HIGHLIGHTS
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MARKET TREND—Higher: CZ: up $.0025; SX: up $.0325; WZ: up $.0150; KWZ: up $.02. USDA WASDE report 11:00 am CDT
· MACRO: Yesterday’s higher Wall Street close lifts much of Asia higher; Europe and Wall Street are looking to Washington for comments from the IMF. ASIA—Mostly higher: Nikkei, +0.35%; Shanghai, -0.02%; Hang Seng,+0.24%. EUROPE: Mostly higher: DAX, +0.05%; FTSE,+0.14%; CAC, -0.12%. WALL STREET—Futures are weaker—DOW, -11; S&P, -2.25; NAS, -0.75. EXTERNALS: $ Index:+.040 @ 92.865; Gold: -$7.70 @ $1,294; Dec crude:-$0.4832@ $51.12/bl. Del’y: SBM, 0; SBO, 6
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T-storm Weather: In the U.S., dry weather occurs through Friday, after which a compact system brings heavy rain to the central Corn Belt Sat.-Sun. Dry weather follow / continues for five to seven days as high pressure passes, after which another system brings rain to much of the Corn Belt next weekend. That said, significant rainfall is not expected next weekend in the Plains, which is likely to allow corn / soybean harvesting and HRW wheat planting to continually advance beyond mid-month
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CZ, up $.0025 @ $3.4625; CH, up $.0025 @ $3.5975. The funds sold 5 K ahead of the October WASDE
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SX, up $.0325 @ $9.6850; SF, up $.03 @ $9.79. Funds: Even SB; sold 1 SBM & bot 1 SBO. Board Crush: $.92,-2; LY: $.74
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WZ, up $.0150 @ $4.3475; WH, up $.0150 @ $4.5375. Fund selling totaled 4 K in Tuesday’s session
CORN/SORGHUM
· USDA WASDE 11:00 am CDT: Avg. trade guess 2017 U.S. corn crop: 14.168 bbu (range: 13.836-14.329), 14.184 in Sep.
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USDA WASDE report: Avg. trade guess 2017 U.S. corn yield: 169.7 bpa (range: 167.0-171.2), 169.9 in Sep.
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USDA WASDE report: Avg. trade guess for U.S. corn carryout--17/18, 2.249 bbu (range: 1.985-2.450), 2.335 in Sep.
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T-storm Weather: A storm system produces a swath of 1.00” to 2.00” of rain within the central U.S.Corn Belt Sat.-Sun.—primarily along and just east of wettest areas, including areas that received heavy rainfall earlier this week
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Ethanol margins: $0.21 per gallon—down vs. $0.26 last week & well below $0.55 in 2016. EIA report at 10:00 am CDT
SOYBEANS/WHEAT
· USDA WASDE report: Avg. trade guess for 2017 U.S. soybean crop: 4.439 bbu (range: 4.321-4.480) and 4.431 in Sep.
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USDA WASDE report: Avg. trade guess 2017 U.S. soybean yield: 49.8 bpa (range: 48.5-50.2), 49.9 in Sep.
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USDA WASDE report: Avg. trade guess for U.S. soybean carryout--17/18, 0.453 bbu (range: 0.375-0.503), 0.475 in Sep.
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T-storm Weather: Conditions for soybean harvesting continually improve across the U.S. Plains over the next 7 to 10 days but remain challenging in the heart of the Corn Belt
· USDA WASDE report: Avg. trade guess U.S. all wheat carryout--17/18, 0.946 bbu (range: 0.928-0.971), 0.933 in Sep.
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USDA WASDE report: Avg. trade guess world wheat carryout--17/18, 262.9 MMT (range: 258.0-265.4), 263.1 in Sep.
ENERGY
· Weaker: CLZ17, -0.48 @ $51.12; EBZ, -$0.29 @ $56.65;EBZ-QCLZ, +$.21; RBZ, -.0051; NGZ, +.012; HOZ, -.0163
· EIA Report Estimates (API): crude oil, -0.4 (+3.1); Gasoline, -1.4 (-1.6); Distillates, -1.6 (+2.0)
· Cash ethanol markets were mixed on Wednesday: Chicago increased ¾; New York steady; Gulf added 1 ¼; Tampa eased 1; Dallas fell 1 ½; and LA was 1 lower at $1.55 per gallon
· Ethanol RINs were higher on Wednesday: 2016’s and 2017’s firmed 1 to 74-75 ½
· The Nov RBOB/Nov ethanol spread widened $.0127 on Wednesday, to +$.18420/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef values fell $1.08 on Wednesday to $196.32, and are down $1.09 compared to last week
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December live cattle futures Wed. traded $119.175—highest price since July 21—but ended $0.275 lower at $118.525
· USDA mandatory pork carcass cutout value firmed 24-centson Wed. to $73.00, and is $1.10 higher vs. a week ago
· CME Lean Hog Index gained $1.21 on Wed. to $58.32. October futures firmed $1.075 and are $2.93 above the index Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather