HIGHLIGHTS
· MARKET TREND: CORN: CZ, Down $.0075; SOYBEANS: SX, Up $.0475; WHEAT: WZ, Down $.02; KWZ: Down $.03
· Global markets are marking time ahead of BOJ and U.S. Federal Reserve policy meetings this week, although no major changes in direction are expected by either. China’s is working on its 5-Year Plan with more domestic focus anticipated, versus trade driven. Asia finished mixed: Nikkei -.9%; Shanghai, +.14%; Hang Seng, +.11%. Europe: lower with DAX, -.11%; FTSE, -.31% and CAC, -.19%. U.S. futures point lower: DOW, -21; NAS, -6.25 and S&P, -2. Outside markets have the $ weaker with the index off .115; gold is $1.0 cheaper at $1,164.90 and the energy complex is lower with Dec WTI down 55 cents
· Weather: Dry conditions or just a few light showers are forecast today in northern Brazil. Temps are projected to be near to above normal. Scattered light rain with locally heavier amounts is forecast for Wednesday-Thursday. With the pickup in rainfall, Brazilian farmers will now aggressively plant soybeans as conditions permit. In southern Brazil, scattered showers and thunderstorms are forecast today with near to above normal temps. Dry conditions or just a few light showers on Wednesday
· Dec Corn Down $.0075 at $3.8375; Mar Down $.0125 at $3.9225. The funds bought 5 K to begin the week
· Nov SB Up $.0475 at $8.8975; Jan Up $.0450 at $8.89. Fund activity: sold 5 K SB, 4K SBM and 6 K SBO
· Dec Wheat Down $.02 at $5.07; Mar Down $.0275 at $5.12. Fund buying totaled 6 K on Monday
CORN/SORGHUM ;      
·   ATI Research: U.S. corn balance sheet; 15/16 carryout unchanged at 1.685 bbu
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout unchanged at 63 mbu
· USDA Crop Progress—corn harvest at 75% vs. 44% last year and 68% for the 5-year avg; sorghum harvest at 71% vs. 55% in 2014 and the 61% average
· Through Oct. 26, the 2015 crop insurance harvest price for December 2015 corn futures has averaged $3.8383
· December 2015 corn futures closed at $3.84 ½ Monday; one year ago, the December 2014 contract settled at $3.63
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout is steady at 414 mbu
· USDA Crop Progress, soybean harvest at 87%, which is above last year’s 68% and higher than the 5-year avg. of 80%
· Through Oct. 26, the 2015 crop insurance harvest price for November 2015 soybean futures has averaged $8.9271
· Private consultant reduces 2015/16 Argentina soybean production estimate by 2.0 MMT to 58.0 due to low prices and poor farmer finances in the northern provinces of the country
· USDA Crop Progress, winter wheat planting: 83% vs. 76% last week, 83% last year and the 5-year average of 85%
· ATI Research: U.S. SRW wheat balance sheet, 15/16 carryout at 153 mbu vs. 154 million for 14/15
ENERGY
· Lower: CLZ15, -$0.55, $43.43; EBZ,-$0.28; EBZ-CLZ, $3.82, +$.26; RBZX, -$.0029; NGZ, -$.019; HOZ, +$.0004
· A firmer trend was noted in cash ethanol markets on Monday: Chicago gained 1 7/8; New York added ½; Gulf and Dallas climbed 2 ½; Tampa up 2 ¼; and LA was 2 ½ higher at $1.74 ½ per gallon
· Ethanol RINs weakened: 2013’s eased 1 ¼ to 39 ½-41 ½; 2014’s down 1 ¾ to 40-41 ½; and 2015’s off 1 ¼ to 39 ½-41 ½
· The Nov RBOB/Nov Ethanol inverse widened $.0367 to open the week, now at -$.3131/gallon
LIVESTOCK/POULTRY <wbr> ;
· ; Choice boxed beef values declined 11-cents on Monday, but at $217.06 are still $3.42 higher compared to last week
· 5-Area Weekly Weighted Average Steer price up $2.43 last week to $135.38/cwt but is still down $33.41 vs. a year ago
· On Monday, USDA mandatory pork carcass cutout was 35-cents lower, and at $85.00 is down $3.22 vs. the prior week
· CME Lean Hog Index down $0.49 at $73.63. December futures $0.75 lower at $62.85 and are $10.78 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather