HIGHLIGHTS
· MARKET TREND— Mixed--CZ: Up $.01 SX: Down $.0250; WZ: Up $.0550; KWZ: Up $.0325
· MACRO: Markets are mostly higher, uncertainty over Trump staying in the race. ASIA: Nikkei, closed; Shanghai, +1.45%; Hang Seng, closed. EUROPE: Higher with FTSE, +.23%; DAX, +.50%; CAC, +.26%. WALL STREET: Future are positive with DOW, +47; the S&P, +6.75; NASDAQ, +14.25. EXTERNALS: $ Index, +.086 @ 96.740; Gold, +$11.80 @ $1,263.80; Nov Crude, +$.14 @ $49.95. Deliveries: 74 SBM; 0 SBO
· T-Storm Weather: Temperatures average warmer to occasionally much-warmer than normal over the next week, despite a period of coolness within the northern half of the Corn Belt and Plains over Tuesday-Wednesday. Maximums mostly reach the 60s-70s-80s while minimums dip in the 40s-50s. Scattered showered and thunderstorms accompany cooling Tuesday-Wednesday., but amounts stay within 0.20” to 0.50” in most areas to prevent a substantial slowing of harvesting and planting
· Corn: CZ Up $.01 @ $3.4075; CH Up $.0125 @ $3.5075. The funds were even on Friday
· SB: SX Dn $.0250 @ $9.5450; SF Dn $.0250 @ $9.6050. Funds: 0 SB, bot2 SBM, sold 3 SBO. Dec/Nov crush, $.70, -$.04; LY: $1.03
· Wheat: WZ Up $.0550 @ $4.0025; WH Up $.0550 @ $4.2025. The funds sold 2 K to end the week
CORN/SORGHUM
· USDA WASDE on Oct. 12: Avg. trade guess U.S. corn crop, 15.040 bbu (range 14.713-15.200) and 15.093 in Sep.
· USDA WASDE on Oct. 12: Avg. trade est U.S. corn carryout--16/17, 2.362 bbu (range 2.181-2.662) & 2.384 in Sep.
· T-storm Weather: A better chance for rain from southeast half of the U.S. central/southern Plains into the southern Corn Belt exists Thu.-Fri, when 0.40” to 0.80” unfolds; best chances are just west of most corn in Delta & Corn Belt
· Through Oct. 7, the 2016 crop insurance harvest price for December 2016 corn futures has averaged $3.4445
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 3,136 contracts
SOYBEANS/WHEAT
· USDA WASDE on Oct. 12: Avg. trade guess U.S. soybean crop, 4.277 bbu (range 4.147-4.357) and 4.201 in Sep.
· USDA WASDE on Oct. 12: Avg. trade est U.S. soybean carryout--16/17, 415 mbu (range of 325-475) and 365 in Sep.
· T-storm Weather: Substantial rain last week broke dry season for soybean planting in much of Center-West, SE Brazil
· Through Oct. 7, the 2016 crop insurance harvest price for November 2016 soybean futures has averaged $9.617
· USDA WASDE on Oct. 12: Avg. trade guess U.S. wheat carryout--16/17, 1.151 bbu (range 1.050-1.300) & 1.100 in Sep.
· T-storm Weather: Significant rain of 1.00” to 2.00” occurs over the next 10 days across much of wheat in Argentina. In Australia, light rains through 7-10 days affect wheat in Victoria and South Australia but no other wheat areas
ENERGY
· Mixed: CLX16, +$.14 @ $49.95; EBZ, +$0.16; EBZ-CLX, $2.12, $.00; RBX, -.0005; NGX, -.034; HOX, +$.0086
· A steady to higher tone was evident in cash ethanol markets on Friday: Chicago, New York and Gulf up 1 ½; Dallas and Tampa unchanged; and LA was 1 ½ higher at $1.70 per gallon
· Ethanol RINs higher: 2014’s up 5/8 at 89 ½-91 ½; 2015’s added 5/8 to 89 ½-91 ½; and 2016’s firmed 5/8 to 89 ¼-91 ¼
· The Nov RBOB/Nov ethanol inverse dropped widened $.03 to -0.03520/gallonFriday
LIVESTOCK/POULTRY    
· Choice boxed beef values eased 41-cents on Friday to $183.07, and are $4.28 lower compared to a week ago
· Dressed steer weight week end Sep. 24: 904 lbs., down 1 pound v. last week, 900.5 for 4-week avg. & 920 last year
· USDA mandatory pork carcass cutout firmed $1.25 on Friday to $73.07, but is still down 40-cents vs. last week
· CME Lean Hog Index was $0.64 lower on Fri. at $53.72. October futures up $0.30 but are $3.045 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather