HIGHLIGHTS

·        MARKET TREND:  Firmer--CZ: Up $.0125; SX: Up $.0350; WZ: Up $.01;  KWZ: Up $.0225

·        MACRO: Global stocks rise following Clinton-Trump debate; former’s pro-trade stance aids markets.   ECB meeting, likely to continue bond buying stimulus program.  ASIA:  Up slightly-- Nikkei, +1.39%;  Shanghai, +0.00%; Hang Seng, +0.30%.   EUROPE:   Mixed--FTSE, 0.00%; DAX, +.24%; CAC, +0.20%.  WALL STREET: Futures are higher--DOW, +35; S&P, +2.75; NASDAQ, +6.75.  EXTERNALS:  $ Index, +.020 @ 97.96  Gold, +$0.80 @ $1,270.70;  Nov Crude, -$0.53 @ $51.07

·        T-Storm Weather: Central U.S. temperatures cool through today, triggering thunderstorms within the Delta and southeast third of the Corn Belt, including some key unplanted SRW wheat areas.  Otherwise, dry weather prevails until the middle of next week (around next Wed.-Thu.) when the first in a series of systems pass, bringing rain to at least the Corn Belt and Delta; chances are lower with westward extent through the Plains due to limited humidity, but will take many days to determine

·        Corn: CZ Up $.0125 @ $3.5875; CH Up $.01 @ $3.6825.  Fund buying was estimated at 7 K Wednesday   

·        SB:  SX Up $.0350 @ $9.85; SF Up $.0350 @ $9.9575.  Funds Bought 7 K SB, 4 SBO; 4 SBM. Z/X crush, $.82, +$.01; LY: $1.00

·        Wheat:  WZ Up $.01 @ $4.2125; WH Up $.0050 @ $4.4125.  The funds bought 1 K yesterday         

 

CORN/SORGHUM

·        Export Sales to be released at 7:30 AM CDT.  Trade expects 28-35 for 16/17 corn

·        T-storm Weather: Thunderstorms affect the southeast U.S. Corn Belt and Delta today as a cool front passes; 0.67” to 1.33” amounts.  All other areas stay dry over the next week

·        ATI Research: On average, an additional 9% of U.S. sorghum is harvested Oct. 16-23; would boost 2016 total to 66%

·        Consultant: Full-season corn planting in Rio Grande do Sul, Brazil is approximately 75% complete, but recent wet weather has slowed progress

·        Ethanol grind: 998,000 barrels/day for week end Oct. 14—up 3.7% vs. last week and 4.9% higher vs. last year

SOYBEANS/WHEAT

·        Export Sales report.  Trade expects 37-48 mbu for 16/17 soybeans; soymeal, 150-300 K MT; soyoil, 10-20 

·        T-storm Weather: Widespread rain of 1.50”-3.00” affects nearly all of Center-West & Southeast Brazil through 10 days.  Will aid soybean planting/growth across large area, but Bahia & points north will be hot/dry much of the period

·        Export Sales report.  Trade expects 13-20 mbu for 16/17 all wheat

·        T-storm Weather: Following a few of coolness, another round of unseasonable mildness recurs for 5-7 days starting this weekend, including several days of record-setting heat in the 90s in HRW wheat areas of the southwest Plains 

ENERGY

·        Lower: CLX16, -$.53 @ $51.07; EBZ, -$.51; EBZ-CLX, $1.09, +$0.02; RBX, -$.0096;  NGX, +$.02; HOX, -$.0150

·        Modest gains were seen in most cash ethanol markets on Wednesday: Chicago added 7/8; New York and Dallas firmed a penny; Gulf eased ¼; Tampa gained ½; and LA was steady at $1.78 ½ per gallon

·        Ethanol RINs unchanged: 2014’s at 93 ¼-94 ¼; 2015’s at 93 ¼-94 ¼; and 2016’s at 93-94

·        The Nov RBOB/Nov ethanol inverse edged up $.0011 to -0.08140/gallon on Wednesday       

  LIVESTOCK/POULTRY                            ​;                        ​

·        Choice boxed beef values plummeted $2.86 Wed.—largest 1-day drop since Sep. 2—& are $3.06 lower v. a week ago

·        Estimates for Friday’s USDA Cattle on Feed: Oct 1 on feed, 101.3%; Sep placement, 103.9%; Marketed in Sep 106.1%

·        USDA mandatory pork carcass cutout eased 45-cents on Wednesday to $71.96, and is down 18-cents vs. last week 

·        CME Lean Hog Index was $0.21 higher Wed. at $52.57.  December futures up $0.05 but are $11.395 below the index 

Sources: Bloomberg, Dow Jones, AP, T-storm Weather