HIGHLIGHTS
· MARKET TREND—Lower--CZ: Down $.0275; SX: Down $.0050; WZ: Down $.01; KWZ: Down $.0175
· MACRO: Financial entities and energy companies are lower as the global down-turn intensifies. ASIA: Nikkei, -1.25%; Shanghai, -1.74%; Hang Seng, -1.56%. EUROPE: Lower, FTSE, -1.10%; DAX, -1.49%; CAC, -1.65%. WALL STREET: Pre-markets are also lower—DOW Futures, -92; S&P, -10.25; NAS, -28.50. EXTERNALS: $ Index, -.107 @ 95.285; Gold, -$1.00 @ $1,34.70; Nov Crude, +$.59 @ $45.07/barrel.
· T-Storm Weather: A large upper-level system drifts across the Corn Belt today, triggering pockets of showers and thunderstorms across the Delta and southeast half of the Corn Belt, but amounts mostly stay under 0.50” (and many areas stay completely dry). Otherwise, dry weather prevails for harvesting of most corn and soybeans for at least one week. Temperatures range from mild in the Plains (maximums in the 70s-80s) to seasonably-cool in the Corn Belt and Delta (maximums in the 60s-70s) through Friday
· Corn: CZ Down $.0275 @ $3.3375; CH Down $.0250 @$3.4375. The funds closed out the week selling 3 K
· SB: SX Dn $.0050 @ $9.5450; SF Dn $.0025 @ $9.6075. Funds: sold 3 SB, 5 SBM, 7 SBO. Oct crush, $.79, +$.05; LY: $0.95
· Wheat: WZ Down $.01 @ $4.0375; WH Down $.0075 @ $4.2725. The funds sold 2 K Friday
CORN/SORGHUM
· USDA Crop Progress: U.S. corn harvest progress for week end Sep. 25 estimated at 15-20% vs. 9% last week, 16% last year and 5-year average of 19%. Sorghum harvest est. at 32% v. 29% last week, 35% last year and 5-year avg. of 32%
· T-storm Weather: A new storm system likely develops rain across northwest half of central U.S. at times over Oct. 3-7, including northwest third of Corn Belt and adjacent areas of central and southern Plains; 0.40”-0.80” most probable
· Export Inspections released at 10 AM CDT; Corn, 41.2 mbu needed; 50.6 last week. Milo—4.8 needed; 6.2 last week
· Consultant: Recent heavy rain across northern U.S. Corn Belt could result in minor production loss & quality concerns
SOYBEANS/WHEAT
· USDA Crop Progress: U.S. soybean harvest progress for week end Sep. 25 estimated at 10-15% vs. 4% last week, 17% last year and 5-year average of 13%
· Export Inspections released at 10 AM CDT: Soybeans, 38.3 mbu needed; 27.7 last week
· T-storm Weather: Most U.S. soybean areas stay dry for at least one week beginning today
· USDA Crop Progress: U.S. winter wheat planting est. at 30-35% vs. 17% last week, 28% last year & 30% for 5-year avg.
· Export Inspections released at 10 AM CDT: Wheat, 17.2 needed; 20.7 last week
· T-storm Weather: Scattered rain of 0.20”-0.40” is forecast for Argentina wheat Thu.-Fri. through the following week
ENERGY
· Firmer: CLX16, +$.59, $45.07; EBX,+$0.38; EBX-CLX, $1.19,-$.22; RBX, +.0282; NGX, +.031; HOX, +$.0193
· A steady to weaker trend was evident in cash ethanol markets on Friday: Chicago down ¼; New York and Gulf unchanged; Dallas off ½; Tampa eased 1; and LA was a penny lower at $1.69 per gallon
· Ethanol RINs higher: 2014’s up 1/8 to 87-87 ¾; 2015’s gained 1/8 to 87-87 ¾; and 2016’s firmed 1/8 to 86 ¾-87 ½
· The Oct RBOB/Oct ethanol inverse increased $.0359 to -.16910/gallon in Friday’strade
LIVESTOCK/POULTRY  
· Choice boxed beef values declined 56-cents on Friday to $186.81, but are still up 61-cents vs. last week
· Cattle on Feed: Sep 1 on feed, 101.5% (101.2% avg. est.); Aug place, 115.1% (112.9%); Aug Market, 117.6% (117.2%)
· USDA mandatory pork carcass cutout value was $1.41 lower on Friday at $76.47, and is down $2.67 vs. a week ago
· CME Lean Hog Index eased $0.60 on Fri. to $59.88. October futures $0.20 lower and are $5.88 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather