HIGHLIGHTS
· Market Trend—Corn, Steady to ½ Higher; Soybeans, 238 delivered, 4 to 6 Higher; Wheat, 1-2 Higher
· World equity markets are quiet this morning, marking time ahead of a major economic planning session in China and the release of U.S. data. The latter includes an estimate of QIII growth on Thursday and October employment numbers on Friday. Asia was mixed: Nikkei, +.2%; Hang Seng, off .7%; Shanghai Composite, +.4%. Europe is .1 to .2% lower in early trading. Key U.S. market futures are lower: NSD, off 10 ¾; Dow, 47 lower; S&P, 5 ¼ weaker. Outside markets: Gold is $2.30/oz cheaper; crude is 30-35 cents lower and the $ Index is .020 higher at 80.655
· T-storm Weather notes widespread rainfall of 0.67” – 1.33” slows remaining corn and soybean harvesting across the U.S. the next few days, while maintaining or improving adequate to wet conditions for winter wheat growth; rain is unneeded in Indiana and Ohio where 20% and 25% of SRW wheat received at least 60 days’ worth of rain over the last 30 days. A swath of snow occurs from western Nebraska into southern Minnesota, but significant stress is not expected for most cattle
· Dec Corn Up $.0025 at $4.2650; Mar Corn Steady at $4.37. The funds sold another 2 K to start the week
· Nov SB Up $.06 at $12.70; Jan SB Up $.0425 at $12.6075. Funds bought 3 K SB, 2 K SBM and sold 2 K SBO Monday
· Dec Wheat Up $.0150 at $6.6425; Mar Wheat Up $.0150 at $6.7575. Fund sales totaled 3 K on Monday
CORN/SORGHUM
· December 2013 corn futures traded to $4.25 ¼ on Monday, the lowest price for the contract since Aug. 25, 2010
· ATI Research: Estimated FSI/ethanol grind up 185mbu to 6.5/5.0Bbu on strong margins and robust weekly corn grind; exports bumped 50 higher on good demand early-on with further increases possible, subject to South Am weather
· ATI Research: 13/14 corn ending stocks down 235mbu from last week to 1.981Bbu
· Corn progress: Corn harvest, 73% vs. 95% LY & 71% avg; Milo harvest, 75% vs. 77% LY & 69% avg
· Export Inspections; Corn, 31.3mbu (23.7 needed) with China taking 7.9. Milo, 1.2 (2.9 needed) nothing to China
· Remaining corn harvest in northern Corn Belt likely to be slowed by widespread rain Tuesday-Thursday
SOYBEANS/WHEAT
· ATI Research: Impressive soybean meal export interest has led to a 25mbu increase in expected soybean crush
· ATI Research: 13/14 soybean ending stocks down 25 million from last week to 170mbu
· Soybean progress: Harvest, 86% vs. 92% in ‘12, 85% avg
· Export Inspections: Soybeans, 80.6mbu (24.0 needed) with China taking 61.8
· ATI Research: 13/14 HRW wheat carryout unchanged at 159mbu; initial 14/15 estimate at 222mbu
· Export Inspections: Wheat, 7.1mbu (16.8 needed); nothing to China this week
· Winter wheat progress: Planted, 91% vs. 91% in ‘12 & 5-year avg of 90%; emergence, 76% vs. 72% in ‘12, 73% avg
· Winter wheat crop conditions: Good/Excellent increase 2 points to 63%, which is sharply above last year’s 39%
ENERGY
· Energy markets are mostly weaker: QCLZ13,-$0.35 at $94.27; QRBZ, +$0.0018; QNGZ, -$.040 and QHOZ, +$.0109
· Weaker trend continued for cash ethanol markets on Monday: Chicago off 3 ½; Dallas and Tampa both down 2; Gulf was 4 weaker; NY was ¾ lower; and LA was off ½ $1.90 per gallon
· Modest recovery in RINs: 2012’s up 2 at 26 ½-27 ½; 2013’s were 2 ¼ firmer at 27 ½-29; & 2014’s up 2 at 27 ½-29 ½
· The December RBOB/ethanol spread widened $.0328 to settle at $.8082 yesterday
LIVESTOCK/POULTRY    
·   After easing $1.08 over the previous two trading days, Choice boxed beef values gained 96-centsMonday
· USDA 5-area weekly average steer price for last week was $131.99, down $0.24 from the previous week’s record high
· The USDA pork carcass cutout value gained 85-cents yesterday and is up 13-cents from a week earlier
· The USDA’s Iowa/Minnesota average cash lean hog price fell $2.00 to $81.79
Sources: Bloomberg, Dow Jones, AP, T-storm Weather