HIGHLIGHTS
· Market Trend: Corn, Steady, ¼ Higher; Soybeans, 3 Higher; Wheat, 1-2 Lower. Europe: wheat, +5 ¼; , corn, up 6 ½
· U.S. housing sales boost global markets; gains capped by Europe’s economic woes and Iraq/Syria unrest. Traders await weekly U.S. jobs and durable goods reports. Some suggesting welcome housing #’s driven by “younger generation”, feeling more comfortable to take on term debt as labor market improves. Asia mostly higher: Nikkei, +1.28%; Shanghai, +.07%; Hang Seng, off .64%; Europe similar trade: DAX, +.39%; CAC 40, +.25% and FTSE, -.18%. U.S. pre-market indicators are mixed: Dow futures, +5; S&P500, steady; NASDAQ, -.80%. Externals: gold, -$9.90; $ Index, heading towards 86, +.310; energies, generally lower
· T-Storm Weather: Outside of a low chance for significant rainfall in the Delta Sunday-Monday, mild and dry weather generally dominates through early next week. Therefore, corn / soybean harvesting and winter wheat planting continually advance. Changes follow next week as a large system emerges in the northern Rockies, initially resulting in rain across the central / northern Plains within Monday-Wednesday, then elsewhere within Wednesday-Friday (Oct. 1-3). A return to sustained mildness and dryness is not expected to follow as the pattern turns a bit more active, as is common in October
· Dec Corn Unch at $3.2950; March Unch at $3.4225. The funds bought 5 K Wednesday
· Nov Soybeans Up $.0325 at $9.40; Jan Up $.03 at $9.4825. The funds even on SB; sold 2 K SBM & bought 3 K SBO yesterday
· Dec Wheat Down $.0150 at $4.7875; March Down $.01 at $4.9125. Yesterday the funds bought 2 K
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 24 to 35mbu corn
· T-storm Weather: Rain amounts of 0.50”-1.00” most likely for central/northern Plains &Corn Belt beginning Sept. 29
· ATI Research: Corn planted May 1 in Bloomington, IL has 2713 Growing Degree Days, which is 137 below normal
· Ethanol grind: 889 thou barrels per day for week end Sept 19—dn 42 thou vs. last week but up 6.9% vs. last year
· December 2014 corn futures closed at $3.29 ½ Wed.; one year ago, December 2013 corn contract closed at $4.48 ¾
SOYBEANS/WHEAT
· Export Sales: Soybeans, 55 to 99mbu; soymeal, -15-15 old-crop, 150-250 new-crop; soyoil, -5-10 old, 0-30 new-crop
· T-storm Weather: Low chance for significant rainfall persists across the U.S. Delta Sunday-Monday
· Nov. 2014 soybean futures closed at $9.36 ¾ Wed.; one year ago, the Nov. 2013 soybean contract closed at $13.12 ½
· Export Sales: Trade expects 13-18mbu for all wheat
· T-storm Weather: Favorable conditions exist for U.S. winter wheat planting due to limited rain within the last week
· CBT Dec. 2014 wheat futures closed at $4.80 ¼ Wed.; one year ago, CBT Dec. 2013 wheat contract closed at $6.58 ¼
ENERGY
· Futures are mostly lower: QCLX14, -$0.10 at $92.70; QRBX,+$0.0188; QNGX, -$.025; and QHOX, -$.0076
· A mixed tone was seen Wednesday in cash ethanol markets: Chicago unch; New York off 1; Gulf up 1 ½; Dallas gained 6; Tampa added 3; and LA was a 3 ½ higher at $1.77 per gallon
· Steady to slightly lower RINs: 2012’s unch at 45 ½-46 ½; 2013’s steady at 46 ¼-46 ¾; & 2014’s down 1/8 to 46 ½-46 ¾
· The October RBOB/Ethanol spread continues to wide, approaching $1.0550 per gallon, up $.0431 yesterday
LIVESTOCK/POULTRY    
· Choice boxed beef values eased 4-cents yesterday and have lost $12.41 over the last nine trading days
· The USDA pork carcass cutout value gained 71-cents yesterday and has increased $7.06 over the last five trading days
· CME Lean Hog Index up $0.75 to $106.54. October futures down $0.425 to $107.45, but are $0.91 above the index
· Broiler egg set last week was up 3.0% from last year and average set over the last four weeks is 2.8% above last year.
Sources: Bloomberg, Dow Jones, AP, T-storm Weather