HIGHLIGHTS
· Market Trend: Corn, Up 5; Soybeans, 7-8 Higher; Wheat, 8-9 Higher. Europe: Wheat, +3 ½; Corn, 6 ½
· Asian stocks were higher until news of a confirmed case of Ebola in a physician returning from West Africa in NYC was announced. Still, the Nikkei managed to close up 1.01%; Shanghai, +.01% with the Hang Seng slipping .13%. Early European trade finds the CAC 40 off .61% with the DAX and FTSE both .4% +/- lower. Strong earnings boost U.S. markets Thursday; pre-market indications show the DOW, -33; S&P, -5 ¾; NAS, -13.30. External markets: gold, up $3.50 to $1,232.10; the $Index is .024 lower at 86.100 and energy futures are lower
· Weather: Conditions for fall harvest should remain favorable for most across the U.S. Corn Belt through the weekend as warm and dry weather is forecast for the region. Temperatures are forecast to rapidly rise to much-above-normal levels the next few days with readings perhaps reaching 5-15 degrees above the average for late October. The next best chance for rain across the Midwest looks to be developing west to east on Monday-Tuesday. Scattered amounts are current forecast. After that system passes, significantly cooler temperatures are projected for the middle of next week
· Dec Corn Up $.05 at $3.6475; March Up $.0475 at $3.7825. The funds bought 6 K in Thursdaytrade
· Nov SB Up $.0775 at $10.01; Jan Up $.07 at $10.07. Funds: bought 12 K SB, 6 K SBM and 4 K SBO on Thursday
· Dec Wheat Up $.0875 at $5.3550; March Up $.0875 at $5.49. The funds bought 2 K yesterday
CORN/SORGHUM   ; </strong>
· December 2014 corn futures closed at $3.59 ¾ Thursday--the highest closing price for the contract since Sept. 2
· ATI Research: A significant jump in U.S. corn harvest is anticipated this week due to favorable weather. Since 1994, the largest increase in corn harvest progress from Oct. 19-26 has been 18 percentage points
· U.S. corn export sales of 40.6mbu in latest week; sales over the last 4 weeks have averaged 43.1mbu per week
· U.S. sorghum export sales of 9.2mbu in latest week; sales over the last 4 weeks have averaged 5.0mbu per week
SOYBEANS/WHEAT
· November 2014 soybean futures closed at $9.93 ¼ on Thur.--the highest closing price for the contract since Sept. 10
· ATI Research: A significant jump in U.S. soybean harvest is anticipated this week due to favorable weather. Since 1994, the largest increase in soybean harvest progress from Oct. 19-26 has been 15 percentage points
· U.S. soybean export sales of 79.6mbu in latest week; sales over the last 4 weeks have averaged 45.0mbu per week
· CBT December 2014 wheat futures closed at $5.26 ¾ Thursday--the highest closing price for the contract since Sept. 9
· U.S. all wheat export sales of 11.0mbu in latest week; sales over the last 4 weeks have averaged 17.2mbu per week
ENERGY
· Futures are lower: QCLZ14,-$0.74 at $81.35; QRBZ,-$0.0216; QNGZ, -$.033; and QHOZ,-$.0228
· A mixed trend was seen on Thursday in cash ethanol markets: Chicago down 7; Gulf slid 9 ½; Tampa gained 6; Dallas added 4 ½; New York lost 11; and LA was 6 higher at $2.07 per gallon
· RINs were lower: 2013’s down 1 at 45-45 ½; 2014’s eased ¾ at 45 ½-46; and 2015’s off ¾ to 45-46
· The November RBOB/Ethanol spread bounced back out 11 ½ cents to $.4949, ethanol weakness/export cancellations?
LIVESTOCK/POULTRY   ;
· Choice boxed beef values were $1.57 lower Thursday at $249.43, but are up 51-cents compared to one week ago
· October live cattle futures closed Thur. at $169.05--highest closing price for the contract for the second day in a row
· The USDA pork carcass cutout value fell $0.54 yesterday and has lost $16.40 the last six trading days
· CME Lean Hog Index down $1.77 to $102.40. December futures dn $1.025 to $88.725 & are $13.675 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather