HIGHLIGHTS
· Market Trend: Corn, Down 3-4; Soybeans, 7 Lower; Wheat, 3-4 Lower. Europe: Wheat, - 4 ¼; Corn,-6 ½
·   Europe is lower after the ECB says 10% of the region’s 130 largest banks failed a historic stress test but much of the report verbage seemed constructive. The DAX, FTSE and CAC 40 are all off around ¼% after German business confidence fell for the 6th straight month. Asia was mixed: the Nikkei and Kospi finished .63% and .33% higher; Shanghai and the Hang Seng were both weaker by a ½%. Pre-market indications suggest a lower opening in the U.S.: the DOW, off 18; S&P500, -3.50 and the NAS, -4.0. Outside markets have energy futures mostly lower; the $ Index is off ¼ point at 85.74 and gold is $1.20 weaker at $1,230.10
· Weather: Harvest conditions appear favorable today across much of the U.S. Corn Belt, but changes in both precipitation and temperature look to be in store after that. A few showers could develop today across the northwest and north while temperatures are forecast to be above- to much-above normal across the Midwest. Light to moderate rainfall is forecast to develop from west to central areas on Tuesday, which could lead to some delays in harvest. A significant decline in temperatures is likely to be seen following passage of the cool front today-tomorrow
· Dec Corn Down $.0350 at $3.4950; March Down $.0350 at $3.6325. Fund selling totaled 7 K on Friday
· Nov SB Down $.0725 at $9.7025; Jan Down $.0725 at $9.76. Funds: sold 6 K SB; 5 K SBM and 4 K SBO at the end of the week
· Dec Down $.03505 at $5.1425; March Down $.0325 at $5.2775 The funds were estimated to have sold 5 K Friday
CORN/SORGHUM    
·   December 2014 corn futures traded $3.65 on Friday—highest price since Sept. 2—but closed $0.0675 lower at $3.53
· ATI Research: U.S. corn harvest estimated at 40-43% as of Oct. 26 vs. the 5-year avg. of approx. 65%
· As of Oct. 24, the running average harvest crop insurance price for December 2014 corn futures was $3.43 ½
· Export Inspections released at 10 AM CDT; Corn, 33.9 needed; 28.3 last week. Milo—3.8 needed; 12.1 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 7,240 contracts
SOYBEANS/WHEAT
· ATI Research: U.S. soybean harvest est. at 75-78% as of Oct. 26 vs. the 5-year avg. of approx. 77%
· Export Inspection released at 10 AM CDT; Soybeans, 32.9 needed; 73.2 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 10,690 contracts
· ATI Research: U.S. winter wheat planting est: 83-88% as of Oct. 26 vs. approx. 85% last year & 5-year avg. of 84%
· Export Inspections released at 10 AM CDT; Wheat, 16.8 needed; 17.7 last week
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions decrease 2,773 contracts
ENERGY
· Futures are mostly lower: QCLZ14,-$0.45 at $80.56; QRBZ,-$0.0188; QNGZ, +$.006; andQHOZ,-$.0204
· Cash ethanol markets were weaker on Friday: Chicago off 3; Gulf eased 4 ½; Tampa down 2; Dallas lost 2 ½; New York slipped ½; and LA was 2 lower at $2.05 per gallon
· RINs steady to lower: 2013’s unch at 45-45 ½; 2014’s down ¼ at 45 ¼-45 ¾; and 2015’s unch at 45-46
· The November RBOB/Ethanol spread was little changed on Friday at $.4957 per gallon
LIVESTOCK/POULTRY  
·   Choice boxed beef values were $2.02 lower Friday at $247.41 and are $1.75 lower compared to one week ago
· After 6 months of year-to-year lower placements, USDA Cattle on Feed shows September placements up 1% vs. 2013
· After falling $2.17 on Friday, the USDA pork carcass cutout value has declined $18.57 the last seven trading days
· CME Lean Hog Index down $2.05 to $100.35. December futures up $1.525 to $90.25 & are $10.10 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather