HIGHLIGHTS
· MARKET TREND—Firmer--CZ: Up $.0350; SX: Up $.0875; WZUp $.0275; KWZ: Up $.03
· MACRO: Potential OPEC production cut agreement buoys markets, from 33.2 mbpd in Aug down to 32.5-33.0. ASIA: Nikkei, +1.39%; Shanghai, +0.35%; Hang Seng, +.51%. EUROPE: European stocks are firmer with the FTSE, +1.18%; DAX, +0.81%, CAC, +1.29%. WALL STREET: Pre-markets, kind of firmer at 5:15--DOW Futures, +10; S&P, +1/2; NAS, +1.75. EXTERNALS: $ Index, +.129 @ 96.465; Gold, +$0.20 @ $1,322.40; Nov Crude, -$.21 @ $46.84/barrel.
· T-Storm Weather: A large & stagnant upper-level system swirls within eastern Corn Belt through Sun., producing showers in varying areas of the region each day, & ultimately totaling 0.67"-1.67" from eastern Illinois & points east through Indiana, Michigan, & Ohio; highest coverage & amounts in Ohio. Little to no rain & generally seasonable to mild weather occurs to the west into at least Mon., improving conditions for harvesting & wheat planting in much of western Corn Belt, Delta, & Plains
· Corn: CZ Up $.0350 @ $3.3275; CH Up $.0325 @ $3.4250. The funds sold 4 K at mid-week
· SB: SX UP $.0875 @ $9.5425; SF Up $.08 @ $9.60. Funds: sold 3 SB, 7 SBO, bot 1 SBM. Oct crush, $.73 -$.01; LY: $0.93
· Wheat: WZ Up $.0275 @ $4.06; WH Up $.02 @ $4.28. The funds were evenWednesday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 30-47 for 16/17 corn
· T-storm Weather: The pattern changes from Mon.-Tue. forward; rain initially focuses on the northern Plains Oct. 3-4, then expands further to the south and west with time. Amounts range from 0.50”-1.50”, slowing corn harvesting
· ATI Research: 5-year avg. shows additional 15% of U.S. corn reaches maturity Sep. 25-Oct. 2; would put 2016 at 88%
· Consultant: Full-season corn planting in southern Brazil is approximately 30% complete compared to the 19% avg.
· Ethanol grind: 989,000 barrels/day for week end Sep. 23—up 0.8% vs. last week and 4.9% higher vs. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 40-48 mbu for 16/17 soybeans; soymeal, -50 - +50 K MT for old- crop and 50-180 new-crop; soyoil, -15 - +10 K MT for old crop and 0-30 for new-crop
· T-storm Weather: While wettest areas of Iowa & Minnesota are just east of where heaviest rain is most likely next week (Oct. 2-8), at least some unneeded rain is probable. Soybean harvest slows west to east as the week progresses
· Export Sales report. Trade expects 15-22 mbu for 16/17 all wheat
· T-storm Weather: Periodic light rain affects Argentina wheat starting today and continuing over the next 10 days; 0.25”-0.75 amounts most common. Unneeded rain continues over eastern Australia over the next 7-10 days
ENERGY
· Weaker: CLX16, -$.21 @ $46.84; EBX,-$0.41; EBX-CLX, $1.44, -$.20; RBX, -.0138; NGX, +.007; HOX, -$.0072
· A mostly weaker tone was evident in cash ethanol markets on Wednesday: Chicago down 1 7/8; New York off 2 ¼; Gulf eased 1 ½; Tampa declined ½; Dallas slid 1 ½; but LA was a penny higher at $1.69 ½ per gallon
· Ethanol RINs firmer: 2014’s added ½ to 87 ½-89; 2015’s up ½ to 87 ½-89; and 2016’s increased ½ to 87 ¼-88 ¾
· The Oct RBOB/Oct ethanol inverse gave up $.1020 on Wednesday and settled at -$0.0783/gallon
LIVESTOCK/POULTRY    
·   Choice boxed beef values were $2.53 higher on Wednesday at $190.75—the largest one-day gain since May 17
· Cash cattle trade increased on Wednesday with prices in the South pegged at $104, or $3 lower than last week
· USDA mandatory pork carcass cutout value was $2.20 lower on Wed. at $74.70—the lowest price since Aug. 19
· CME Lean Hog Index eased $0.58 on Wed. to $57.63. October futures were steady but are still $5.93 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather