HIGHLIGHTS
· MARKET TREND: CORN: CZ, Down $.0125; SOYBEANS: SX, Up $.0275; WHEAT: WZ, Down $.0225; KWZ: Down $.03
· Last week’s lack of an upward boost to interest rates by the Fed continues to leave equity markets unsettled. The Nikkie closed 2.6% lower as export data revealed weak demand from China; the Hang Seng eased .7% while Shanghai managed a .8% gain. Europe is lower despite a rebound in VW stock; BMW may be facing a similar issue: DAX, -1.6%; FTSE, -.5% & CAC 40, -1%. Yellen speaks this afternoon and Wall Street doesn’t seem overly enthusiastic: DOW futures, down 109; S&P, off 14 and the NAS, 37 lower. Externals: Gold is up $3.20 @ $1,134.80; the $ Index is .041 lower @ 96.165 and energy futures are mixed
· T-storm Weather: Temperatures average much warmer than normal across the central U.S. over the next two weeks as upper-level high pressure drives weather. Areas of rain continue in the Plains and northwest Corn Belt today, then quickly diminish as the remnant of Tropical Depression 16-E dissipates. Organized rainfall in excess of 1.00" is most likely in / near northeast Nebraska, including some key corn and soybean areas, but just outside the HRW wheat belt. Another significant rain event is not immediately foreseen, despite a few thunderstorms within the central U.S. the first half of next week when a cool front passes
· Dec Corn Down $.0125 at $3.82; Mar, Down $.0150 at $3.9325. The Funds bought 3 K at mid-week
· Nov SB Up $.0250 at $8.6625; Jan Up $.0250 at $8.7075. Fund activity: bought 1 K SB, sold 1 K SBM and bought 2 K SBO
· Dec Wheat Down $.0225 at $5.0525; Mar Down $.0250 at $5.1250. The funds bought 6 K yesterday
CORN/SORGHUM        
·   Export Sales to be released at 7:30 AM CDT. Trade expects 22-30 mbu for 15/16 corn
· T-storm Weather: Although it is notable that a cool front is likely to pass Sep. 28-30 and triggers a few thunderstorms across the central U.S., a lack of humidity keeps coverage low with most areas probable to receive less than 0.25”.
· ATI Research: Accumulated rainfall from May 1-Sept 22 in Bloomington, Illinois was approximately 32.09”, which is 31% above the 2014 total of 24.49” and 70% above the average for the period of 18.86”
· Ethanol grind: 938,000 barrels per day for week end Sept. 18—down 2.4% vs. last week but up 5.5% vs. a year ago
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CDT. Trade expects 37-44 mbu for 15/16 soybeans; soymeal, 0-50 K MT old-crop, 120-225 K MT new-crop; soyoil, 0-25 K MT old-crop, 0-15 K MT new-crop
· T-storm Weather: In South America, a series of cool fronts develop heavy rain across the southern half of Brazil corn / soybean production from Friday forward (Sep. 25 – Oct. 1), further breaking the dry season for planting
· Export Sales to be released at 7:30 AM CDT. Trade expects 9-15 mbu for 15/16 all wheat
· T-storm Weather: Dry weather over much of the next 10-14 days increases need for rain in varying U.S. wheat areas
ENERGY
· Mixed: CLX15, +$0.102, $44.58; EBX,+$0.18; EBX-CLX, $3.33, $.06; RBX, -$.0034; NGX, -$.001; HOX, +$.0058
· Cash ethanol markets were mixed on Wednesday: Chicago down ¼; New York eased 2 ½; Gulf off 1; Tampa and Dallas steady; but LA was ½ higher at $1.69 ½ per gallon
· Ethanol RINs firmer: 2013’s climbed 5/8 to 33 ¾-34 ½; 2014’s gained ¾ to 34 ½-35 ½; & 2015’s up 5/8 to 33 ¾-34 ½
· The Oct RBOB/Oct Ethanol inverse widened $.0078 to -$.1543/gallon Wednesday; quoted at -$.1241 this morning
LIVESTOCK/POULTRY    
· On Wednesday, choice boxed beef values slid $4.88, and at $217.89 are $15.52 lower vs. the prior week
· Oct. 2015 live cattle futures closed at $133.25 Wed.--lowest settlement price for nearby contract since Dec. 26, 2013
· On Wednesday, USDA mandatory pork carcass cutout was down 66-cents, & at $81.81 is $1.10 lower vs. last week
· CME Lean Hog Index up $0.31 at $71.74. October futures $0.45 lower at $70.55 and $1.19 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather