HIGHLIGHTS

• MARKET TREND—Mixed: CZ: up $.0025; SF: up $.0350; WZ: dn $.0050; KWZ: dn $.0025.  USDA WASDE report 11:00 am CST   

·       MACRO.  Japan gives up early gains; Europe negative on disappointing corporate earnings;. ASIA—Mostly firmer:  Nikkei, -0.20%; Shanghai, +0.36%; Hang Seng, +0.79%. EUROPE: Mostly lower: DAX, -0.27%; FTSE, -0.07%; CAC, -0.20%.   WALL STREET—Futures are weaker—DOW, -27 S&P, -4.25; NAS, -12.25.  EXTERNALS:  $ Index: -.098@ 94.670;Gold: +$2.10 @ $1,286; Dec crude: +$0.19 @ $57.0/bl.  Deliveries: RR: 31; SB, 133

• T-storm Weather: In the U.S., numerous systems pass over the next 10 days, but a lack of humidity keeps cattle & HRW wheat in much of central/southern Plains dry, instead keeping light rains further east.  Rain totals within Delta & southeast half of Corn Belt mostly remain under 0.50” through next week to prevent a substantial slowing of remaining harvesting & planting.  Temps continually fluctuate the next 10-14 days, averaging below-normal in snow-covered areas of the north & near-normal elsewhere
• CZ, up $.0025 @ $3.4850; CH, up $.0025 @ $3.6150.  The funds again sold 1 K   
• SF, up $.0350 @ $10.02; SH, up $.0325 @ $10.1275.  Funds:  Bought 2 SB, 0 SBO, 3 SBM.  Board Crush: $.80, +1; LY: $.71
• WZ, down $.0050 @ $4.2625; WH, down $.0050 @ $4.4325.  Fund selling pegged at 1 K at mid-week   

CORN/SORGHUM

·       USDA WASDE 11: 00 am CST: Avg. trade guess 2017 U.S. corn crop: 14.323 bbu (range 14.127-14.459); 14.280 in Oct.

• USDA WASDE: Avg. trade guess for U.S. corn carryout--17/18, 2.360 bbu (range 2.212-2.431) and 2.340 in Oct.

·       Export Sales to be released at 7:30 am CST.  Trade expects 47-63 mbu for 17/18 corn

• T-storm Weather: Central/northern corn areas of Brazil experience scattered thunderstorms through Friday; 1.50”-3.00” of rain results with highest coverage and amounts in Mato Grosso and north-most growing areas
• Ethanol grind: Total of 1,057,000 barrels/day for week end Nov. 3—up 1 thou v. prior week & up 5.5% v. last year

SOYBEANS/WHEAT

·       USDA WASDE: Avg. trade guess for 2017 U.S. soybean crop: 4.404 bbu (range 4.340-4.467) and 4.431 in Oct.

·       USDA WASDE: Avg. trade guess for U.S. soybean carryout--17/18, 0.420 bbu (range 0.340-0.461) and 0.430 in Oct.

·       Export Sales report.  Trade expects 48-66 for 17/18 soybeans; 100-300 for 17/18 soymeal; and 8-30 for 17/18 soyoil

·       T-storm Weather: In Argentina, most areas will be dry over the next week as areas of high pressure pass, likely aiding soybean planting after recent rains

·       USDA WASDE: Avg. trade guess for U.S. all wheat carryout--17/18, 0.956 bbu (range 0.940-0.987) and 0.960 in Oct.

·       Export Sales report.  Trade expects 13-20 mbu for 17/18 all wheat

ENERGY

·       Firmer:  CLZ17, +$.19 @ $57.00; EBF,+$0.24 @ $63.73; EBF-QCLZ, +$0.07; RBZ,+.0102; NGZ, +.004; HOZ, +.0049

·       Cash ethanol markets were mostly weaker on Wednesday: Chicago is quoted at $1.42, down $0.03; Basis to Chicago—New York, +9; Gulf, +6; Dallas, +1 ¾; Tampa, +15 ½; and LA, +16

·       Ethanol RINs fell on Wed.: 2016’s eased 3 ¼ to 89 ½-93 ½; 2017’s down 3 ¼ to 90-94; & 2018’s off 3 ¼ to 89 ½-93 ½

·       The Dec RBOB/Dec ethanol spread widened $.0280 on Wednesday, to+$.37530/gallon 

  LIVESTOCK/POULTRY                            &​nbsp;        

• Choice boxed beef values increased 49-cents on Wednesday to $213.13 and are up $5.74 compared to last week
• Moderate-to-active cash cattle trade developed on Wed. in the South, with prices at $124—down $1 vs. last week

·       USDA mandatory pork carcass cutout value fell 16-cents on Wed. to $79.77, but is still $2.76 higher vs. a week ago

• CME Lean Hog Index declined $0.31 on Wed. to $68.35.  December futures eased $0.375 & are $4.80 below the index

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