HIGHLIGHTS
· Market Trend—Corn, Steady to 1 Higher; Soybeans, Down 1-2; Wheat, Steady to ½ Lower
· Not enough direction from China’s 3rd Plenum meeting to suit investors, some key Asian markets off nearly 2%; Nikkei closes .1% lower; DAX, FTSE and CAC-40 all start weaker. Negativity carries over to U.S. futures: S&P called 4.75 lower; Dow is expected to open down 36 and the Nasdaq, 9 lower. Gold is $2.30 higher; the energy complex is firmer and the $ Index is little changed at 81.25
· T-storm Weather: Mainly dry weather occurs in all U.S. areas through Friday to improve conditions for cattle grazing and corn harvesting. Changes begin Friday-Saturday as showers develop across the eastern Corn Belt and Delta, but the main event holds until within Sunday-Tuesday as a strong system develops along the edge of Arctic air. A low chance for a significant system exists, but best overall chances for rain and snow are across the Corn Belt and Delta – not key cattle areas of the Plains. At this point, a large-scale winter storm seems unlikely with most precipitation to fall in the form of rain
· Dec Corn Up $.01 at $4.3325; Mar Corn Up $.0050 at $4.4450. Funds sold 4 K yesterday
· Nov SB Down $.0250 at $13.1675 Jan SB Down $.0125 at $13.1325. Funds bot 6 K SB; 7 K SBM and 4 K SBO
· Dec Wheat Down $.0025 at $6.45; Mar Wheat Down $.0025 at $6.5550. The funds sold an estimated 2 K Tuesday
CORN/SORGHUM
· U.S. corn harvest for week end Nov. 10 pegged at 84%, which is well below last year’s 97% but above the 79% avg.
· Export Inspections: Corn, 16.7mbu vs. 28.0 needed; China takes 4.2. Milo, 0.5, vs. 3.6 needed; China takes 132k
· ATI Research: 13/14 corn ending stocks down 75mbu from last week to 1.906Bbu due to higher exports
· T-storm Weather: Very warm to hot and breezy weather aid topsoil drying across Argentina throughThursday. Scattered t-storms follow Thursday night and Friday as a cool front sweeps northward to slow corn planting
SOYBEANS/WHEAT
· U.S. soybean harvest for week end Nov. 10 pegged at 91%--behind last year’s 95% but near the 92% avg.
· Soybean export Inspections were strong again at 79.7mbu vs. only 24.6 needed. China took 57.1
· ATI Research: 13/14 soybean ending stocks down 40 million from last week to 130mbu due to higher exports
· T-storm Weather: Several cool fronts sweep northward and trigger t-storms across Brazil and Paraguay over the next 10 days – especially in the Brazilian states of Goias and Mato Grosso where newly-planted soybeans benefit
· ATI Research: 13/14 all wheat ending stocks up 37 million to 525mbu due to lower feed/residual, higher imports
· U.S. winter wheat emergence for week end Nov. 10 up six points to 84% vs. 78% last year and the avg. of 80%
· U.S. winter wheat crop conditions improve yet again: Good/Excellent up 2 points to 65%--well above last year’s 36%
· Wheat export Inspections were light—again—at 12.2mbu vs. 16.9 needed. China takes 2.2
· T-storm Weather: Deep subsoil profiles appear to be near-ideal across the U.S. SRW wheat belt
ENERGY
· Energy markets are firmer: QCLZ13,+$0.07 at $93.13; QRBZ, +$0.0258; QNGZ, +$.023 and QHOZ, +$.0255
· Firming trend in most cash ethanol markets continued on Tuesday: Chicago up 5 ½; Gulf was 6 higher; Dallas gained ½; Tampa was unchanged; NY was 12 ½ firmer; and LA was up ½ at $2.00 per gallon
· Sharp drop in RINs: 2012’s off 4 ½ to 19-22; 2013’s declined 4 to 21-23; & 2014’s down 4 to 21 ½-24
· The December RBOB/December ethanol spread narrowed in 4.61 cents to $.8440 per gallon
LIVESTOCK/POULTRY    
·   Choice boxed beef values eased 53-cents yesterday and have declined $3.30 over the last five trading days
· The USDA 5-area weekly average steer price for last week was $130.93, down $1.06 from the week before
· After increasing $1.48 over the previous two trading days, The USDA pork carcass cutout eased 51-cents yesterday
· The USDA’s Iowa/Minnesota average cash lean hog price eased 35-cents yesterday to $82.01
Sources: Bloomberg, Dow Jones, AP, T-storm Weather