HIGHLIGHTS
· Market Trend: Corn, Steady; Soybeans, Mixed; Wheat, Up 1-2. Europe: Wheat, Off ¾; Corn, Up 2 ½
· Perhaps a “happy Friday” as world equity markets are mostly higher, awaiting data on U.S. employment and factory output later this morning. A 215 K gain for the former is expected. The Hang Seng started off decidedly lower after a 2-day lay-off but closed up .6%; the Nikkei rose .3%. The DAX is on holiday; the CAC-40 is up .53% and the FTSE shows a .82% gain in early trading. The $ Index is on track for the 12th consecutive week of gains, 1st time in 40 years for such a streak; energy futures are mostly higher and gold is $8.10 cheaper. Pre-market activity: Dow futures, +56; NAS, +14 and the S&P, +8 ¼
· T-Storm Weather: Heavy rain and thunderstorms move across the Corn Belt and Delta early today. Temperatures plummet after the system passes, resulting in a killing freeze across / adjacent the Dakotas on Saturday morning. Coolness persists through the first half of next week as a very sharp southwest-to-northeast temperature gradient develops; turning unseasonably-warm for HRW wheat planting across the southern Plains as maximums return to the 80s, but temperatures diminish with northeastward extent through the Corn Belt where 50s-60s linger. Another significant rain event does not follow until possibly late next week
· Dec Corn unch at $3.2275; March unch at $3.3575 The funds again bought 2 K Thursday
· Nov Soybeans unch at $9.2450; Jan Down $.0025 at $9.3275. Del’y: 0. Funds: bought 3 K SB/4 K SBM; 0 SBO
· Dec Wheat Up $.0175 at $4.8450; March Up $.0150 at $4.9750. The funds bought 4 K yesterday
CORN/SORGHUM    
· T-storm Weather: Next chance for well-organized rain that significantly slows/stops corn harvest likely around Oct. 10
· ATI Research: May 1-Sept 30 accumulated rainfall in Bloomington, IL was 24.49” vs. the long-term avg. of 19.65”
· U.S. corn mature as of Oct. 5 likely to range from 70-75% vs. approx. 73% last year & 5-year avg. of approx. 81%
· Outstanding U.S. corn export sales as of Sept. 25: 450mbu vs. 509 mil last year and the 5-year avg. of 480 mil
· Outstanding U.S. sorghum export sales as of Sept. 25: 83mbu vs. 26 mil last year and the 5-year avg. of 27 mil
SOYBEANS/WHEAT
· T-storm Weather: A killing freeze occurs Saturday morning across and adjacent the Dakotas. The impact of a freeze diminishes as crops mature, but approx. 15% to 25% of soybeans had not started to drop leaves in the affected areas
· Outstanding U.S. soybean export sales as of Sept. 25: 1009mbu vs. 940mbu last year and the 5-year avg. of 741mbu
· U.S. soybeans dropping leaves as of Oct. 5 likely to be 78-83% vs. approx. 75% last year & 5-year avg. of approx. 84%
· T-storm Weather: Heavy rain turns some wheat too moist in Argentina this weekend/next week
· ATI Research: U.S. all wheat export sales of 27.2mbu in latest week were up vs. 4 week avg. of 14.5 and a 9-week high
ENERGY
· Futures are mostly again lower: QCLX14,-$0.26 at $90.75; QRBX,-$0.0122; QNGX, +$.082; andQHOX, -$.0083
· Sharp losses were seen in cash ethanol markets on Thursday: Chicago, New York, Dallas and Gulf all down 7; Tampa off 8; and LA was 6 ½ lower at $1.66 per gallon
· RINs unch to slightly lower: 2012’s steady at 44 ½-45 ½; 2013’s down ¼ to 45 ½-46; and 2014’s off ½ to 45 ½-46
· The November RBOB/October Ethanol spread closed $.0356/gallon lower to $.8810 yesterday
LIVESTOCK/POULTRY  
· Choice boxed beef values firmed 31-cents yesterday and have gained 79-cents over the last four days
· Nearby October cattle futures closed yesterday at a record high for a third new record this week
· The USDA pork carcass cutout value gained 88-cents yesterday after falling 62-cents the day before
· CME Lean Hog Index up $0.30 to $109.75. October futures down $0.875 to $106.775 and are $2.975 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather