HIGHLIGHTS
· Market Trend: Corn, ¼ Lower; Soybeans, 5 higher; Wheat, 2 Lower
· Enthusiasm from the Chinese interest rate cut wanes somewhat: Hang Seng loses .2%; Shanghai closes 1.4% higher with the Nikkei up .3%. The president of Europe’s Central Bank reinforces interest in further stimulus efforts—mid-day results find the FTSE up .15%; the DAX is .98% higher and the CAC 40 is .61% to the plus side. U.S. markets await Q3 economic data—DOW futures up 17; the NAS is 7.8 higher and S&P futures are indicating a 1.75 positive start. Energy futures are in mostly positive territory; gold is $4.20 higher at $1,199.90 and the $ Index is up a modest .009 to 88.41
· T-storm Weather: Widespread coverage of above-average rainfall affects Center-West and Southeast Brazil over the next 10 days as cool fronts sweep into the regions and dissipate. Widespread rainfall of 2.50" - 5.00" is probable through the period, compared to an average of approximately 2.00" - 3.00". The same cool fronts sweep northward through South Brazil and Paraguay through the period, but less rain occurs because the fronts quickly exit. That said, at least near-average rainfall of 1.00" - 2.00" is probable. Mainly dry weather affects Argentina through Fridaybefore widespread rainfall develops Saturday-Sunday
· Dec Corn Down $.0025 at $3.6725; March Down $.0025 at $3.0 Fund selling on Monday totaled 3 K
· Jan SB Up $.0525 at $10.45; Mar Up $.0525 at $10.45. Funds: sold 4 K SB, 3 K SBM and bought 4 K SBO
· Dec Wheat Down $.02 at $5.4025; March Down $.02 at $5.4725. The funds sold 3 K to begin the week
CORN/SORGHUM   <wbr>
·   ATI Research: U.S. corn crop size is steady at 14.445 Bbu with national average yield of 173.9 bpa
· ATI Research: Updated U.S. corn balance sheet; 14/15 use dn 22mbu from last week, carryout up 22 mbu to 2.348Bbu
· USDA Crop Progress: U.S. corn harvest pegged at 94% vs. 89% last week, 94% last year and the 5-year avg. of 92%. Michigan remains 16 points below its average (69% vs. 85%) while Wisconsin is 13 points behind (73% vs. 86%)
· Private consultant: 14/15 full-season corn crop in Brazil is approx. 70% planted & is generally rated in good condition
SOYBEANS/WHEAT
· ATI Research: U.S. soybean crop size unchanged from last week at 3.978Bbu with national average yield of 47.7 bpa
· ATI Research: Updated U.S. soybean balance sheet; 14/15 use unch from last week, carryout steady at 370 mbu
· USDA Crop Progress: U.S. soybean harvest pegged at 97% vs. 94% last week, 95% last year and the 5-year avg. of 98%
· Private consultant: Weather in Brazil for 14/15 soybeans is improving but there are still some dry pockets
· USDA Crop Progress: Winter wheat emergence, 92% vs. 89% avg.; condition, 58% Good/Excellent, dn 2% v. last week
· ATI Research: U.S. HRW wheat balance sheet, 14/15 carryout at 227 mbu. 15/16 carryout, 341 mbu
· Private consultant: Most wheat in Rio Grande do Sul, Brazil is not milling quality; some not even suited for animal feed
ENERGY
· Futures are mostly higher: QCLF14, +$0.025 at $76.03; QRBF, +$0.0167; QNGF, -$.006; andQHOF, +$.0152
· A mixed trend was seen in cash ethanol markets on Monday: Chicago gained 6; Gulf up 1; Dallas climbed 1 ½; Tampa tacked on 4; New York declined 7; and LA was ½ lower at $2.65 ½ per gallon
· RINs rebounded slightly: 2013’s up 1 ½ at 50-53 ½; 2014’s gained 7/8 to 50-53 ¾; and 2015’s added 1 ½ to 50-54
· The Dec RBOB/Dec Ethanol spread saw further gains in the latter with ETOH now at a $.0466 premium to RBOB
LIVESTOCK/POULTRY ; ;
· Choice boxed beef values were 48-cents higher on Monday and are up $1.43 vs. a week ago
· The 5-Area Weekly Weighted Average Steer price increased $1.25 last week to a record $171.15/cwt.
· The USDA pork carcass cutout value decreased 30-cents on Monday and is $2.32 lower compared to last week
· CME Lean Hog Index down $0.08 to $88.78. December futures up $0.675 to $91.325 & are $2.545 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather