HIGHLIGHTS
· Market Trend: Corn, 2-3 Lower; Soybeans, 3-4 Lower; Wheat, 3-4 Lower. Europe: Wheat, + ¾; Corn, +3/4
· Lower oil prices lifted Asian stock values while recession concerns remain a cloud over Europe. Japan’s Nikkei gained over .9%; Shanghai rose .63% and the Hang Seng, +.40%. Britain’s FTSE fell 1% in early trade with both the DAX and CAC-40 down .64-.66%. U.S. futures seem unconvinced that lower oil prices are boon to the economy—the Dow is 5 lower; the S&P, off 4 ¼ and the NAS, 2 ½ lower. Outside markets have energy futures mostly weaker; Nov gold is $10.30 lower and the $ Index is near 86.18, up .061 this morning.
· T-Storm Weather: Pockets of rain exit the eastern half of the Corn Belt today. Clouds linger as the associated system slowly exits, but sunny weather aids drying to the immediate west of a large cloud shield. A few showers and thunderstorms are plausible in southern areas of the Corn Belt / Plains and Delta around Sunday-Monday, but the main point is that a long period of drying is forthcoming, which will allow growth, planting, and harvesting to advance – especially for HRW wheat in the Plains as a mild pattern also occurs
· Dec Corn Down $.0250 at $3.5450; March Dn $.0275 at $3.6725. The funds bought 12 K on Tuesday
· Nov SB Down $.0375 at $9.61; Jan Dn $.0375 at $9.6950. Del’ys: 33 SBM, 98 SBO. Funds bot 10 K SB; 6 K SBM; sold 3 K SBO
· Dec Wheat Down $.0375 at $5.0550; March Down $.04 at $5.1725. Yesterday, the funds bought 2 K
CORN/SORGHUM      
· ATI Research: USDA Good/Excellent corn ratings unchanged at 74%. ATI has adopted the USDA’s October harvested acreage and yield estimates but with a bias the latter could increase 1-3 bpa in the next report
· ATI Research: Updated corn balance sheet; 14/15 carryout down 18mbu to 2.306Bbu
· USDA Crop Progress: U.S. corn mature at 87% vs. the 5-year avg. of 89%; corn harvest at 24% vs. avg. of 43%
· T-storm Weather: Conditions for corn harvest gradually improve through next week—especially across the Plains
SOYBEANS/WHEAT
· ATI Research: Good/Excellent soybean ratings steady at 73%. ATI has adopted the USDA’s October harvested acreage and yield estimates with production pegged at 3.927Bbu. Crop Progressreport pegs harvest at 40% vs. avg. of 53%
· ATI Research: Updated soybean balance sheet; 14/15 carryout down 52 million to 469mbu
· T-storm Weather: Limited rain for key soybean areas of Center-West and Southeast Brazil for at least one more week
· USDA Crop Progress: Winter wheat planted: 68% v. 5-year avg. of 67%; but key SRW states 9-26 points behind avg.
· ATI Research: Updated HRW wheat balance sheet has 14/15 carryout at 207mbu; 15/16 trend estimate is 326mbu
ENERGY
· Futures are again mostly lower: QCLX14,-$1.29 at $80.55; QRBX,-$0.0410; QNGX, +$.029; andQHOX, -$.0303
· Cash ethanol markets were steady to higher on Tuesday: Chicago gained 1 ½; Gulf added 3 ¾; New York jumped 4 ¾; Dallas up ½; Tampa unchanged; and LA was 3 higher at $1.82 per gallon
· RINs were steady across the board: 2012’s at 48-48 ½; 2013’s at 48-48 ¾; and 2014’s at 48-48 ¾
· The November RBOB/Ethanol spread fell nearly 11 cents, to $.5092 per gallon on Tuesday on weakness in crude
LIVESTOCK/POULTRY    
·   Choice boxed beef values gained $1.10 yesterday and have increased $11.09 over the last seven trading days
· Cash cattle are quiet with feedyards asking $166 to $167, but no packer bids reported. Cash traded LW at $164
· The USDA pork carcass cutout value fell $4.43 yesterday and has lost $7.05 over the last six trading days
· CME Lean Hog Index down $0.22 to $109.70. December futures up $0.30 to $94.925, but are $14.775 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather