HIGHLIGHTS
· Market Trend: Corn, Up 1; Soybeans, 3-4 Higher; Wheat, 1-2 Higher. Europe: Wheat, +2 ½; Corn, up 3 ¼
· ; A rise in China’s October PMI to a 3-month high of 50.4 was offset by a 5-month low in factory output, pushing Shanghai nearly a full point lower with both the Nikkei and Hang Seng, .3-.4% weaker. Europe trading has been on both sides; currently the DAX and CAC are .30-.45% higher; the FTSE, off .39%. Wall Street seems to have taken Asian and European PMI’s in a favorable light ahead of today’s jobless claims release. DOW futures, +41; NAS, +10.50; S&P, +5.25 in pre-market trading. $ Index, slightly weaker; gold, off $6.20 and energy futures are mixed
· T-Storm Weather: A few thunderstorms dot the western U.S. Corn Belt and adjacent areas of the Plains today, but only scattered 0.20” – 0.50” amounts are expected. Otherwise, dry and seasonable weather continue through at least Sunday. Another round of thunderstorms follows for the Corn Belt around Monday-Tuesday, but the point is that most areas stay drier than average through 7-10 days for corn / soybean harvesting and wheat planting. Warmest weather occurs in the central / southern Plains where maximums occasionally reach the 80s
· Dec Corn Up $.0075 at $3.5375; March Up $.0075 at $3.6775. The funds sold 2 K at mid-week
· Nov SB Up $.0150 at $9.6425; Jan Up $.0125 at $9.71. Funds: bought 2 K SB, 2 K SBM along with 4 K SBO
· Dec Wheat Up $.0150 at $5.24; March Up $.0150 at $5.3750. The funds bought 4 K yesterday
CORN/SORGHUM     ;
· Export Sales to be released at 7:30 AM CDT. Trade expects 31 to 39mbu corn
· T-storm Weather: Unseasonable dryness in Brazil is limiting early corn planting. Mainly dry weather continues through the weekend in most areas, though a few thunderstorms gradually return to the Center-West region
· Ethanol grind: 896 thou barrels per day for week end Oct. 17—up 11 thou vs. last week but down up 0.1% vs. last year
· December 2014 corn futures closed at $3.53 Wed.; one year ago, December 2013 corn contract closed at $4.38 ¼
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, 29 to 37mbu; soymeal, 150-250; soyoil, 10-50
· T-storm Weather: Humidity increases across Center-West Brazil within Friday-Sunday, helping widely scattered thunderstorms to form, though organized rainfall is only likely in western soybean areas of Mato Grosso
· Nov. 2014 soybean futures closed at $9.62 ¾ Wed.; one year ago, the Nov. 2013 soybean contract closed at $13.02 ¼
· Export Sales to be released at 7:30 AM CDT. Trade expects 13-18mbu for all wheat
· Some wheat producing areas of Western Australia have had more than 300% of the normal amount of rainfall during the month of October. Crop loss as a result of flooding and hail is reported to have occurred
ENERGY
· Futures are mixed: QCLZ14,+$0.23 at $80.74; QRBZ,+$0.0045; QNGZ, -$.024; and QHOZ,-$.0018
· Cash ethanol markets were mostly higher on Wednesday: Chicago slipped ½; Gulf up ½; Tampa jumped 8; Dallas gained 8 ½; New York added ¼; and LA was 8 ½ higher at $2.01 per gallon
· RINs slightly weaker: 2013’s off ½ at 46-46 ½; 2014’s down 3/8 at 46-47; and 2015’s eased ½ to 46-46 ½
· The November RBOB/Ethanol spread continues to narrow in, losing nearly 6 ½ cents to $.3796/gallon
LIVESTOCK/POULTRY  
· At $251.00, choice boxed beef values were $1.16 higher Wednesday and are up 51-cents compared to one week ago
· October live cattle futures closed Wednesday at $168.05, which is the highest closing price for the contract
· The USDA pork carcass cutout value has lost $15.86 over the last five trading days after declining $2.65 Wednesday
· CME Lean Hog Index down $1.28 to $104.17. December futures up $1.30 to $89.75 and are $14.42 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather