HIGHLIGHTS
· TRENDS—Weaker: CZ, -$.0350; SX, -$.07; WZ, -$.0525; KWZ, -$.0650. Del’ys: None
· What caught my eye: Expected SB exports over the month jump from 66 mbu per week to 90 as Gulf vessel count surges from 39 last week to 60, an 8-year seasonal high
· Futures fall as Trump tests positive for coronavirus
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Asia: Weaker: Nikkei, -0.67%; Shanghai, holiday; Hang Seng, holiday
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EUROPE: Weaker—DAX, -1.06%; FTSE, -0.93%; CAC, -0.92%
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WALL STREET: Down-–DOW futures, -428; S&P, -57; NAS, -264
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EXTERNALS: Nov crude, -$1.72 @ $37.00; Gold: -$1.50 @ $1,915; Mar $ Index, +0.055 @ 93.780
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T-storm Weather®: Rainfall remains limited across the central U.S. over the next 10 to 14 days, despite inconsequential showers in parts of the Corn Belt Sat.-Sun. Temperatures will be much cooler than normal in all areas through Sunday (-10°F to -15°F from normal); maximums mostly in the 50s-60s and several frosts and freezes within the northern halves of the Corn Belt and Plains as minimums reach the upper-20s to mid-30s at least once (most corn and soybeans are mature)
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CZ, dn $.0350 @ $3.7925; CH, dn $.0325 @ $3.8875. Follow-through buying with the funds adding another 8 K
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SX, dn $.07 @ $10.1650; SF, dn $.0725 @ $10.20. Funds buy 2 K SB; 5 SBM; sell 6 SBO. Board crush: $0.95 (V/X), +.04; LY, $0.80
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WZ, dn $.0525 @ $5.65; WH, dn $.05 @ $5.7150. The funds sold 5 K yesterday as global markets ease
CORN/SORGHUM
· Unshipped U.S. corn export sales as of Sep. 24 were a record 861 mbu—up 170% from last year
· ATI Research: Far East buying of U.S. corn has increased. PNW/Gulf are becoming cheaper origins than Brazil. Also, worries that delays in Brazil soybean planting may, in turn, affect the safrinha (double crop) corn may also be a factor
· T-storm Weather®: A mild to unseasonably-mild period initiates west to east Oct. 5-9 across U.S. Corn Belt as coolness retreats & southwesterly winds occur, sending highs to 60s-70s -80s into mid-Oct.; mildest central & southern Plains
· U.S. corn harvest progress on average increases approx. 8% from Sep. 27 – Oct. 4 to approx. 24%
SOYBEANS/WHEAT
· Unshipped U.S. soybean export sales as of Sep. 24 were a record 1.229 bbu—nearly triple the level of a year ago
· T-storm Weather®: Upper-level high pressure dominates over the next 10 days in central and northern Brazil, leaving a wide area dry and hot with little rain and highs around 100°F, marking a late to very-late start to the wet season
· U.S. soybean harvest progress on average increases approx. 13% from Sep. 27 – Oct. 4 to approx. 28%
· ATI Research: unshipped U.S. SRW wheat export sales as of Sep. 24 were 12 mbu—the lowest total since at least 1987
· T-storm Weather®: A hard frost and freeze Saturday morning affects the southern ~25% of Argentina wheat
ENERGY
· Lower: CLX20, -$1.72 @ $37.00; EBZ, -$1.87 @ $39.06; EBZ-QCLX, -0.13; RBX, -.0425; NGX, -.041; HOX, -.0379
· Chicago ethanol was $.0265 lower at $1.41875; basis, higher: NYC, +$.01625 @ $.11125; Gulf, +.01125 @ +$.09125; Dallas, +$.04625 @ +$.09125; Tampa, +$.04625 @ +$.20125; LA, +$.04625 @ +$.16125
· Ethanol RIN values, firmer: 2019’s, +.3750 @ 46 ¾ –47 ¼; 2020’s: +0.6250 @ 47 ¾ -48 ¼; 2021, NA @ 50 ½ -52            
· The Nov RBOB/Oct ethanol spread is trading $.0317 lower at -$.2893 this morning
LIVESTOCK/POULTRY  
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Choice boxed beef increased $1.24 on Thursday to $218.98, and is up $1.50 versus last week
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Cash cattle trade was active on Thursday in the South, as both Texas and Kansas sold cattle for $107
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The mandatory pork carcass cutout value soared $5.70 on Thu. to $96.09, and is $4.58 higher versus a week ago
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CME Lean Hog Index gained $0.20 on Thu. to $76.74. October futures firmed $1.350 but are $2.590 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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