HIGHLIGHTS
· Market Trend—Corn, Up 5; Soybeans, Up 11; Wheat, 1 Higher
· A blasé Fed report yesterday has global markets a little defensive/cautious this morning on fears the stimulus pull-back will be braking sooner rather than later, or “they (the Fed) threw a spanner in the works” as one pundit theorized. Asia retreated with the Nikkei off 1.2%; the Hang Seng slipped .4% and the Shanghai Composite lost .9%. Europe joined the trend with the CAC-40 .3% weaker; the DAX was .2% in the red and the FTSE, down .4%. US futures indices have the Dow 30 lower; the S&P, -5 and the Nasdaq, -16 ½. Outside markets: gold, -$13.70/oz; energies, mostly higher and the $ Index, +.20 at 80.035
· A very wet day is forecast for the heart of the Corn Belt and most of the Delta today. Rainfall of 1.00”-2.00” is projected to impact all of Missouri, Illinois, Michigan, Indiana and southeast Wisconsin, with even higher totals surpassing 3.00” possible across southwest Arkansas. The system shifts eastward on Friday but amounts decline to 0.25”-0.50” across eastern Indiana, northwest Ohio and eastern Michigan. Temps are projected to be above-normal today but cool significantly on Friday
· Dec Corn Up $.0525 at $4.3575; Mar Corn Up $.0525 at $4.47. The funds sold an estimated 4 K Wednesday
· Nov SB Up $.1150 at $12.99; Jan SB Up $.0925 at $12.8575. Funds bought 4 K SB, 1 K SBM and another 6 K SBO yesterday
· Dec Wheat Up $.0075 at $6.75755; Mar Wheat Up $.01 at $6.8750. Funds selling totaled a net of 5 K yesterday
CORN/SORGHUM
· Export Sales report released at 7:30 AM CDT. Trade expects 75 to 98mbu corn. Note: Due to the government shutdown, the USDA will issue an aggregate export sales total for the weeks ended Oct. 10, 17 and 24.
· Weekly ethanol production increased 14 thousand barrels per day last week to 911 thous, which is also up 86 thousand or 10% vs. last year’s 825. This week’s total was the largest output since the week ending June 8, 2012
· Corn harvest price for crop insurance pegged at $4.3966 as of Oct. 30
· Full-season corn crop in southern Brazil is nearly all planted; the vast majority of the crop is rated in good condition
SOYBEANS/WHEAT
· Export Sales report released at 7:30 AM CDT. Trade expects 88 to 110mbu soybeans. Note: Due to the government shutdown, the USDA will issue an aggregate export sales total for the weeks ended Oct. 10, 17 and 24
· Export Sales: SBM export sales est 800-1100 K MT; SBO at 40-160 KMT
· Soybean harvest price for crop insurance pegged at $12.8713 as of Oct. 30
· Export Sales report released at 7:30 AM CDT. Trade expects 55 to 73mbu wheat. Note: Due to the government shutdown, the USDA will issue an aggregate export sales total for the weeks ended Oct. 10, 17 and 24
· Weakness in wheat futures Wed. linked to ideas that rain in Southern Plains will help with establishment of 2014 crop
· India has cut the minimum export price for wheat to $260/mt from $330, a move likely to boost exports
ENERGY
· The energy complex is mostly higher: QCLZ13,+$0.15 at $96.92; QRBZ, -$0.0125; QNGZ, +$.021 and QHOZ, +$.0008
· Cash ethanol markets were lower again Wednesday: Chicago was off a dime; Dallas 3 lower; Gulf 9 weaker; Tampa lost 3 ½; NY was down 2 ½; and LA was 1 ¼ lower at $2.08 ¼ per gallon
· Rebound in RINs continued: 2012’s up 2 ½ to 22-26; 2013’s also 2 ½ firmer at 23-27; & 2014’s gained 2 ¼ at 23 ½-27 ½
· The November RBOB/ethanol spread moved out 4 cents to $.8488 per gallon yesterday as output tops estimates
LIVESTOCK/POULTRY   ;
· Choice boxed beef values gained $1.44 yesterday and have increased $4.71 over the last three days
· Today’s Cattle on Feed report is expected to show Sep. placements up slightly (0.7%) from last year’s record low
· The USDA pork carcass cutout value fell $1.58 yesterday and has lost $1.94 during the last two days
· Today’s Cold Storage report is expected to show total pork supplies on September 30 were down 10% from last year
Sources: Bloomberg, Dow Jones, AP, T-storm Weather