HIGHLIGHTS

·       TRENDS—Lower:  CZ, -$.0350; SX, -$.08; WZ, -$.0475; KWZ, -.03.  Del’y:  RR, 31; SB, 501. Dalian, C, -8; SB, +11 ¼

·       What caught my eye: Recent exports of C, SB & W are up nearly 60%/52 mbu year to year with SB accounting for 80% of the increase.  Rail movement to export locations at 12,500 cars/wk are 2 ½ times last year’s volume   

·       Markets await clarity on the U.S. election; England adopts a stay -at-home order; Europe higher on solid mfg data

• Asia:  Higher:  Nikkei, +1.39%; Shanghai, +0.02%; Hang Seng, +1.46%
• EUROPE: Higher—DAX, -1.92%; FTSE, +0.99%; CAC, +1.74%
• WALL STREET: HIgher!–DOW futures, +467; S&P, +51; NAS, +141
• EXTERNALS: Dec crude, -$0.90 @ $34.89; Gold: +$4.80 @ $1,873; Mar $ Index, -0.007 @ 94.000
• T-storm Weather®: Much of Argentina, Brazil, and Paraguay will be much drier than normal over the next 7 to 10 days as areas of surface-level high pressure suppress rainfall and leave temperatures near to slightly below normal.  Some thunderstorms probably follow later next week and weekend when a cool front or system pass, but a sudden change to storminess is not expected, and La Niña is a longer-term risk of continued drying over the next few months in at least eastern Argentina and southern Brazil
• CZ, dn $.0350 @ $3.95; CH, dn $.0375 @ $3.9950.  Fund buying on Friday totaled 5 K             
• SF, dn $.08 @ $10.4825; SH, dn $.06 @ $10.42.  Funds bot 3 SB; 1 SBM; 4 SBO. Board crush: $1.46 (Z/X), +$.05; LY, $0.91
• WZ, dn $.0475 @ $5.9375; WH, dn $.0450 @ $5.9550.  More fund selling with 4 K sold on Friday                             

​ CORN/SORGHUM

·       U.S. corn harvested in today’s USDA Crop Progress report is expected to be near 81%, which is up 9 points from last week.  This is also sharply above the 49% pace of last year and would be the fastest since 2015 (85%)

·       T-storm Weather®: Dry and very mild upper-level high pressure dominates the central U.S. over the next week, leaving maximums mostly in the 60s-70s-80s with minimums in the 30s-40s

·       International Grains Council est. Ukraine corn crop at 33.0 MMT (Oct. USDA est. is 36.5); others are as low as 30.5

·       The final 2020 crop insurance harvest price for December 2020 corn futures is $3.9890

SOYBEANS/WHEAT

·       U.S. soybeans harvested est. at 90% vs. 83% last week, 71% last year & 5-year avg. of 83%: fastest since 2015 (92%)

·       T-storm Weather®: In northern Brazil, widespread thunderstorms occur over the next several days across soybean areas, producing 2.00”-4.00” rainfall totals.  A drier to much-drier period follows for at least 7 to 10 days

·       The final 2020 crop insurance harvest price for November 2020 soybean futures is $10.5481

·       Chi. Dec wheat futures on Oct. 30 closed at $5.98 ½--highest monthly nearby futures settlement price since June 2015

·       T-storm Weather®: Rain over the weekend aided winter wheat in much of Russia and parts of Western Australia

ENERGY

·       Struggling: CLZ20, -$0.90 @ $34.89; EBF, -$0.84 @ $37.10; EBF-CLF, +.01; RBZ, -.0338; NGZ, -.074; HOZ, -.0272

·       Chicago ethanol lost $.0140 to $1.5175 Friday.  Basis, firm: NYC, +$.0040 @ $.08750; Gulf, +$.0040 @ +$.0975; Dallas, +$.0040 @ +$.08735; Tampa, +$.0015 @ +$.18; LA, +$.0040 @ +$.1325

·       Ethanol RIN values, mixed: 2019’s, unch @ 57- 59; 2020’s: -0.25 @ 58 -59 ½; 2021, +0.50 @ 60 ½ -61 ½                                               &nb​sp;                     &​nbsp;                       &n​bsp;                       &nb​sp;                       &nbs​p;                        &nbs​p;  

·       The Dec RBOB/Dec ethanol spread is off $.0204 at -$.3732 per gallon  

LIVESTOCK/POULTRY                &​nbsp;                      <​/wbr>

• C​hoice boxed beef increased $0.93 on Friday to $208.10, and is $0.61 higher versus the previous week
• A week-to-week gain was posted in choice boxed beef on Oct. 30 for the first time since Oct. 1
• The mandatory pork carcass cutout value fell $3.75 on Fri. to $83.04, and is $8.49 lower compared to a week ago
• Lean Hog Index fell $1.00 on Fri. to $74.49.  December futures eased $0.050 and are $8.915 below the index

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