HIGHLIGHTS
· Market Trend—Corn, Mixed; Soybeans, 275 SX delivered, ½ Lower to 5 Higher; Wheat, 2 Higher
· Asia starts higher on an improving Chinese service sector index which reached a 14-month high. But, remarks by Dallas Fed president in Sydney suggesting that winding down of the program could come sooner rather than later subsequently sent Asian stocks lower. The Shanghai Composite finished flat; the Hang Seng was off .3% while the Nikkei was on holiday. The Chinese data/expectations for an EU Central Bank rate cut lifted European markets. In the U.S., Dow futures are 36 higher and the NDX is up 13. Gold is up $4.20; the Dec $ Index is .135 lower at 80.675 and energies, especially nat gas, are lower
· A clear day for harvest is anticipated for the central and eastern Corn Belt. Light rain could impact states west of the Mississippi River but amounts look to be less than 0.10”. More widespread rain is forecast starting in the western Corn Belt Tuesday and is projected to shift eastward across central states by Wednesday. Amounts are forecast to be 0.50”-1.00”. Temps are forecast to be near normal levels over the next few days
· Dec Corn Down $.0025 at $4.27; Mar Corn Steady at $4.3750. The funds were sellers of 2 K on Friday
· Nov SB Down ½ at $12.6550; Jan SB Up $.05 at $12.5650. Funds sold 8 K SB, 7 K SBM and bought 3 K SBO Friday
· Dec Wheat Up $.02 at $6.6975; Mar Wheat Up $.0225 at $6.820. The funds were even Friday
CORN/SORGHUM
· December 2013 corn futures traded to $4.25 ¾ on Friday, the lowest price for the contract since Aug. 25, 2010
· Market prepping for USDA Supply/Demand report Friday with many looking for 14.0Bbu corn crop, 2.0Bbu carryout
· Rain across the Midwest midweek could slow remaining corn harvest
· Corn harvest for week ending Nov. 3 likely to be 70-75%, which is well below last year’s 94% but near the 71% avg.
· Export Inspections released at 10 AM; Corn, 23.9 needed; 26.5 last week. Milo—3.0 needed; 1.3 last week
· Buenos Aires Grains Exchange reports corn planting is 35% complete in Argentina, which is up from 27% last week
· Commitment of Traders report: Non-Commercial long corn futures positions increase 10,265 contracts
SOYBEANS/WHEAT
· Soybean harvest for week end Nov. 3 likely to be 80-85%--behind last year’s 92% but near the 85% avg.
· Export Inspections released at 10 AM CDT; Soybeans, 25.3 needed; 83.6 last week
· Buenos Aires Grains Exchange reports soybean planting is 5% complete in Argentina
· Commitment of Traders report: Non-Commercial long soybean futures positions increase 6,119 contracts
· Winter wheat planting for week end Nov. 3 likely to be 90-95% vs. 91% last year and the avg. of 90%
· Export Inspections released at 10 AM CDT; Wheat, 16.5 needed; 16.3 last week
· Commitment of Traders: CBT Non-Commercial long wheat futures positions increase 3,417 contracts
ENERGY
· Energy markets are lower: QCLZ13,-$0.16 at $94.45; QRBZ, -$0.0093; QNGZ, -$.086 and QHOZ, -$.0014
· Cash ethanol markets were lower again on Friday: Chicago down 6 ¼; Dallas and Tampa both 3 ½ weaker; Gulf was 6 weaker; NY was ½ lower; and LA was off a dime $1.90 ½ per gallon
· RINs were steady across the board: 2012’s at 24-26; 2013’s at 25-27; & 2014’s at 25 ½-27 ½
· The December RBOB/ethanol spread narrowed in nearly 3 ½ cents to $.8964 per gallon on Friday
LIVESTOCK/POULTRY   ;
· Choice boxed beef values eased 57-cents Friday and lost $1.08 over the last two trading days
· Cash cattle traded Friday at $132, steady with the previous week’s record high
· After gaining $1.65 the previous days, the USDA mandatory pork carcass cutout value eased 43-cents Friday
· The USDA’s Iowa/Minnesota average cash lean hog price rebounded $1.04 Friday to $84.20
Sources: Bloomberg, Dow Jones, AP, T-storm Weather