HIGHLIGHTS
· Market Trend: Corn, Steady; Soybeans, 4-5 Higher; Wheat, 2-3 Higher. Europe: Wheat, +4 ¼; Corn, Steady
· China’s 3rd quarter growth comes in at 7.3% yr to yr; down from 7.5% in QII, but better than the 6.9-7.2% forecast. Shanghai closes down .73%; Nikkei drops 2%, comes back to earth afterMonday’s 4% gain; the Hang Seng gains .08%. Europe is off to a good start with the FTSE .80% higher; DAX, +1.45% and the CAC-40, +1.79%. Pre-market indications have the DOW up 61; the NAS, 27.30 higher and the S&P500, +10.25. Outside markets: $ Index, -.071 at 85.145; energy futures are mostly higher and gold is $3.50 to the plus side at $1,247.70
· T-Storm Weather: Areas of high pressure slide across the central U.S. over the next 7-10 days, keeping most areas dry with less to much less than 0.25" of rain; most locations receive no rain. Temperatures turn sharply warmer than usual across the central / southern Plains and Corn Belt late in the week and weekend as upper-level high pressure expands from the western U.S., causing maximums to reach the 70s and 80s across a large area. A cooler pattern eventually follows, but the point is that conditions for harvesting and planting continually improve through into at least the last few days of October
· Dec Corn Steady $3.48250; March Steady at $3.6175. The funds went home even on Monday
· Nov SB Up $.0475 at $9.49; Jan Up $.0450 at $9.5675. Funds sold 4 K SB, 2 K SBM and 2 K SBO yesterday
· Dec Wheat Up $.0275 at $5.1625; March Up $.0275 at $5.29. The funds sold 3 K to open the week
CORN/SORGHUM  
· ATI Research: U.S. corn crop size increased 205mbu from last week to 14.680Bbu, yield at 176.7 bpa
· ATI Research: Updated corn balance sheet; 14/15 usage up 182mbu from last week, carryout up 22mbu to 2.328Bbu
· USDA Crop Progress: U.S. corn mature at 93% vs. the 5-year avg. of 94%; corn harvest at 31% vs. avg. of 53%
· T-storm Weather: Widespread coverage of heavy rain is needed for corn planting across much of Center-West, Northeast and Southeast Brazil. These regions usually account for 53% (23%) of first-crop (total) corn production
SOYBEANS/WHEAT
· ATI Research: U.S. soybean crop up 9mbu to 3.936Bbu; yield 47.2 bpa; Crop Progress, harvest 53% v. 66% avg.
· ATI Research: Updated soybean balance sheet; 14/15 usage up 60mbu from last week, carryout dn 51 mil to 418mbu
· T-storm Weather: Isolated thunderstorms recur over the next few days for soybeans across Center-West Brazil, though only widely scattered amounts of 0.50”-1.00” occur due to limited humidity; better rain chances Oct. 24-29
· USDA Crop Progress: U.S. winter wheat planted at 76% vs. 77% for both last year and the five-year average
· ATI Research: SRW wheat balance sheet, 14/15 carryout at 167mbu. 15/16 plantings, -5%; use, +7%; carryout, 170
ENERGY
· Futures are mostly higher: QCLX14,+$0.48 at $83.19; QRBX,+$0.0134; QNGX, -$.003; andQHOX, +$.0124
· Cash ethanol markets were mixed to begin the week: Chicago up 2 ½; Gulf jumped 7 ½; Dallas added ½; New York eased 2; Tampa climbed 3 ½; and LA was 1 ½ lower at $1.91 ½ per gallon
· RINs were weaker: 2013’s off ¼ at 46 ½-47 ½; 2014’s down ¼ at 47-47 ¼; and 2015’s were ¼ lower at 47-47 ¼
· The November RBOB/Ethanol spread tightened $.0185 cents per gallon on Monday, to $.4472
LIVESTOCK/POULTRY ;
· ; Choice boxed beef values firmed 68-cents yesterday and have gained 92-cents over the last two trading days
· October live cattle futures made a new contract high of $167.90 Monday
· The USDA pork carcass cutout value fell $4.23 yesterday and has lost $10.40 over the last three trading days
· CME Lean Hog Index down $1.43 to $106.78. December futures dn $1.42 to $89.15 but are $17.63 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather