HIGHLIGHTS

• MARKET TREND—Mixed:  CZ: down $.0050; SX: up $.0250; WZ: down $.0025; KWZ: up $.0025 

·       MACRO:  Europe is mostly higher on generally good corporate earnings. ASIA—Mostly lower:  Nikkei, -0.06%; Shanghai, +0.12%; Hang Seng, -0.32%.  EUROPE: Firmer:DAX, 0.0%; FTSE, +0.35%; CAC, +0.18%.   WALL STREET—Futures are higher—DOW, +37; S&P, +4.25; NAS, +15.75.  EXTERNALS:  $ Index: +.076 @ 94.530; Gold: -$0.60 @ $1,274;Dec crude: -$0.02 @ $54.13/bl.  Deliveries: RR-1,213; SB, 50

• T-storm Weather: In the U.S., storm systems occasionally produce rain in the Delta and southeast Corn Belt within Wed.-Fri. and again early next week.  Much of the Plains will be dry, especially from Nebraska south where little to no rain is expected for cattle or HRW wheat.  Note that an intense freeze occurs from Nebraska north this morning as minimums dip into the 10s(F), but all areas turn considerably milder from west to east later this week and weekend
• CZ, down $.0050 @ $3.4825; CH, down $.0050 @ $3.6225.  The funds were even inMonday’s trading.        
• SX, up $.0250 @ $9.7525; SF, up $.0125 @ $9.8575.  Funds:  Sold 3 SB & 4 SBO, bought 1 SBM.  Board Crush: $.96, +1; LY: $.71
• WZ, down $.0025 @ $4.2450; WH, down $.0050 @ $4.4250.  The funds sold 2 K to begin the week  

CORN/SORGHUM

·       U.S. corn crop is rated 66% Good/Excellent, unchanged from last week but below 74% last year.  U.S. corn harvest is 54% vs. 73% last year and the 5-year avg. of 72%

·       T-storm Weather: Better-organized rainfall re-develops within Sat.-Mon. across the northern and eastern third to half of corn in the central U.S., producing 0.33”-0.67”.  Several days of drying follow

·       ATI Research: Updated yield estimate for the 2017 U.S. corn crop is 172.2 bpa versus October USDA est. of 171.8

·       U.S. sorghum harvest progress is 59% vs. 75% last year and the 5-year avg. of 69%

·       Through Oct. 30, the 2017 crop insurance harvest price for December 2017 corn futures has averaged $3.4956

SOYBEANS/WHEAT

·       U.S. soybean harvest is 83% vs. 85% last year & behind the 5-year avg. of 84%

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

• Through Oct. 30, the 2017 crop insurance harvest price for November 2017 soybean futures has averaged $9.7513
• ATI Research: U.S. all wheat exports are forecast to range from 10-15 mbu per week short-term

·       U.S. winter wheat planting is 84% v. 85% last year & 5-year avg. of 87%; Kansas at 84% v. 5-year avg. of 93%.  First winter wheat crop condition ratings of the season for 2018 were released Mon.—52% Good/Excellent v. 58% last year

ENERGY

·       Weaker:  CLZ17, -$.02 @ $54.13; EBZ,-0.07 @ $60.83; EBZ-QCLZ, -$0.05; RBZ, -.0016;NGZ, +.009; HOZ, -.0005

·       Cash ethanol markets were mostly higher on Monday: Chicago is quoted at $1.4125, up $0.00875; Basis to Chicago—New York, +7; Gulf, +5 ¾; Dallas, +1 ¼; Tampa, +14 ¼; and LA, +13

·       Ethanol RINs continued to weaken on Monday: 2016’s and 2017’s declined 1 7/8 to 94 ½-96

·       The Nov RBOB/Nov ethanol spread tightened $.0345 on Monday, to +$.33910/gallon 

  LIVESTOCK/POULTRY               &nbs​p;                     

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• Choice boxed beef values declined 28-cents on Monday to $203.02, but are still $3.77 higher vs. a week ago
• 5-Area Weekly Weighted Average Steer price up $6.11 v. last week at $116.98/cwt, and is $12.83 higher v. last year

·       USDA mandatory pork carcass cutout value gained 85-cents on Monday to $77.81, and is $2.63 higher vs. last week

• Current nearby board hog crush value is $40.42/cwt vs. last week’s $39.32, last month’s $34.74 & last year’s $23.64

Sources: Bloomberg, Dow Jones, AP, DTN