HIGHLIGHTS
· MARKET TREND: CORN: CZ, Down $.01; SOYBEANS: SX, Down $.01; WHEAT: WZ, Down $.03; KWZ: Down $.03
· Asia took its overnight cue from the U.S. and sold off sharply: Nikkei, down 4.05%; Shanghai, off 2.06% and the Hang Seng, down almost 3%. Europe opened lower but has since clawed back up: FTSE, -.42%; DAX, +.38%; CAC 40, +.32% with gains coming from the auto sector. Societe Generale announced a long-term plan to shutter 400 branches. U.S. futures look positive: DOW, +37; S&P, +7; NAS, +15. Glencore was up 4% at one point, after losing 30% Monday. Outside markets: $ Index, little changed at 96.185; gold, down $5.40 at $1,126.30 with energies mostly higher—Nov WTI is up $.45 per barrel
· T-storm Weather: Warmth breaks today after a cool front passes, allowing a cooler pattern to gradually unfold through next week as maximums in the 50s-60s become increasingly common, especially within Thursday-Sunday (Oct. 1-4). Two primary areas of rain occur in the U.S. over the next week. The first occurs through today with heavy rain across the eastern third of the SRW wheat belt, but leaving key areas of the Corn Belt and Delta mainly dry. Another area of significant rainfall occurs in key HRW wheat areas of the central Plains Friday-Saturdaywhen a potent upper-level system rides the western edge of coolness
· Dec Corn Down $.01 at $3.8575; Mar, Down $.0125 at $3.9675. The funds began the week selling 5 K
· Nov SB Down $.01 at $8.7575; Jan Down $.01 at $8.7975 Fund activity: sold 7 K SB, 5 K SBM and 5 K SBO
· Dec Wheat Down $.03 at $4.9450; Mar Down $.03 at $5.0975. Fund selling amounted to 4 K on Monday
CORN/SORGHUM       ;
· ; ATI Research: U.S. corn balance sheet; 15/16 carryout down 13 mbu to 1.661 bbu--carryin, -13
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout steady at 66 mbu & crop estimate unchanged at 569 mbu
· USDA Crop Progress--Good/Excellent corn crop ratings steady at 68% with ATI crop estimate unchanged at 13.488 bbu
· USDA Crop Progress, corn mature: 71% vs. last year’s 57% but slightly below the 5-year avg. of 72%; corn harvest at 18% vs. 11% last year and 23% for the 5-year avg; sorghum harvest at 36% vs. 32% in 2014 and the 32% average
· T-storm Weather: Light frost & patchy freeze cannot be ruled out for U.S. corn Oct. 2-5 but hard freezes not expected
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout up 22mbu to 448—carrryin -12; crop, +54; crush, +10; exports, +10. Good/Excellent crop ratings down 1 point but high early yields boost ATI crop est. 54 mbu to 3.916 bbu
· USDA Crop Progress, soybeans dropping leaves: 74% vs. 66% last year and the 5-year average of 70%; soybean harvest at 21%, which is more than double last year’s 9% and significantly above the 5-year average of 16%
· USDA Crop Progress, winter wheat planting: 31% vs. 40% last year and the 5-year average of 35%
· ATI Research: U.S. HRW wheat balance sheet, 15/16 carryout at 396 mbu vs. 294 million for 14/15
ENERGY
· Mostly firmer: CLX15, +$0.45, $44.87; EBX,+$0.36; EBX-CLX, $2.89, -$.03; RBX, +$.0007;NGX, -$.032; HOX, +$.0131
· A mixed tone was evident in cash ethanol markets on Monday: Chicago gained ¼; New York up 1; Gulf down 2; Tampa steady; Dallas added ½; and LA was unchanged at $1.69 ½ per gallon
· Ethanol RINs weaker: 2013’s down ½ to 35 ¼-35 ¾; 2014’s eased ½ to 35 ½-36; & 2015’s off 1/8 to 35 ¼-35 ¾
· The Oct RBOB/Oct Ethanol inverse increased $.0511 to -$.1852/gallon on Monday, and is trading -$.1964 this am
LIVESTOCK/POULTRY    
·   Choice boxed beef values declined $1.29 on Monday, and at $210.94 are down $14.60 vs. a week ago
· 5-Area Weekly Weighted Average Steer price was down $6.32 last week to $128.61/cwt & is $28.14 lower vs. last year
· On Friday, USDA mandatory pork carcass cutout gained $1.09, & at $84.24 is up $1.48 compared to last week
· CME Lean Hog Index was $0.05 higher at $71.86. October futures down $0.45 to $71.425 and $0.435 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather