HIGHLIGHTS
· Market Trend: Corn, 1-2 Lower; Soybeans, 6 Lower; Wheat, Steady, -1/4. Europe: Wheat, - 3 ½; Corn, - 1 ½
· Taking direction from Wall Street’s weakness on Monday, most overseas markets are lower this morning. The Nikkei lost .7%; Australia closed down .2% while the Hang Seng managed a .4% gain. Key exchanges in Europe are down—DAX, off .72%; FTSE, -.59% and the CAC-40. 1.0% lower. The World Bank revised downward its estimate for East Asia growth from 7.1% in April to 6.9% as well as indications lower expectations for China, off .3%. German business sentiment weakens—Russia. U.S. pre-markets: Dow, -62; S&P, -7.25; NAS, -14.2. The $ Index is back heading higher, up .156 to 86.365; energies are all lower and gold, +$3.40
· T-Storm Weather: Areas of rain affect the Delta, southern Plains, and southeast third of the Corn Belt as waves of energy pass – light showers affect the eastern Corn Belt through Wednesday, but the main event affects all of these areas Thursday-Friday. Upcoming rainfall particularly slows SRW wheat planting from the Delta through the southeast Corn Belt. Another system continues the low chance for widespread rainfall across the Corn Belt and Delta around next Monday-Tuesday as another wave rides the jet stream through the Corn Belt
· Dec Corn Down $.0175 at $3.3075; March Down $.0150 at $3.4375 The funds bought 8 K to open the week
· Nov Soybeans Down $.0060 at $9.3625; Jan Down $.0625 at $9.4425. Funds: bought 9 K SB; 7 K SBM, 7 K SBO
· Dec Wheat Down $.0025 at $4.9125; March Unch at $5.350 The funds bought 5 K Monday
CORN/SORGHUM   ;
· ATI Research: USDA Good/Excellent corn ratings unchanged at 74%. However, updated ATI yield is 6.0 bushels higher at 180.0 bpa based on a 20+% year-to-year gain of early yields with production up 490mbu to 14.722Bbu
· ATI Research: Updated corn balance sheet; 14/15 carryout up 557mbu to 2.324Bbu
· USDA Crop Progress: U.S. corn mature at 77% vs. the 5-year avg. of 81%; corn harvest at 17% vs. avg. of 32%
· T-storm Weather: Widespread rain of 1.00”-2.00” affects the Delta and southeast third of Corn BeltThursday-Friday
SOYBEANS/WHEAT
· ATI Research: Good/Excellent soybean ratings up one point to 73%; crop size unch at 3.971Bbu, yield at 47.2 bpa
· ATI Research: Updated soybean balance sheet; 14/15 carryout down 45 million to 521mbu
· T-storm Weather: Soybean harvest slows/stops on Thursday-Friday as widespread rain occurs. Thereafter, at least 2-3 days pf drying follow, but a low chance for 1.00” of rain exists across the Corn Belt and Delta Oct. 13-15
· USDA Crop Progress: U.S. winter wheat planted at 56% vs. the five-year average of 53%
· ATI Research: Updated HRS wheat balance sheet has 14/15 carryout at 242mbu, which would be a 24-year high
ENERGY
· Futures are lower: QCLX14,-$0.21 at $90.15; QRBX,-$0.062; QNGX, -$.003; and QHOX, -$.0095
· Cash ethanol markets were mostly higher on Monday: Chicago and Gulf gained 2 ¾; New York added 1 ½; Dallas climbed ½; Tampa was a penny firmer; and LA was 3 lower at $1.65 ½ per gallon
· RINs were higher: 2012’s up 1 to 45 ½-46 ½; 2013’s gained 5/8 to 46 ¼-46 ¾; and 2014’s climbed 5/8 to 46 ¼-46 ¾
· The November RBOB/November Ethanol spread gained nearly a ½ cent, settling at $.8832/gal on Monday
LIVESTOCK/POULTRY  
· After easing 13-cents on Friday, Choice boxed beef values jumped $3.04 on Monday
· The USDA 5-area weekly average steer price for last week was $160.54 on a live basis, up $3.79 from the week before
· The USDA pork carcass cutout value gained 95-cents yesterday and has increased $2.71 over the last 3 trading days
· CME Lean Hog Index down $0.14 to $109.54. October futures up $1.575 to $107.175, but are $2.365 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather