1.95 per gallon
· RINs steady to up slightly: 2012’s up 1/8 to 44 ¾-45 ½; 2013’s steady at 45 ¼-45 ¾; and 2014’s were unch at 45 ¼-45 ¾
· The October RBOB/Ethanol spread soared 14 ½ cents to settle at $.86020/gallon
LIVESTOCK/POULTRY ;
· Choice boxed beef values fell $1.73 yesterday and have lost $5.63 over the last four trading days
· After increasing $4.64 over the previous two days, the USDA pork carcass cutout value eased 37-cents yesterday
· CME Lean Hog Index up $0.93 to $104.15. October futures down $1.775 to $105.10, but are $0.95 above the index
· Broiler egg set last week was up 3.5% from last year and average set over the last four weeks is 2.4% above last year
Sources: Bloomberg, Dow Jones, AP, T-storm Weather