HIGHLIGHTS
· Market Trend: Corn, 3 Lower; Soybeans, 9 Lower; Wheat, 3 Lower. Europe: Wheat, - 4 ¼; Corn, - 2 ½
· Overseas markets reacted to the U.S. melt-down as one might expect: the Hang Seng closed down 1.9%; the Nikkei dropped 1.17% and Shanghai was off a more modest .62%. Europe is taking an even bigger hit in early trade: the bell-weather DAX is 2.15% in the red (export growth at a 5 year low); the CAC-40 is down 1.5% and Britain’s FTSE is 1.4% lower. Pre-markets don’t bode well for 401-K’s: Dow futures are 89 points lower; the NAS, off 38.50 and the S&P 500, 9.75 lower. The $ Index is +.090 at 85.91; energy futures are mostly weaker and even gold has lost some of its glitter, down $7.60 at $1,217 per oz
· T-Storm Weather: In the central U.S., heavy rain affects the southeast half as the remnant of Hurricane Simon and a separate wave pass; upcoming rain improves soil moisture for HRW wheat growth and development, but stops corn / soybean harvesting and SRW wheat planting, while also inducing areas of flooding through Monday-Tuesday. At least three to five days of dry and mild weather follow the exit of rain, though it is difficult to determine whether drying will last beyond this period, or rain will return
· Dec Corn Down $.0350 at $3.4175; March Down $.0325 at $3.5425 The funds bought an estimated 1 K on Thursday
· Nov Soybeans Down $.09 at $9.3325; Jan Down $.09 at $9.41. No SBM, SBO del’ys. Funds: bought 4 K SB; 3 K SBM, even on SBO
· Dec Wheat Down $.0425 at $5.89; March Down $.0425 at $5.101. Fund selling totaled 7 K yesterday
CORN/SORGHUM      
· USDA WASDE report at 11:00 AM CDT: Avg. trade guess for 14/15 U.S. corn production, 14.523Bbu (14.395 in Sept.)
· USDA WASDE report: Avg. trade guess for 14/15 U.S. corn ending stocks, 2.144Bbu (2.002 in Sept.)
· USDA WASDE report: Avg. trade guess for 14/15 world corn end stocks, 192.6 MMT (189.9 in Sept.)
· Outstanding U.S. corn export sales as of Oct. 2: 443mbu vs. 537 mil last year and the 5-year avg. of 478 mil
· Outstanding U.S. sorghum export sales as of Oct. 2: 80mbu vs. 36 mil last year and the 5-year avg. of 23 mil
SOYBEANS/WHEAT
· USDA WASDE report at 11:00 AM CDT: Avg. trade guess for 14/15 U.S. soybean production, 3.977Bbu (3.913 in Sept.)
· USDA WASDE report: Avg. trade guess for 14/15 U.S. soybean ending stocks, 478mbu (475 in Sept.)
· USDA WASDE report: Avg. trade guess for 14/15 world soybean end stocks, 90.9 MMT (90.2 in Sept.)
· Outstanding U.S. soybean export sales as of Oct. 2: 1007mbu vs. 943mbu last year and the 5-year avg. of 749mbu
· USDA WASDE report: Avg. trade guess for 14/15 U.S. all wheat ending stocks, 704mbu (698 in Sept.)
· USDA WASDE report: Avg. trade guess for 14/15 world wheat end stocks, 196.8 MMT (196.4 in Sept)
ENERGY
· Futures are mostly lower: QCLX14,-$1.10 at $84.67; QRBX,-$0.0177; QNGX, +$.007; and QHOX, -$.0048
· Additional gains were seen Thursday in cash ethanol markets: Chicago, Dallas and Tampa all up 1 ½; Gulf added a penny; New York tacked on ¾; and LA was 9 higher at $1.81 per gallon
· Firmer trend in RINs: 2012’s up ½ to 47 ½-47 ¾; 2013’s added ½ to 47 ½-47 ¾; and 2014’s gained ½ to 47 ½-48
· The November RBOB/November Ethanol spread spread lost 3 ¼ cents, settling at $.6544 per gallon
LIVESTOCK/POULTRY </wbr>
· Choice boxed beef values gained 51-cents yesterday and have increased $8.74 over the last four days
· Cash cattle are quiet with feedyards asking $165, but no packer bids reported. Cattle traded LW at $160 to $162
· The USDA pork carcass cutout value eased 10-cents yesterday and has lost 73-cents over the last three days
· CME Lean Hog Index up $0.14 to $110.60. October futures up $1.375 to $109.50, but are $1.10 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather