HIGHLIGHTS

• MARKET TREND—Lower: CZ: down $.01; SX: down $.0475; WZ: down $.0025; KWZ: down $.0050. 

·       MACRO:  China will begin its twice in a decade congressional meeting tomorrow; Yellen to discuss possible 2^nd term as Fed chair. ASIA—Somewhat higher:  Nikkei,+0.38%; Shanghai, -0.15%; Hang Seng, +0.02%.  EUROPE: Seeking direction: DAX, +0.02%; FTSE, +0.03%; CAC, -0.06%.   WALL STREET—Futures are mostly weaker—DOW,+1; S&P, -1.25; NAS, -3.75.  EXTERNALS:  $ Index: +.209 @ 93.370; Gold: -$10.80 @ $1,289; Dec crude:+$0.25 @ $52.39/bl. 

• Weather: Dry weather is forecast in the Western U.S. Corn Belt through Friday, followed by scattered showers and thunderstorms on Saturday.  Light to moderate amounts with locally heavier totals are expected.  Temperatures remain above to much above normal all week.  In the Eastern Corn Belt, dry weather is forecast through Saturday.  A few light showers are possible on Sunday.  Temperatures increase to above to much above normal levels through the remainder of the week
• CZ, down $.01 @ $3.4950; CH, down $.01 @ $3.6325.  The funds began the week selling 5 K    
• SX, down $.0450 @ $9.8650; SF, down $.05 @ $9.9650.  Funds:  Sold 4 SB; 4 SBM & 2 SBO.  Board Crush: $.92, -1; LY: $.79
• WZ, down $.0025 @ $4.3625; WH, steady @ $4.55. The funds sold 2 K on Monday     

 

 CORN/SORGHUM

·       U.S. corn crop is rated 65% Good/Excellent, up one point from last week but well below 74% last year.  Corn mature is 90% vs. 96% last year and the 5-year avg. of 94%.  Corn harvest is 28% vs. 44% last year and the 5-year avg. of 47%

·       ATI Research: Updated yield estimate for the 2017 U.S. corn crop is 171.9 bpa versus October USDA est. of 171.8

·       U.S. sorghum crop is rated 65% Good/Excellent, up one point from last week and equal to last year.  Harvest progress is 40% vs. 56% last year and the 5-year avg. of 50%

·       Through Oct. 16, the 2017 crop insurance harvest price for December 2017 corn futures has averaged $3.4961

SOYBEANS/WHEAT

·       U.S. soybean crop is rated 61% Good/Excellent, unchanged vs. last week but below 74% last year.  Dropping leaves is 94% vs. 95% last year & 5-year avg of 93%.  Soybean harvest is 49% vs. 59% last year & behind the 5-year avg. of 60%

·       ATI Research: Updated yield estimate for the 2017 U.S. soybean crop is 49.5 bpa—equal to the October USDA est.

• Through Oct. 16, the 2017 crop insurance harvest price for November 2017 soybean futures has averaged $9.7205
• ATI Research: U.S. all wheat exports are forecast to continue to range from 15-20 mbu per week short-term

·       U.S. winter wheat planting is 60% vs. 70% last year and the 5-year average of 71%; Kansas at 42% vs. 5-year avg. of 75%.  Emergence is 37% vs. 45% last year and the 43% average

ENERGY

·       Higher:  CLZ17, +0.25 @ $52.39; EBZ, +$0.31 @ $58.13;EBZ-QCLZ, +$0.04; RBZ, +.0125; NGZ, ​;+.045; HOZ, +.0088

·       Cash ethanol markets were mostly weaker on Monday: Chicago off 1 ¼; New York up ½; Gulf down 2 ½; Tampa fell 1 ¾; Dallas eased ½; and LA was 1 ½ lower at $1.56 per gallon

·       Ethanol RINs were higher on Monday: 2016’s and 2017’s up 1 at 77-78 ½

·       The Nov RBOB/Nov ethanol spread gained $.0067 on Monday and closed at +$.19790/gallon   

  LIVESTOCK/POULTRY                       &n​bsp;             

• Choice boxed beef values gained 59-cents on Monday to $198.81, and are 68-cents higher vs. a week ago
• 5-Area Weekly Weighted Average Steer price up $1.56 v. last week at $111.01/cwt, and $13.42 higher v. last year

·       USDA mandatory pork carcass cutout value was 48-cents higher on Mon. at $74.36, and is up $1.54 vs. last week

·       Current nearby board hog crush value is $36.82/cwt vs. last week’s $36.40, last month’s $33.97 & last year’s $20.56 

Sources: Bloomberg, Dow Jones, AP, DTN