HIGHLIGHTS
· MARKET TREND: CORN: CZ, Down $.0225; SOYBEANS: SX, Down $.0150; WHEAT: WZ, Down $.04; KWZ: Down $.0350
· BOJ leaves asset purchase policy in place while noting a slow-down in emerging market demand growth—Nikkei closes up .34%; PRC market volatility continues—Shanghia drops 3.55%; Hang Seng eases .49%. Europe trades both sides--Fed jitters & doubts about China’s economic strength: FTSE, down .4%; DAX, +.17%; CAC 40, +.40%. U.S. futures suggest higher, but not by much: DOW, +3; S&P, +1.25; NAS, +2.2. Outside markets are mixed with gold down $5.30 at $1,102.20; the Dec $ Index is off .017 at 95.395 and the enegy complex is trading higher, CLV is up 40 cents or so
· T-storm Weather: Despite the passage of a cool front later this week on Friday-Saturday, the central U.S. averages warmer to much-warmer than normal over the next 10 to 14 days as maximum temperatures usually reach the 70s-80s with occasional 90s from Nebraska south. The front triggers thunderstorms from the southern Plains into the heart of the Corn Belt; organized rainfall that would slow corn / soybean harvesting and winter wheat planting is most likely in / adjacent Missouri and Illinois around Friday
· Dec Corn Down $.0225 at $3.9125; Mar, Down $.0225 at $4.0250. The funds bought 10Monday. Dely: 238
· Nov SB Up $.0150 at $8.8575; Jan Up $.0150 at $8.89. Funds: bot 6 K SB, bot 3 K SBM; 4 SBO. Dely: SB, 70; SBM, 35; SBO, 172
· Dec Wheat Down $.04 at $4.9725; Mar Down $.0425 at $5.0575. The funds bought 7 yesterday . Dely: 18 HRW; 28 SRW
CORN/SORGHUM     ;
· ATI Research: U.S. corn balance sheet; 15/16 carryout up 16 mbu to 1.658 bbu--feed/residual, -25; crop, -4; FSI, +5
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout steady at 66 mbu
· USDA Crop Progress--Good/Excellent corn crop ratings steady at 68% with ATI crop estimate at 13.500 bbu
· USDA Crop Progress, corn mature: 35%, which is above last year’s 25% but below the 5-year average of 40%
· T-storm Weather: Scattered 0.75”-1.50” rain Thu-Sat through the central Corn Belt (approx. from OK through MI)
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout up 9 mbu to 445; crush, +15; crop, +25. Good/Excellent soybean crop ratings down 2 points to 61% with ATI crop est at 3.859 bbu
· USDA Crop Progress, soybeans dropping leaves: 35% vs. 22% last year and the 5-year average of 31%
· T-storm Weather: Widespread freeze affected jointing wheat in Argentina; another freeze not immediately foreseen
· USDA Crop Progress, winter wheat planting: 9%, which is equal to the five-year average but trails last year’s 11%
· ATI Research: U.S. SRW wheat balance sheet, 15/16 carryout at 172 mbu vs. 153 million for 14/15
ENERGY
· Firmer: CLV15, +0.44, $44.44; EBV,+$0.17; EBV-CLV, $2.10, -$0.28; RBV, +$.0137; NGV, +$.006; HOV, +$.0058
· Cash ethanol markets were mixed to begin the week on Monday: Chicago up 3; New York added 3 ½; Gulf eased 1; Dallas and Tampa steady; and LA was ¼ lower at $1.63 ¼ per gallon
· Ethanol RINs lower: 2013’s off ½ at 28 ½-29; 2014’s down ½ to 29 ½-30; & 2015’s slipped ½ to 28 ½-29
· The Oct RBOB/Sep Ethanol spread nearly doubled to -$.2097/gal; some attribute it to the smaller corn estimate
LIVESTOCK/POULTRY  
· Choice boxed beef values declined 95-cents on Monday to $235.14—the lowest level since Aug. 4
· 5-Area Weekly Weighted Average Steer price was down $2.57 last week to $139.18/cwt & is $21.66 lower vs. last year
· On Monday, USDA mandatory pork carcass cutout eased 24-cents, and at $84.17 is down 50-cents from Sept. 4
· CME Lean Hog Index was down $0.76 at $71.94. October futures $0.50 lower at $66.825 & $5.115 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather