HIGHLIGHTS
· Market Trend: Corn, steady to ½ Lower; Soybeans, ½ to 1 Higher; Wheat, 1-2 Lower. Europe: Wheat, - 9 ½; Corn, - 4
· China’s September exports rose 15.2% yr to yr, up from 9.4% in August but analyst suggests this does not represent a booming domestic sector. Global growth concerns remain intact—Nikkei falls 1.15%; Shanghai loses .36% but the Hang Seng manages to close .24% higher. Europe is higher despite some poor #’s out of Germany late last week—DAX, up .66%; FTSE, .32% higher and the CAC-40, +.46%. Wall Street looks cautiously better—Dow, +37; NAS, +5.30 and the S&P,+6.50. Energy markets are again weaker; the $ Index is down nearly a ½ point at 85.75 and gold is $6.50 more expensive at $1,227.50
· T-Storm Weather: In the central U.S., the remnant of Hurricane Simon and a separate system develop areas of heavy rainfall through today-Tuesday across the southeast half; excessive rainfall focuses on the Delta and southern Corn Belt to prevent SRW wheat planting, while flooding some newly-planted crops. That said, HRW wheat from Kansas and south continues to receive ideal rainfall for establishment. At least three to five days of dry weather follow the exit of rain as large temperature fluctuations begin in the ongoing transition from summer to winter
· Dec Corn Down $.0025 at $3.3375; March steady, at $3.4675 The funds sold approximately 10 during Friday’s WASDE
· Nov Soybeans Up $.0050 at $9.23; Jan Up $.0050 at $9.31. 315 SBO del’ys. Funds: sold 10 K SB; 3 K SBM and 5 K SBO
· Dec Wheat Down $.0175 at $4.9675; March Down $.0150 at $5.08. The funds bought 4 K on Friday
CORN/SORGHUM      
·   U.S. corn harvest estimated at 25% as of Oct. 12 vs. approx. 29% last year and the 5-year avg. of approx. 43%
· USDA Crop Production report: The USDA reported Friday that 22 states expect a record high corn yield in 2014
· T-storm Weather: Mainly dry weather aids corn planting in Argentina until Wednesday-Thursdaywhen a cool front triggers scattered thunderstorms
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 11,521 contracts
SOYBEANS/WHEAT
· U.S. soybean harvest estimated at 30% as of Oct. 12 vs. approx. 43% last year and the 5-year avg. of approx. 53%
· USDA Crop Production report: The USDA reported Friday that 12 states expect a record high soybean yield in 2014
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 7 contracts
· U.S. winter wheat planting estimated at 67% as of Oct. 12 vs. approx. 64% last year & the 5-year avg. of approx. 67%
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions decrease 6,127 contracts
ENERGY
· Futures are lower: QCLX14,-$1.13 at $84.67; QRBX,-$0.0331; QNGX, -$.013; and QHOX, -$.0252
· Cash ethanol markets were mixed on Friday: Chicago eased ¼; Gulf off ½; New York up 2 ¾; Dallas gained 1 ½; Tampa added 2; and LA was 3 higher at $1.84 per gallon
· RINs steady to slight gains: 2012’s unch at 47 ½-47 ¾; 2013’s up ¼ to 47 ¾-48; and 2014’s added 1/8 to 47 ¾-48
· The November RBOB/November Ethanol spread slipped 2 ½ cents, to $.6605 per gallon on Friday
LIVESTOCK/POULTRY ;
·; Choice boxed beef values gained 61-cents Friday and have increased $9.35 over the last five trading days
· Cash cattle traded last week at mostly $164, up $2 to $4 from the week before
· The USDA pork carcass cutout value fell $1.63 Friday and has lost $2.36 over the last four trading days
· CME Lean Hog Index down $0.24 to $110.36. October futures down $0.05 to $109.45 and are $0.91 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather