HIGHLIGHTS
· Market Trend: Corn, Up 3-4; Soybeans, 2-3 Higher; Wheat, 6 Higher. Europe: Wheat, +6; Corn2 ½
·   Fed announces end to bond-buying program but emphasizes considerable time will be needed before short term rates begin to move higher. Asia closed mostly higher with the Nikkei up .67%; Shanghai gained .75% while the Hang Seng lost .49%. Europe began the day on a positive note but has since moved to negative territory with all 3 more popular exchanges off from .60% (CAC-40) to 1+% (DAX). Pre-market indications in the U.S. are to the downside: DOW, -53; S&P500, -8 ¼; NAS, -16.80. 3rd Qtr GDP out later today, 3% expected. Energy, mostly lower; $ Index, up ¼ point to 86.44 and gold, $18.90 lower.
· Weather: A continuation of dry weather is likely today for the western Corn Belt with the exception of Minnesota and far eastern portions of North and South Dakota where light rain (less than 0.10”) is possible. Light rain is also possible for the southwest two-thirds of Illinois as well as eastern Missouri. Dry weather is likely across the remainder of the Corn Belt. Temperatures today are forecast to be above-normal for the western Corn Belt but near to below-normal for the east. Some light rain may impact the eastern Corn Belt Friday while the west stays dry. Below-normal temperatures are forecast for the entire Corn Belt on Friday
· Dec Corn Up $.0350 at $3.7875; March Up $.0350 at $3.92. The funds bought 10 K at mid-week
· Nov SB Up $.02 at $10.45; Jan Up $.0150 at $10.5050 Funds: bought 10 K SB; 8 K SBM along with 8 K SBO
· Dec Up $.06 at $5.4425; March Up $.06 at $5.5700. The funds bought 6 K on Wednesday
CORN/SORGHUM     ;
· December 2014 corn futures traded to $3.76 on Wednesday—the highest price since Aug. 18—and closed $0.1075 higher at $3.7525. One year ago, the December 2013 corn contract closed at $4.32
· Export Sales to be released at 7:30 AM CDT. Trade expects 28 to 35mbu corn
· Private crop consultant: Argentine corn acreage may end up less than what is currently being estimated
· Ethanol grind: 937 thou barrels per day for week end Oct. 24—up 41 thou vs. last week and up 2.9% vs. last year
SOYBEANS/WHEAT
· November 2014 soybean futures traded to $10.45 on Wednesday—the highest price since Aug. 22—and closed $0.35 higher at $10.43. One year ago, the November 2013 soybean contract closed at $12.79
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, 37 to 55mbu; soymeal, 150-300; soyoil, 10-30
· Private crop consultant: Soybean planting in Argentina is just getting underway with 2-3% planted
· Export Sales to be released at 7:30 AM CDT. Trade expects 11-14mbu for all wheat
· CBT Dec 2014 wheat futures traded $5.4050 Wed.—highest price since Sept. 5—& closed $0.075 higher at $5.3825
ENERGY
· 3 out of 4 futures are lower: QCLZ14,-$0.67 at $81.52; QRBZ,-$0.0121; QNGZ, +$.019; andQHOZ, -$.0191
· Modest gains were posted in cash ethanol markets on Wednesday: New York, Chicago and Tampa were all up 1; Gulf gained 2; Dallas added ¾; and LA was 1 ¾ higher at $2.05 ¼ per gallon
· Steady to lower RINs: 2013’s down ¼ at 46-46 ½; 2014’s unch at 46-46 ½; and 2015’s steady at 46-46 ¾
· The November RBOB/Ethanol spread lost $.0241 to $.3827 as inventories fell 5%/901 K barrels to 17.0 mb
LIVESTOCK/POULTRY   ;
·   Choice boxed beef values were $2.07 higher on Wednesday, up $2.63 vs. last week and the highest since Aug. 18
· Cash cattle trade asking prices were firm Wednesday at $172-$173 in the South but no significant trade volume seen
· USDA pork carcass cutout value increased $1.08 Wednesday to $98.60 but is still down $2.34 vs. last week
· CME Lean Hog Index down $1.98 to $94.61. December futures down $1.60 to $88.60 and are $6.01 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather