HIGHLIGHTS
· Market Trend: Corn, 1 to 2 Lower; Soybeans, 4 to 5 Lower; Wheat, 4 to 5 Lower
· Well, “happy Friday”! Scotland votes to stay in the U.K.; yen slides on expectations for a continuation of the BOJ’s stimulus program while the US Fed eventually opts to boost rates. Nikkei closes 1.6% higher; Shanghai and the Hang Seng both gain .6%. Europe rises on outlook for continued stability of the British Pound: CAC 40 is up .3%; both the DAX and FTSE gain ¾’s of a point. US pre-markets look good: Dow futures, +74; NAS, +15; S&P500, +6.25. Oct crude slightly lower at $93/bbl; $ Index moving higher, up 1/6 of a point at 84.76 and gold continues to be in a little dis-favor, off $4.30 to $1,221.60/troy oz
· T-Storm Weather: Temperatures warm over the next two days across the Corn Belt, but then turn seasonable to slightly-cool for the first half of next week as a cool front passes. The front triggers a few thunderstorms from tonight through Saturday night in key corn and soybean areas, but low coverage and amounts prevent a notable slowing of harvesting. A sustained period of dry weather follows for at least five to seven days. Rain chances are notably higher this weekend and next week in the central and southern Plains, which is likely to limit HRW wheat planting – mainly across Oklahoma and Texas where 1.00” – 3.00” is expected
· Dec Corn Down $.0125 at $3.37; March Down $.0125 at $3.4950. The funds sell 6 K
· Nov Soybeans Down $.0475 at $9.6675; Jan Down $.05 at $9.7450. The funds sold 6 K SB, 5 K SBM and 5 K SBO yesterday
· Dec Wheat Down $.0425 at $4.842525; March Down $.04 at $5.0175. Fund selling estimated at 6 K on Thursday
CORN/SORGHUM
· T-storm Weather: Widely scattered rain of 0.33”-0.67” forecast across Corn Belt from tonight through Saturday night
· ATI Research: Sept. 1-17 accumulated rainfall in Bloomington, IL was 4.69” compared to the long-term avg. of 1.84”
· U.S. corn mature as of Sept. 21 likely to range from 40-45% compared to 37% last year & 5-year avg. of 53%
· Outstanding U.S. corn export sales as of Sept. 11: 458mbu vs. 493 mil last year and the 5-year avg. of 488 mil
SOYBEANS/WHEAT
· T-storm Weather: Lack of rain improving soybean harvest conditions; 47% of production drier than avg. the last week
· Outstanding U.S. soybean export sales as of Sept. 11: 926mbu vs. 805 mil last year and the 5-year avg. of 685 mil
· U.S. soybeans dropping leaves as of Sept. 21 likely to range from 43-48% vs. 44% last year & 5-year avg. of 53%
· T-storm Weather: Very heavy rain of 1.00”-3.00” occurs through the weekend for HRW wheat in Oklahoma & Texas
· ATI Research: U.S. SRW wheat export business has slowed significantly-- net sales the past 4 weeks are a 10-year low
ENERGY
· Futures are mixed: QCLV14, -$0.20 at $92.87; QRBV,+$0.0054; QNGV, -$.008; and QHOV, +$.0023
· Cash ethanol markets continued to plummet on Thursday: Chicago slid 10 ½; New York dipped 12 ¾; Dallas dropped 13; Tampa crashed 16 ½; Gulf declined 9; and LA was 14 lower at $1.81 per gallon
· Slight declines in RINs: 2012’s down 3/8 to 44 ½-45; 2013’s off ¼ at 45-45 ½; and 2014’s were ¼ lower at 45-45 ½
· The October RBOB/Ethanol spread added nearly 4 cents, moving out to $.8990/gallon inThursday’s trade
LIVESTOCK/POULTRY  
· Choice boxed beef values fell $1.03 yesterday and have lost $6.66 over the last five trading days
· Today’s USDA Cattle on Feed expected to confirm a 6th month of reduced placements and smallest on-feed since 2003
· After easing 37-cents on Wednesday, the USDA mandatory pork carcass cutout value jumped $2.33 yesterday
· CME Lean Hog Index up $0.59 to $104.74. October futures down $2.125 to $102.975 and are $1.765 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather