HIGHLIGHTS

·       TRENDS—Mostly firm:  CZ, -$.0125; SX, +$.0525; WZ, +$.0150; KWZ, +$.0275.  Del’y:  RR, 357; SB, 300. Dalian, C & SB firmer

·       What caught my eye: Have really been impressed how the non-PRC/non-Unknown corn business has flocked to the U.S. the past few weeks.  Unshipped sales to these destinations have jumped to a 13 yr high, 447 mbu and up 60%+% vs last year at this time  

·       Apple and Amazon quarterly earnings not so good with major indices on track for worst week in several months

• Asia:  Down!  Nikkei, -1.52%; Shanghai, -1.47%; Hang Seng, -1.95%
• EUROPE: Mostly weaker—DAX, -0.14%; FTSE, -0.13%; CAC, +0.21%
• WALL STREET: Down!–DOW futures, -295; S&P, -35; NAS, -156
• EXTERNALS: Dec crude, +$0.05 $36.22; Gold: +$4.80 @ $1,873; Mar $ Index, -0.062 @ 93.880
• T-storm Weather®: At least 10 days of drying develop for U.S. Corn Belt, which gradually aid corn and soybean harvesting.  Temps vary across the area but generally stay chilly through Sun., then turn much milder Mon.-Tue. forward.  Dry weather also develops for 10 days for HRW wheat in the Plains, as upper-level high pressure forms, leaving daytime temps well above freezing the next few days to diminish snowpack, and then rocket to near-record levels for at least three days starting Tue.; highs in the 60s-70s-80s
• CZ, dn $.0125 @ $3.97; CH, up $.0050 @ $4.02.  More liquidation as the funds follow up with sales of 15 K            
• SX, up $.0525 @ $10.57; SF, up $.0625 @ $10.5675.  Funds sold 3 SB; 2 SBM; 4 SBO. Board crush: $1.41 (Z/X), +$.02; LY, $0.90
• WZ, up $.0150 @ $6.0525; WH, up $.0225 @ $6.0525.  Funds followed up Wednesday’s 6 K sale with another 5 K yesterday                            

CORN/SORGHUM

&​middot;       Unshipped U.S. corn export sales for 20/21 as of Oct. 22 were a record 0.963 bbu—up 214% from last year.  This does not include the large sale of corn to Mexico reported on Thursday of 1.433 MMT, including 0.892 MMT for 20/21

·       T-storm Weather®: Widespread coverage of substantial rainfall over the last week left topsoil moisture wet and diminished the intensity of subsoil dryness and drought for early-corn in Argentina  

·       Consultant: Corn supplies in Brazil are extremely tight & feed manufacturers are having difficulty sourcing corn

·       Through Oct. 29, the 2020 crop insurance harvest price for December 2020 corn futures has averaged $3.9892

SOYBEANS/WHEAT

·       Unshipped U.S. soybean export sales as of Oct. 22 were a record 1.207 bbu—up 190% from 0.416 bbu a year ago

·       T-storm Weather®: A cool front triggers scattered thunderstorms in central and northern Brazil at times over the next 10 days, producing near- or above-normal rainfall for soybeans north, and near- or below-normal rainfall south

·       Through Oct. 29, the 2020 crop insurance harvest price for November 2020 soybean futures has averaged $10.5473

·       ATI Research: unshipped U.S. HRW wheat export sales as of Oct. 22 were 57 mbu—the 2^nd highest total since 2013

·       T-storm Weather®: Pockets of rain affect winter wheat next week in Russia, but do not end drought in driest areas  

ENERGY

·       Struggling: CLZ20, -$0.05 @ $36.22; EBZ, -$0.07 @ $37.58; EBZ-CLZ, -.07; RBZ, -.0025; NGZ, -.004; HOZ, +.0042

·       Chicago ethanol was up $.00275 @ $1.5315 Thursday.  Basis, mixed: NYC, -$.00275 @ $.08350; Gulf, +$.00725 @ +$.0935; Dallas, +$.00225 @ +$.08350; Tampa, +$.00225 @ +$.17850; LA, -$.03775 @ +$.12850

·       Ethanol RIN values, steady/weaker: 2019’s, unch @ 57- 59; 2020’s: -0.25 @ 58 ¾ -59; 2021, -0.25 @ 59 ½ -61 ½                                      &​nbsp;                       &n​bsp;                        &n​bsp;                       &nb​sp;                       &nbs​p;                        ​;        

·   &nb​sp;   The Nov RBOB/Oct ethanol spread is off $.0032 lower this morning at -$.4392 per gallon  

LIVESTOCK/POULTRY                            &nbs​p;          

• Choice boxed beef firmed $1.38 on Thursday to $207.17, but is still down $1.69 compared to a week ago
• Light cash cattle trade occurred on Thursday at $106 in the South, which is fully steady with last week’s prices
• The mandatory pork carcass cutout value gained $3.21 on Thu. to $86.79, but is still down $11.66 vs. last week
• Lean Hog Index eased $0.80 on Thu. to $75.49.  December futures declined $0.750 and are $9.865 below the index

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