HIGHLIGHTS
· MARKET TREND— Row crops weaker--CZ: Down $.0075; SX: Down $.0450; WZ: Up $.0225; KWZ: Up $.0175
· MACRO: Initial jobs clains out today, Europe, U.S. futures are weaker. ASIA: Yen is lower, Samsung considers corporate restructuring--Nikkei up 0.47%; Shanghai, closed; Hang Seng, +0.69%. EUROPE: Lower: FTSE, -.29%; DAX, -.36%; CAC, -.38%. WALL STREET: Negative pre-markets with DOW, -30; the S&P, -4.75; NASDAQ, -9.50. EXTERNALS: $ Index, +.191 @ 96.305; Gold, +$1.10 @ $1,269.50; Nov Crude, -$.02 @ $49.81/barrel. Deliveries: 88 SBM; 0 SBO
· T-Storm Weather: A system passes today-Friday and dumps 0.67” to 1.33” of rain within the northwest half of the Corn Belt and adjacent areas of the central Plains, including areas of Kansas that were wet earlier this week, but focusing just east of where rain fell across the Corn Belt on Tuesday (but including the area that was particularly wet in recent weeks). Conditions remain warmer and drier moving eastward across the Corn Belt, favoring additional harvest progress
· Corn: CZ Down $.0075 @ $3.47; CH Down $.0050 @ $3.57. The funds bought 2 K at mid-week
· SB: SX Dn $.0450 @ $9.5225; SF Dn $.0450 @ $9.59. Funds: sold 3 SB, 2 SBM, 3 SBO. Dec/Nov crush, $.76, +$.02; LY: $0.96
· Wheat: WZ Up $.0225 @ $4.0725; WH Up $.0175 @ $4.2750. Fund buying totaled 6 K on Wednesday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 43-55 for 16/17 corn
· T-storm Weather: An unseasonably mild pattern with below-normal rain occurs across the Corn Belt Fri.-Sat. forward. A few systems generate showers in a few areas Oct. 8-14, but heavy rain that would stop corn harvest is not expected
· ATI Research: 5-year avg. shows additional 9% of U.S. corn reaches maturity Oct. 2-9; would put ‘16 at 95% v. 88% avg
· Consultant: Full-season corn that has emerged in southern Brazil rated good; cool temps have slowed development
· Ethanol grind: 980,000 barrels/day for week end Sep. 30—down 0.9% vs. last week but 3.2% higher vs. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 44-55 mbu for 16/17 soybeans; soymeal, -75 to +25 K MT for old- crop and 50-180 new-crop; soyoil, -15 to +10 K MT for old crop and 0-30 for new-crop
· T-storm Weather: Intensity of wetness rises through Fri. in eastern Kansas & parts of Iowa, Minnesota & Wisconsin. Soybean harvest likely to be impacted in affected areas, while drier conditions further east favor additional progress
· Export Sales report. Trade expects 15-22 mbu for 16/17 all wheat
· T-storm Weather: Rain aided some key wheat areas of Argentina wheat on Tue.-Wed. At least 5 days of dry weather are forecast before the next series of fronts develop seasonably-heavy rain of 0.25” to 0.75” over Oct. 10-15
ENERGY
· Mostly lower: CLX16, -$.02 @ $49.81; EBZ, +$0.03; EBZ-CLX, $2.09, +$.06;RBX, -.0208; NGX, -.014; HOX, -$.0073
· Cash ethanol markets were mixed on Wednesday: Chicago firmed 5/8; New York declined ¼; Gulf up ¾; Tampa increased 1 ½; Dallas climbed 1 ¼; and LA was 1 ½ lower at $1.68 ½ per gallon
· Ethanol RINs firmed: 2014’s up ¼ at 90-91; 2015’s gained ¼ to 90-91; and 2016’s increased ¼ to 89 ¾-90 ¾
· The Nov RBOB/Oct ethanol inverse dropped sharply, down $.0752 to -0.0752/gallon as ethanol stocks fell
LIVESTOCK/POULTRY    
· Choice boxed beef declined $2.24 on Wednesday to $184.10, and are $6.65 lower compared to a week ago
· Light cash cattle trade occurred in Kansas on Wed. afternoon at $102 to $103.50, which is $1.50 lower vs. last week
· USDA mandatory pork carcass cutout firmed 2-cents on Wednesday to $71.56, but is down $3.14 vs. last week
· CME Lean Hog Index was $0.63 lower on Wed. at $54.85. October futures eased $0.40 & are $6.625 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather