HIGHLIGHTS
· MARKET TREND: CORN: CZ, Up $.01; SOYBEANS: SX, Up $.0525; WHEAT: WZ, Up $.02; KWZ: Up$.0225
· Friday’s anemic jobs report (142 K versus 208 K expected) has the market thinking the Fed will not be raising interest rates any time soon. This perspective is said to be lifting markets in both Asia and Europe. The Nikkei closed up 1.6%; Shanghai gained .5% and the Hang Seng ended 1.6% higher. Early trade in Europe finds the CAC 40 up 3.1% with the DAX and FTSE each 2.2% higher. Pre-markets point to a solid opening on Wall Street: DOW futures, up 95; NAS, +30.5 and the S&P 500, +10.5. Outside markets have the energy complex higher (Nov WTI, +$.46); gold is off $4.40 at $1,132.30 and the $ Index is off a ¼ point at 95.72
· T-storm Weather: Areas of rain in excess of 1.00” affected the western Plains over the weekend, but were generally just north and south of concentrated wheat in / near Kansas. Areas of high pressure keep most of the central U.S. dry through at least Tuesday. Changes occur Wednesday-Thursday when a cool front develops areas of light rain and a few thunderstorms; 0.25” to 0.75” of rain results across much of the Plains and northwest half of the Corn Belt with highest coverage and amounts in / near Texas and the northern Corn Belt. Above-normal warmth dominates the central U.S. through two weeks, especially north
· Dec Corn Up $.01 at $3.9025; Mar Up $.0125 at $4.0075. The funds sold 2 K on Friday
· Nov SB Up $.0525 at $8.7950; Jan Up $.0550 at $8.8375. Fund activity: sold 3 K SB, 3K SBM and bought 6 K SBO
· Dec Wheat Up $.02 at $5.25 Mar Up $.02 at $5.21. The funds closed out the week selling 3 K
CORN/SORGHUM        
·   USDA Crop Progress: Good/Excellent crop condition ratings for U.S. corn could be steady vs. last week’s 68%. Ratings for the same week last year were 74%. The 5-year avg. for corn harvest is approximately 32%
· T-storm Weather: A secondary system potentially develops widespread rain across the southern third to half of the Central U.S. within Friday-Sunday, but numerous uncertainties exist and a major rainfall event is not imminent
· Export Inspections released at 10 AM CST; Corn, 36.3 needed; 31.9 last week; Sorghum, 8.3 needed; 13.3 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 9,293 contracts
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent crop condition ratings for U.S. soybeans could be steady vs. last week’s 62%. Ratings for same week last year were 73%. The 5-year avg. for soybeans dropping leaves is approx. 83%
· Export Inspections released at 10 AM CST; Soybeans, 34.8 needed; 19.5 last week
· November 2015 soybean futures closed at $8.74 ¼ Fri.; one year ago, November 2014 soybeans settled at $9.12 ¼
· USDA Crop Progress: U.S. winter wheat planting est. at 45-50% vs. approx. 54% last year & approx. 51% for 5-year avg.
· Export Inspections released at 10 AM CST; Wheat, 17.9 needed; 23.9 last week
ENERGY
· Higher: CLX15, +$0.46, $46.00; EBX,+$0.65; EBX-CLX, $2.80, +$.22; RBX, +$.0192; NGX, +$.017; HOX, +$.0149
· Cash ethanol markets posted modest gains on Friday: Chicago up 7/8; New York firmed ¾; Gulf added 2; Tampa and Dallas climbed 1; and LA was 1 ½ higher at $1.73 per gallon
· Ethanol RINs weaker: 2013’s down 1/8 to 34 ¼-34 ¾; 2014’s declined 3/8 to 34 ¾-35 ½; & 2015’s off 1/8 to 34 ¼-34 ¾
· The Nov RBOB/Oct Ethanol inverse increased $.0204 to -$.2336 on Friday
LIVESTOCK/POULTRY  
·   Choice boxed beef values slid another $1.78 on Friday, & at $205.77 are down $6.46 from a week ago
· U.S. cattle slaughter for week end Oct. 3 down 1.0% v. last year, but beef production up 1.6% due to higher weights
· On Friday, USDA mandatory pork carcass cutout decreased $1.67, but at $84.26 is still up $1.11 vs. last week
· CME Lean Hog Index gained $0.41 to $73.06. October futures up $0.725 at $73.35 and $0.29 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather