HIGHLIGHTS
· Market Trend: Corn, 6 Higher; Soybeans, 8+ Higher; Wheat, 6-7 Higher
· Skiddish investors said to pressuring markets lower overnight/this morning, obsessing the Fed will move closer to raising interest rates. Sheer conjecture, pontificated one analyst. Asia had the Nikkei .23% lower; Shanghai eased 1.80%; the Hang Seng fell .91%; Europe is all lower as noon approaches—DAX, -.39%; CAC 40, -.50% and FTSE, -.71%. Pre-market ideas have the Dow off 28; the NASDAQ is 9 points to the downside and S&P500 futures look to start 2 ¾ lower. Not much good news for the 401-K today. Outside markets find energy mostly lower; the $ Index is .018 weaker at 84.535 while gold is sought after, +$5.10
· T-Storm Weather: Drying is forecast for the southeast half of the Corn Belt for several days, but another system brings rain to a larger area within Friday-Saturday. The pattern that follows for next week is slightly difficult to assess as computer models struggle with the position of heat in the western U.S. and coldness in eastern Canada. Computer models will fluctuate for next week for several more days, but it remains most probable for near- and above-average warmth to dominate, keeping best rain chances away from key areas, and aiding planting and harvesting
· Dec Corn Up $.0625 at $3.4925; March Up $.0550 at $3.6050. The funds opened the week buying 3 K
· Nov Soybeans Up $.0875 at $9.9825; Jan Up $.0875 at $10.0625. The funds bought 3 K SB & 5 K SBO, were even on SBM
· Dec Wheat Up $.0625 at $5.07; March Up $.0550 at $5.2375. The funds were even in Monday’strade
CORN/SORGHUM
· ATI Research: USDA pegs U.S. Good/Excellent corn ratings unchanged at 74%. Updated ATI crop size also steady at 14.399Bbu; yield at 171.8bpa
· ATI Research: Updated corn balance sheet--13/14 carryout up 17mbu to 1.147Bbu; 14/15 down 63 mil to 1.937Bbu
· USDA Crop Progress: U.S. corn mature at 27% vs. 20% last year & 5-year avg. of 39%; corn harvest at 4% vs. avg. of 9%
· T-storm Weather: A cool front sweeps eastward Friday-Saturday, likely dumping 0.50”-1.00” of rain across the heart of the U.S. corn and soybean belt, though the exact setup cannot be assessed at this time
SOYBEANS/WHEAT
· ATI Research: USDA Good/Excellent U.S. soybean ratings unchanged at 72%; crop size also steady at 3.947Bbu
· ATI Research: Updated soybean balance sheet--13/14 carryout dn 21mbu at 100mbu; 14/15 up 29 million to 542mbu
· T-storm Weather: Unseasonable coolness continues through today-Wednesday across the central U.S. but another frost does not occur as minimums stay in the 40s or warmer
· USDA Crop Progress: U.S. spring wheat harvest at 74% vs. 89% last year and the five-year average of 86%
· ATI Research: Updated HRS wheat balance sheet--14/15 carryout at 222mbu, up 31% from last year and a 5-year high
ENERGY
· Futures are most lower: QCLV14, -$0.15 at $92.76; QRBV,+$0.0054; QNGV, -$.026; and QHOV, -$.0055
· A steady to slightly weaker tone was seen in cash ethanol markets on Monday: Chicago and New York were unchanged; Dallas down 4 ½; Gulf off 5; Tampa eased ½; and LA was 3 ½ lower at $2.07 ½ per gallon
· RINs fractionally lower: 2012’s off ¼ at 44-45; 2013’s down 3/8 at 44 ¼-45; and 2014’s were ½ weaker at 44 ½-44 ¾
· The October RBOB/Ethanol spread gained a ½ on Monday, to $.7098/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values fell 91-cents yesterday and have lost $2.52 over the last two trading days
· The USDA 5-area weekly average steer price for last week was $160.84, down $0.44 from the week before
· After falling $1.03 on Friday, the USDA mandatory pork carcass cutout value increased $2.57 yesterday
· CME Lean Hog Index up $0.92 to $102.26. October futures up $0.375 to $106.075 and are $3.815 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather