HIGHLIGHTS
· Market Trend—Corn, Steady to Up ½ ; Soybeans, Down 1-2; Wheat, Up 2+
· Strength of economic recovery in both China and Japan in doubt--inflation for the former and higher lending rates in the latter—pressure Asian markets with the Nikkei down 2.8% and the Shanghai Composite dropping 1.5%. Europe is slightly lower with the exception of the FTSE where UK GDP data met expectations with growth of .8% in the latest quarter. Futures for the major U.S. stock indices are mixed with the Dow up 1; the S&P, down .2% and the Nasdaq, 7 ¾ higher. The outside markets have gold $10.30 weaker; the energy complex is mixed (crude up 45-50 cents) and the $ Index is .015 higher at 79.26 on the Dec contract.
· Nearly the entire Midwest with be dry today through Sunday with the coldest temperatures prevailing on Friday. Rain is forecast to return to parts of the western Corn Belt on late Monday into Tuesday with heaviest amounts in eastern parts of Nebraska and Kansas. Central and eastern parts of the Midwest are forecast to see precip from the same system Tuesday night into Wednesday. Temps will warm this weekend into early next week although they will remain below-normal.
· Dec Corn Up $.0050 at $4.4075; Mar Corn Up $.0050 at $4.53. The funds sold 3 K on Thursday
· Nov SB Down $.01750 at $13.08; Jan SB Down $.0225 at $13.0150. Funds even on SB, bought 4 K SBM, sold 3 K SBO
· Dec Wheat Up $.0275 at $6.9925; Mar Wheat Up $.02750 at $7.0975. Funds sell 3 K yesterday
CORN/SORGHUM
· A very active corn harvest pace is anticipated this weekend across the northern half of the Midwest
· ATI Research: Export Sales report released yesterday revealed a “robust” weekly total of 52.8mbu vs. a meager 0.2 last year. China confirmed to have bought another 9.1mbu with Unknown (China?) also purchasing 16.8 million
· USDA to begin survey for November 8 Crop Production report this weekend. Any adjustments to planted and harvested acreage will also be included in this report
· The running average crop insurance harvest price as of Oct. 24 for December 2013 corn futures is $4.41
SOYBEANS/WHEAT
· Greater variability in soybean yields is surfacing in northern production areas as harvest winds down
· ATI Research: Export Sales report revealed a 14-year high in soybean meal sales of 850.1 KMT. Outstanding meal sales are record high for this time of year
· Record soybean planted acreage appears likely in South America this fall
· The running average crop insurance harvest price as of Oct. 24 for November 2013 soybean futures is $12.88
· ATI Research: Export Sales report showed decent all wheat total of 24.0mbu. Activity continues to be dominated by HRW with sales of 12.7 million
· Market anticipating a significant reduction in Argentina wheat production in Nov. 8 WASDE report
ENERGY
· The energy markets are mixed: QCLZ13, +$0.47 at $97.59; QRBZ, -$0.0146; QNGZ, -$.026 and QHOZ, +$.0083
· Cash ethanol markets were mixed on Thursday: Chicago and Gulf were ½ higher; Tampa 5 ½ lower; NY off 3; Dallas down 5 ½; and LA unchanged at $2.22 ½ per gallon
· RINs, lower again: 2012’s down 2 to 24-27; 2013’s also off 2 to 25-28; and 2014’s down 1 ¾ at 25 ½-28 ½
· The November RBOB/ethanol widened a penny and a ¼ to $.7636/gallon
LIVESTOCK/POULTRY  
· Cash cattle have traded this week at a record high $132 to $134
· Choice boxed beef values gained 28-cents yesterday and have increased $5.04 over the last five trading days
· After falling $2.00 over the previous two days, the USDA pork carcass cutout value rebounded $1.04 yesterday
· The USDA’s Iowa/Minnesota average cash lean hog price fell $1.02 yesterday to $85.73
Sources: Bloomberg, Dow Jones, AP, T-storm Weather