HIGHLIGHTS
· MARKET TREND: CORN: CZ, Down $.0075; SOYBEANS: SX, Steady; WHEAT: WZ, Up $.0125; KWZ: Up $.0275
· Looks like a mixed start to the weekend as solid overnight gains were reported from Asia. Shanghia closed up 1.6%; the Nikkei finished 1.1% to the plus side and the Hang Seng, +.8%. Europe is higher at mid-day with all 3 major exchanges registering ½% gains. U.S. markets will digest data on industrial production; cap utilization, job openings & consumer sentiment. Pre-market indicators find DOW futures 24 lower; the S&P is 2 ¾ in the red and the NAS, up 2 ¾. Externals: the $ Index is up ¼ of a point at 94.69; gold is in less favor today, off $7.50 and energies are mostly higher
· Weather: Little rain of significance is expected across most major production regions through at least Sunday. The dry weather will bring more seasonable mid-October temperatures to a big part of the country east of the Rockies. Widespread frost and freezes will occur over many areas of the Midwest, northwest to southeast, Friday into Monday morning helping to accelerate soybean harvest.
· Dec Corn Down $.0075 at $3.7475; Mar Down $.0075 at $3.8575. The funds again sold 6 K on Thursday
· Nov SB Steady at $9.0550; Jan Up $.0025 at $9.0925. Fund activity: sold 3 K SB, 3 K SBM and 4 K SBO
· Dec Wheat Up $.0125 at $5.0375; Mar Up $.01 at $5.1150. The funds liquidated 4 K yesterday
CORN/SORGHUM     ; ;
· Corn Export Sales expected at 18-26 mbu; 30.1 per week are needed with 20.5 sold last week
· Milo Export Sales need to average 6.2 per week; the U.S. sold 157 K last week
· Ethanol production was little changed this week at 949 K bpd; nation-wide inventories rose 144 K to 18.96 mbl
· Corn harvest on Monday expected at 53-55%, up from 42% LW and the average of approximately 53%
SOYBEANS/WHEAT
· Soybean Export Sales pegged between 37 and 55 mbu; compares to 47.2 LW with 18.5/week needed
· Wheat Export Sales expected at 9-17 with LW at 10.6 and 13.1 per week needed
· SBM Export Sales need to average 135 per week; 175-375 expected and versus 276 K LW. Oil expected at 0-30 with 8.5 K sold last week and 13.5 per week needed
· September NOPA crush at 126.7 was about 2 million below the trade average with SBO stocks coming in nearly 60 million pounds below expectaions. None had much market impact
· Winter wheat planting estimated at 75% on Monday, up from 64% LW and the approximate average of 77%
· Soybean harvest expected at 75-77%, up from 62% LW with an average pace of approximately 77%
ENERGY
· Higher: CLX15,+$0.50, $46.89; EBZ,+$0.45; EBZ-CLX, $2.45, -$.028; RBX, +$.0175; NGX, -$.028; HOX, +$.0093
· EIA report: crude oil, +7.6 mb (trade: +2.6); gasoline, -2.6 (-0.4); distillates, -1.5 (-0.6)
· Cash ethanol markets had a lower tone on Thursday: Tampa was off 2; the Gulf eased 1 ¼ lower to $1.6175; Dallas was a peny lower; NY Harbor declined 1 3/8’s to $1.6088; LA remained steady while Chicag slipped $.0132
· Ethanol RINs, modestly higher: 2013’s, +3/8’s to $.3575-$.36; 2014’s, +3/8’s to $.360-$.37; 2015’s, +3/8’s to 35¾-36
· The Nov RBOB/Nov Ethanol inverse narrowed in a penny to -$.2148 per gallon on Thursday
LIVESTOCK/POULTRY </wbr>
· Choice boxed beef values gained 61-cents on Thursday and have increased $8.22 over the last four days
· Cash cattle trade remained quiet on Thursday with feedyards in the South asking around $135, but no packer bids
· On Thursday, USDA mandatory pork carcass cutout fell 99-cents and has lost $1.60 over the last three days
· CME Lean Hog Index firmed $0.04 to $74.98. December futures unch at $76.825 and are $1.745 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather