HIGHLIGHTS
· TRENDS—Lower: CZ, -$.0275; SX, -$.0525; WZ, -$.05; KWZ, -$.0375.
· What caught my eye: Not exactly new news but more talk being bantered about that China may require close to 30 MMT of corn in the coming year; Dalian Jan corn futures again higher, gaining $.06 ¼ to a new high of $9.29 ¼
· Supreme court confirmation process not likely to be smooth; new Covid stimulus uncertainty
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Asia—Weaker: Nikkei, closed; Shanghai, -0.63%; Hang Seng, -2.06%
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EUROPE: Lower—DAX, -3.30%; FTSE, -3.49; CAC, -3.23%
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WALL STREET: Futures, much weaker --DOW, -577; S&P, +60.50; NAS, -188.5
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EXTERNALS: Oct crude, -$0.99 @ $40.12; Gold: -$25.10 @ $1,937; Mar $ Index, +.088 @ 92.995
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T-storm Weather®: for the central U.S., seasonable to mild and dry weather dominates over the next 10 days as upper-level high pressure to the west prevents storm systems from passing, while surface-level high pressure to the east keeps humidities too low for any cold or warm fronts to develop rain. Instead, a wide area receives little to no rain with highs mostly in the 70s-80s and lows in the 40s-50s, allowing corn / soybean harvesting and winter wheat planting to accelerate
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CZ, dn $.0275 @ $3.7775; CH, dn $.0275 @ $3.8475. Funds buy 10 K; China buys more U.S. corn
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SX, dn $.0525 @ $10.3850; SF, dn $.0475 @ $10.4250. Funds bot 12 K SB, 7K SBM & 3 SBO. Board crush: $0.86 (V/X), +4; LY, $0.78
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WX, dn $.05 @ $5.70; WH, dn $.0525 @ $5.7750. The funds bought 10 K Friday, row crop strength, firmer world markets
CORN/SORGHUM</strong>
· December 2020 corn futures on Fri closed at $3.78 ½--the highest settlement price for the contract since March 10
· Good/Excellent ratings for U.S. corn in this afternoon’s USDA Crop Progress report are pegged to be 58-60% compared to last week’s 60% and last year’s 57%
· T-storm Weather®: a cold front likely passes within Sep. 28-30 to trigger some rain in eastern half of U.S. Corn Belt & Delta, but only minor showers are expected; drying continues across the Plains into at least first few days of October
· Export Inspections released at 10 am CDT; Corn, 42.7 mbu needed; 34.6 last week. Milo—5.0 needed; 2.85 last week
SOYBEANS/WHEAT
· November 2020 soybean futures on Fri. closed at $10.43 ½--highest settlement for nearby futures since April 27, 2018
· Crop Progress report: U.S. soybean Good/Excellent crop ratings pegged at 61-63% v. 63% last week & 54% last year
· Export Inspections released at 10 am CDT; soybeans, 41.1 mbu needed; 47.2 last week
· T-storm Weather®: the best rainfall over Thu.-Fri. in Argentina is forecast to be just northeast of central and southern areas, which is northeast of where most wheat is produced
· Export Inspections released at 10 am CDT; Wheat, 18.3 mbu needed; 23.4 last week
ENERGY
· Down: CLV20, -$0.99 @ $40.12; EBX, -$0.87 @ $42.29; EBX-QCLV, +0.02; RBV, -.0417; NGV, -.065; HOV, -.0270
· Chicago ethanol was $.01875 lower Friday at $1.4175; basis, firm: NYC, +$.00875 @ +$.10250; Gulf, +.00375 @ +$.0875; Dallas, +$.00375 @ +$.0375; Tampa, +$.00875 @ +$.1375; LA, +$.01375 @ +$.1075
· Ethanol RIN values, unchanged to lower: 2019’s, unch @ 47 ½ - 49; 2020’s: -0.1250 @ 49 ¾ -50 ½ ;      
·  The Oct RBOB/Sept ethanol spread is $.0415 weaker at -$.2274
LIVESTOCK/POULTRY ;
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Choice boxed beef increased $0.59 on Fri., but is still $4.25 lower compared to a week ago
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Dressed cash cattle trade developed on Fri. at $165 in Nebraska, which was $4.00 higher than the previous week
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The mandatory pork carcass cutout value eased $0.02 on Fri., but is still $5.90 higher versus the previous week
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CME Lean Hog Index gained $1.74 on Fri. to $69.58. October futures fell $0.025 and are $3.080 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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