HIGHLIGHTS

• MARKET TREND—Lower: CZ, -$.02; SX, -$.0250; WZ, -$.0075; KWZ, -$.0125 
• MACRO:  Tensions between Saudi Arabia and the West; slowing Chinese economy. Asia: Lower--Nikkei, -1.87%; Shanghai, -1.49%; Hang Seng, -1.38%.  EUROPE: Mostly firmer--DAX, +0.33%; FTSE, +0.05%;CAC, -0.16%.  WALL STREET: Futures suggest indices could fall triple digits on the open: DOW, -75; S&P, -10.75; NAS, -53.75.  EXTERNALS: Nov crude: +$0.52 @ $71.85; Dec Gold: +$12.20 @ $1,234; Dec $ Index, -0.171 @ 94.740. Del’y: SBM, 0; SBO, 32; ETOH, 0

·        T-storm Weather: The remnant of Hurricane Sergio and a cold front combine to produce rain within the southern third to half of the central U.S. today, but heavy rain is only expected in wheat areas of / near OK, TX, and AR.  An extended period of drying that is already underway across the northern U.S. then follows and lasts at least 7 to 10 days, improving conditions for harvesting and planting from north to south with time

·       CZ, dn$.02 @ $3.7175; CH, dn $.02 @ $3.8375.  Follow-through buying on Friday amounted to 10 K 

• SX, dn $.0250 @ $8.65; SF, dn $.03 @ $8.7875.  Funds: bought 6 SB, 0 SBM & 4 SBO.  Board Crush: $1.53, -5, LY: $.93
• WZ, dn $.0075 @ $5.1650; WH, dn $.0050 @ $5.37.  Fund buying totaled 8 K to close out the week, aided by row crop gains

CORN/SORGHUM

·       ATI Research: Unshipped 18/19 export sales of U.S. corn as of Oct. 4 stood at 572 mbu, which is up 46% from 393 mbu at this time a year ago

·       Consultant: Planting of full-season corn is taking place in Brazil.  AgRural estimates that 38% of full-season corn has been planted compared to 33% for the 5-year avg.  Full-season corn will represent ~30% of Brazil’s total corn crop

·       Export Inspections released at 10 am CDT; Corn, 47.8 mbu needed; 53.2 last week.  Milo—2.9 needed; 2.4 last week

• Through Oct. 12, the 2018 crop insurance harvest price for December 2018 corn futures has averaged $3.6705   

SOYBEANS/WHEAT

·       A​TI Research: Unshipped 18/19 export sales of U.S. soybeans as of Oct. 4 were 612 mbu, dn 16% v. 728 mbu last year

·       Consultant: Weather in Brazil has cooperated for an early start to the soybean growing season.  An especially fast planting pace is being seen in Parana, which is typically the #2 soybean producing state behind Mato Grosso

·       Export Inspections released at 10 am CDT; Soybeans, 41.1 mbu needed; 20.9 last week

·       Through Oct. 12, the 2018 crop insurance harvest price for November 2018 soybean futures has averaged $8.6243

·       Export Inspections released at 10 am CDT; Wheat, 22.2 mbu needed; 15.6 last week

·       ATI Research: 5-year avg. for U.S. winter wheat planting progress increases approx. 13% from Oct. 7-14 to 67%

ENERGY

·       Higher: CLX18, +$0.52 @ $71.85; EBZ, +$0.91 @ $81.34; EBZ-QCLX, +$0.380; RBX, +0.0139; NGX, +.055; HOX, +.0158

·       Chicago ethanol was up $.0060 Friday to $1.3025; basis levels vs Chicago were mixed—New York, +$0.0040 @ $.1175; Gulf, +$.0040 @ $.1025; Dallas, -$.0010 @ $.0625; Tampa, -$.0010 @ $.1925 and LA, -$.0010 @ $.1325    

·       Ethanol RINs were mixed: 2017’s, +1 ½ @ 10 -10 ½; 2018’s, -1/8 @ 11 ¼-11 ¾; 2019’s, -1/8 @ 13 ¼-13 ¾                

·  &n​bsp;    The Nov RBOB/Nov ethanol spread widened $.0053 on Friday, to +$.6330 per gallon

 LIVESTOCK/POULTRY                  &nb​sp;                   

​
• Choice boxed beef values were 20-cents higher on Friday at $202.71 but are still 54-cents lower vs. a week ago
• U.S. cattle slaughter for week end Oct. 13 est. up 0.5% vs. 2017 but beef production up 0.7% due to heavier weights
• USDA mandatory pork carcass cutout value soared $1.66 on Friday to $78.49 and is 77-cents higher vs. last week
• CME Lean Hog Index fell $0.29 on Fri. to $68.99.  December futures gained $0.575 but are $13.99 below the index

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