HIGHLIGHTS
· KE MART TREND: CORN: CZ, Down $.0225; SOYBEANS: SX, Down $.0475; WHEAT: WZ, Down $.0350; KWZ: Down $.0325
· Uncertainty over Fed policy which is in turn, linked to doubts about the strength of the global economy is weighing on markets this morning. Europe is decidedly lower at mid-day: CAC 40, off 3.1%; DAX, down 2.8% and FTSE, off 2.1%. In Asia, the Nikkei closed down nearly 2% but both Shanghai (+.9%) and the Hang Seng (+.2%) posted gains. U.S futures would suggest tightening the seat belts: DOW, -232; NAS, -79;S&P 500, -29. Crude is down over $1/barrel; gold is $2.50 weaker at $1,130.50 and the $ Index is up .131 at 96.17
· T-storm Weather: Unseasonable warmth persists through 10 to 14 days (or longer), resulting in one of the warmest Septembers in 121 years of record across the Corn Belt. Rainfall is probable to be limited, except for a swath of rain within Wednesday-Friday from the central / southern Plains into the northwest Corn Belt as an upper-level system (the remnant of Tropical Depression 16-E) exits the desert Southwest. Rain is probable to briefly slow corn and soybean harvesting in western areas, while improving soil moisture for some HRW wheat
· Dec Corn Down $.0225 at $3.8225; Mar, Down $.0225 at $3.9375. The funds opened the week buying 6 K
· Nov SB Down $.0475 at $8.6950; Jan Down $.05 at $8.7375. Fund activity: bought 4 K SB, even on SBM and bought 4 K SBO
· Dec Wheat Down $.0350 at $4.9325; Mar Down $.0375 at $5.0025. The funds bought 5 Kon Monday
CORN/SORGHUM     ;  
· ATI Research: U.S. corn balance sheet; 15/16 carryout up 16 mbu to 1.674 bbu--carryin, +28; crop, -12
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout steady at 66 mbu
· USDA Crop Progress--Good/Excellent corn crop ratings steady at 68% with ATI crop estimate down 12 at 13.488 bbu
· USDA Crop Progress, corn mature: 53% vs. last year’s 40% but below the 5-year avg. of 56%; corn harvest at 10% vs. 7% last year and 15% for the 5-year avg; sorghum harvest at 26% vs. 30% in 2014 and the 28% average
· T-storm Weather: Rainfall of 0.50”-1.50” across the northwest U.S. Corn Belt to slow corn harvest within Wed-Fri
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout up 3 mbu to 448; crop, +3. Good/Excellent soybean crop ratings up 2 points to 63% with ATI crop est up 3 mbu to 3.862 bbu
· USDA Crop Progress, soybeans dropping leaves: 56% vs. 42% last year and the 5-year average of 50%; soybean harvest at 7%, which is well above last year’s 3% but equal to the 5-year average
· USDA Crop Progress, winter wheat planting: 19% vs. 23% last year and the 5-year average of 20%
· ATI Research: U.S. HRS wheat balance sheet, 15/16 carryout at 254 mbu vs. 213 million for 14/15
ENERGY
· Weaker: CLV15, -1.23, $45.45; EBX,-$0.82; EBX-CLX, $2.39, +$.43; RBV, -$.091; NGV, +$.015; HOV, -$.0193
· Cash ethanol markets were steady to higher on Monday: Chicago gained 1 ½; New York steady; Gulf steady; Dallas added 3; Tampa jumped 4; and LA was 4 higher at $1.71 ½ per gallon
· Ethanol RINs were higher: 2013’s up 3/8 to 32 ½-32 ¾; 2014’s added 5/8 to 33-33 ½; & 2015’s firmed 3/8 to 32 ½-32 ¾
· The Oct RBOB/Oct Ethanol inverse slipped back $.0169 to -$.1639/gallon on Monday
LIVESTOCK/POULTRY    
·  Choice boxed beef values eased 76-cents Monday, and at $225.54 are down $9.60 vs. a week ago & lowest for 2015
· 5-Area Weekly Weighted Average Steer price was down $4.25 last week to $134.93/cwt & is $21.81 lower vs. last year
· On Monday, USDA mandatory pork carcass cutout added 45-cents, but at $82.76 is $1.41 lower vs. last week
· CME Lean Hog Index gained $0.08 to $71.27. October futures up $0.575 to $71.625 and $0.355 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather