HIGHLIGHTS

• MARKET TREND—Lower: CZ, -$.0150; SX, -$.02; WZU, -$.0350; KWZ, -$.0375
• MACRO:  Fed ups interest costs, signals more boosts in 2019; traders note perceived impact on economy along with waning tax cut effects & rising oil prices.  ASIA: Lower: Nikkei, -0.99%; Shanghai, -0.54%; Hang Seng, -0.36%.  EUROPE: Mostly weaker:  DAX, -0.42%; FTSE, +0.12%;CAC, -0.25%.  WALL STREET: Futures are slightly higher: DOW, +2; S&P, +2.25; NAS, +17.25.  EXTERNALS: Oct crude: +$0.78 @ $72.35; Dec Gold: +$0.20 @ $1,199; Dec $ Index, +0.357 @ 94.130 

·        T-storm Weather: Except for a few showers in northern areas of the Plains and Corn Belt through Sunday, most of the central U.S. will be dry and cool.  A wetter period follows from early next week forward as temps turn much warmer, especially across the Corn Belt where above-normal rainfall is probable over Oct. 1-10.  Note that some frosts and freezes are expected Friday and Saturday mornings in northern areas of the Corn Belt and Plains, but a widespread killing freeze is not anticipated

·       CZ, dn $.0150 @ $3.6150; CH, dn $.0125 @ $3.7375.  Managed Money accounts sold 3 K at mid-week              

• SX, dn $.02 @ $8.48; SF, dn $.0175 @ $8.62.  Funds Bot 2 K SB, 1 K SBM, 1 K SBO.  Board Crush: $1.40, 0, LY: $.77
• WZ, dn $.0350 @ $5.14; WH, dn $.04 @ $5.32.  The funds liquidated 2 K yesterday          

 CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 35-51 mbu for 18/19 corn

• T-storm Weather: An exception to dryness through Sunday across U.S. corn is from the northern Plains through the northern half to two-thirds of the Corn Belt Fri.-Sun. when light rain occurs; only 0.10” to 0.40” totals are expected

·       ATI Research: Rapid development of U.S. corn crop is highlighted by level of corn maturity.  Corn mature on average increases approx. 18% over Sep. 23-30 to approx. 71%; however, corn mature as of Sep. 23 was already at 72%

• Ethanol grind: Total of 1,036,000 barrels/day for week end Sep. 21—dn 15 thou v. prior week but up 4.0% v. last year

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 22-37 for 18/19 soybeans; soymeal, -50 - +50 K MT for 17/18 and 150-350 for 18/19; soyoil, 0-10 K MT for 17/18 and 0-24 for 18/19 

• T-storm Weather: The exact setup will take some time to determine, but the main point is that widespread rainfall of 0.75” to 1.75” is expected across U.S. soybean areas over Oct. 3-10, slowing harvesting

·       Export Sales report.  Trade expects 9-18 mbu for 18/19 all wheat

• T-storm Weather: In Australia, 0.25” to 0.75” of rain occurs over the next 10 days across wheat in Western Australia, but drought continues in the east with only 0.10” to 0.40” forecast

ENERGY

·       Higher: CLX18, +$0.78 @ $72.35; EBX, +$0.58 @ $81.92; EBX-QCLX,-$0.18; RBX, +0.0158; NGX, -.012; HOX, +.0161

·       Chicago ethanol was $.012 5 higher at 1.2775; basis levels versus Chicago were weaker—New York @+$0.1050, off ¼;  Gulf @ +$0.0925, unch; Dallas, +$0.0225, -1/4; Tampa, +$0.1525, -1/4 and LA, +$0.2625, also -1/4 

·       Ethanol RINs had 2017’s @ 7 -9, unchanged; 2018’s were @ 12- 13 ½, up ½          

·       The Oct RBOB/Oct ethanol spread shed $.0217 to close at +$.78550 per gallon 

 LIVESTOCK/POULTRY                           &​nbsp;          

• Choice boxed beef values fell 88-cents on Wednesday to $204.85 but are still up 60-cents compared to last week
• USDA mandatory pork carcass cutout value gained 14-cents on Wed. to $79.63 and is $3.00 higher vs. a week  ago
• CME Lean Hog Index was $1.70 higher on Thu. at $63.75.  October futures eased $0.22 and are $1.55 below the index 
• Trade est. for Sep. 27 USDA Quarterly Hogs & Pigs: All Hogs & Pigs, 103.4%; Breeding, 103.1%, Marketing, 103.5%

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