HIGHLIGHTS
· Market Trend—Corn, 1 to 2 Higher; Soybeans, 4-5 Higher; Wheat, 4+ Higher
· Solid earnings Friday from a number of U.S. companies impacted Asia to start the week with markets in Japan, Shanghai, Hong Kong, Seoul and Sydney all higher. Europe, on the other hand, is steady to slightly weaker. U.S. futures are not quite as optimistic this morning: Dow looks to be 6 lower; the S&P is steady to ¼ weaker while the Nasdaq is pointing to a 5 ½ point higher opening. Gold is $1.20 higher; Nov crude has dropped below $100/barrel and the dollar index is up a modest .018 at 79.745
· Much cooler-than-normal temperatures are on the way this week for most corn and soybean areas of the Midwest. Below- to much-below-normal precip is forecast for the western Corn Belt, which would be a welcome pattern change following recent heavy rain/snow. In contrast, parts in the eastern Corn Belt—notably Michigan—are forecast to see above- to much-above-normal precip. The final week of October looks to be colder-than-normal, with above-normal precip in the eastern Corn Belt
· Dec Corn Up $.02 at $4.4350; Mar Corn Up $.0175 at $4.5575. Funds were again evenon Friday
· Nov SB Up $.0475 at $12.96; Jan SB Up $.0475 at $12.9450. Fund even on SB; sold 1 K SBM and bought 4 K SBO Friday
· Dec Wheat Up $.04 at $7.0975; Mar Wheat Up $.0425 at $7.18750. Funds bought 7 K ahead of the weekend
CORN/SORGHUM
· In general, U.S. corn yields are surprising to the upside. Next USDA Crop Production report will be released on Nov. 8
· The USDA Crop Progress report will be available today. Corn mature for week ending Oct. 20 likely to range from 94-97%, which is below last year’s 100% but near the avg. of 95%
· Corn harvest for week ending Oct. 20 likely to be 35-40%, which is well below last year’s 86% & the average of 53%
· USDA Friday pegged corn export sales for week ending Sept. 26 at 30.5mbu; milo, 0.4mbu
· Export Inspections released at 10 AM; Corn, 24.1 needed; 21.7 last week. Milo—3.0 needed; 2.6 last week
· Corn planting is 19% complete in Argentina. More rain is needed in key production area
SOYBEANS/WHEAT
· Impressive soybean yields continue to be reported. Next USDA Crop Production report will be released on Nov. 8
· Soybeans dropping leaves for week end Oct. 20 likely to be 96-98%--behind last year’s 100% and the 99% avg.
· Soybean harvest for week end Oct. 20 likely to be 55-60%, which is well below last year’s 79% & the average of 69%
· Export sales week end Sept. 26: Soybeans, 31.6mbu; soymeal, 10.8 thous mt old/317.0 new; soyoil, 1.5 old, -0.1 new
· Export Inspections released at 10 AM CDT; Soybeans, 27.3 needed; 47.4 last week
· USDA Friday pegged U.S. all wheat export sales for week ending Sept. 26 at 30.8mbu
· Export Inspections released at 10 AM CDT; Wheat, 16.6 needed; 25.3 last week
· Winter wheat planting for week end Oct. 20 likely to be near 80%--equal to last year and close to the avg. of 78%
ENERGY
· The energy markets are mixed: QCLX13, -$0.93 at $99.88; QRBX, -$0.0067; QNGX, +$.033 and QHOX, -$.0127
· Cash ethanol markets were firmer on Friday: Chicago, Gulf, NY and Tampa were ½ higher; Dallas was up 3 ¾; and LA increased 1 ½ to $2.33 per gallon
· RINs, weaker again: 2012’s down 1 ½ to 29-30 ½; 2013’s 2 ¾ weaker to 30-31; and 2014’s off 2 at 30 ½-31 ½
· The November RBOB/ethanol spread lost $.0063 cents, closing at $.8632 per gallon Friday
LIVESTOCK/POULTRY  
· Choice boxed beef values firmed 26-cents Friday and are up $3.04 from 9/30 (the last day before the gov’t shutdown)
· Cash cattle traded last week at mostly $129, with some up to $130, up $1 to $2 from the week before
· The USDA pork carcass cutout value fell $1.53 Friday and is down $7.74 from September 30
· The USDA’s Iowa/Minnesota average cash lean hog price eased 57-cents Friday to $90.83
Sources: Bloomberg, Dow Jones, AP, T-storm Weather