HIGHLIGHTS

·       USDA Supply/Demand report at 11:00 am CDT

·       TRENDS—Higher: CZ, +$.0425; SX, +$.1050; WZ, +$.0825; KWZ, +$.08 

·       What caught my eye: WASDE report is in the forefront this morning but it was encouraging to see Japan lead the way in corn buying in yesterday’s Export Sales.  The 14.2 mbu # pushed its YTD total to 129 mbu, up nearly 2 ½ times versus a year ago

·       Futures are higher on hopes an agreement on the stimulus package can be made

• Asia:  Mostly lower-- Nikkei, -0.12%; Shanghai, +1.68%; Hang Seng, -0.31%
• EUROPE: Firmer—DAX, +0.07%; FTSE, +0.683%; CAC, +0.49%
• WALL STREET: Higher-–DOW futures, +126; S&P, +15; NAS, +32
• EXTERNALS: Nov crude, -$0.44 @ $40.75; Gold: +$23.60 @ $1,919; Mar $ Index, -0.268 @ 93.355
• T-storm Weather®: Dry weather prevails across most of the central U.S. over the next 10 to 14 days, except for: 1) heavy rainfall of 2.00”-4.00” in much of the mid-South as Hurricane Delta & its remnant pass today-Sat., & 2) some showers & thunderstorms in & adjacent MN on Mon. when a strong but humidity-starved system passes.  Temps will be much warmer than normal through Sun.
• CZ, up $.0425 @ $3.9125; CH, up $.0450 @ $3.9925.  The funds bought 4 K ahead of today’s WASDE        
• SX, up $.1050 @ $10.6050; SF, up $.1025 @ $10.5825. Funds: 0 SB; bot 3 SBM, sold 8 BO. Board crush: $1.06 (V/X), -.04; LY, $0.84
• WZ, up $.0825 @ $6.0350; WH, up $.0750 @ $6.0625.  Fund selling Thursday again totaled 4 K                     

CORN/SORGHUM

·       Supply/Demand report: avg. guess for 2020 U.S. corn crop is 14.823 bbu (range: 14.638-15.030) v. 14.900 in Sep.

·       Supply/Demand report: avg. guess for 2020 U.S. corn yield is 177.9 bpa (range: 176.0-180.0) vs. 178.5 in Sep.

·       Supply/Demand report: avg. trade guess 20/21 U.S. corn carryout, 2.120 bbu (range: 1.859-2.333) vs. 2.503 in Sep.

·       T-storm Weather®: temps turn sharply cooler Mon. across U.S. Corn Belt, as readings fall by 15°F to 20°F.  Thereafter, temps fluctuate within a very wide range as mild and cool air battle for position.  Dry weather persists next week

SOYBEANS/WHEAT

·       Supply/Demand report: avg. guess for 2020 U.S. soybean crop is 4.288 bbu (range: 4.225-4.358) vs. 4.313 in Sep.

·       Supply/Demand report: avg. guess for 2020 U.S. soybean yield is 51.7 bpa (range: 50.9-52.5) vs. 51.9 in Sep.

·       Supply/Demand report: avg. trade guess 20/21 U.S. soybean carryout, 0.363 bbu (range: 0.195-0.460) v. 0.460 in Sep.

·       T-storm Weather®: Scattered rain develops early next week in Brazil, but high coverage of heavy totals is unlikely.  Overall, only around half of normal rainfall is forecast over the next two weeks for all soybean areas

·       Supply/Demand report: avg. trade guess for 20/21 U.S. wheat carryout, 0.890 bbu (range: 0.830-0.917) v. 0.925 in Sep

·       T-storm Weather®: Drought is forecast to persist in winter wheat areas of Russia over the next two weeks or longer

ENERGY

·       Mixed: CLX20, -$0.44 @ $40.75; EBZ, -$0.40 @ $42.95; EBZ-QCLX, +0.06; RBX, -.0226; NGX, +.061; HOX, -.0085

·       Chicago ethanol was $.00625 higher yesterday at $1.4175; basis, mostly weaker: NYC, -$.0050 @ $.0775; Gulf, +.02975 @ +$.1350; Dallas, -$.00625 @ +$.0975; Tampa, -$.00625 @ +$.19250; LA, -$.00625 @ +$.16750

·       Ethanol RIN values, mixed: 2019’s, +0.3750 @ 48 -50 ½; 2020’s: -0.50 @ 49 ½-50; 2021’s, -0.1250 @ 52 ½-53                                   ​;                         ​;                        ​                        &​nbsp;                       &n​bsp;                       &nb​sp;          

·    &​nbsp;  The Nov RBOB/Oct ethanol spread is trading at -$.1877, off $.0218 this morning      

LIVESTOCK/POULTRY                               &nbs​p;       <​/p>

• Choice boxed beef was $0.88 lower on Thursday at $216.00, and is down $2.98 compared to last week 
• Cash cattle on Thursday sold for mostly $108 in Kansas, while dressed cattle sold for mostly $169 in Nebraska
• The mandatory pork carcass cutout value firmed $0.88 on Thu. to $94.60, but is still $1.49 lower versus a week ago
• CME Lean Hog Index was up $0.12 on Thu. at $77.62.  October futures gained $0.475 but are $0.270 below the index

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