HIGHLIGHTS

• MARKET TREND—Mostly lower: CZ: down $.0075; SX: up $.0275; WZ: down $.0150; KWZ: down $.0150  

·       MACRO:  Europe is weaker as Catalonia situation worsens; U.S. stock futures are firmer after yesterday’s tepid performance. ASIA—Higher:  Nikkei, +0.64%; Shanghai, +0.27%; Hang Seng, +0.58%.  EUROPE: Weaker:DAX, -0.15%; FTSE, +0.15%; CAC, -0.11%.   WALL STREET—Futures are firmer—DOW, +33; S&P, +3.00; NAS, +11.25. EXTERNALS:  $ Index: -.395 @ 93.110; Gold: +$5.90 @ $1,288; Dec crude:+$0.37 @ $50.30/bl.  Del’y: SBM, 68; SBO, 73

• T-storm Weather: Rain focuses on the Corn Belt as a system passes today-Wed. & more-so Sat.-Sun.; result is generalized totals of 1.00"-2.00" across heart of corn & soybeans (along & just east of wettest areas).  A drier period continues elsewhere, most notably aiding HRW wheat planting in Plains, but likely leaving SRW wheat in the/near Delta in need of more rain.  Otherwise, a killing freeze ends the growing season for the northwest 10%-15% of U.S. corn & soybeans this morning, but not elsewhere
• CZ, down $.0075 @ $3.4875; CH, down $.0075 @ $3.62.  The funds began the week buying 3 K     
• SX, up $.03 @ $9.6975; SF, up $.0275 @ $9.80.  Funds:  Sold 3 SB; 3 SBM & bot 3 SBO.  Board Crush: $.93, +1; LY: $.73
• WZ, down $.0150 @ $4.3450; WH, down $.0150 @ $4.5450.  Fund selling on Monday totaled 5 K    

CORN/SORGHUM

·       Oct. 12 USDA WASDE: Avg. trade guess for 2017 U.S. corn crop: 14.168 bbu (range 13.836-14.329) and 14.181 in Sep.

• Oct. 12 USDA WASDE: Avg. trade guess for U.S. corn carryout--17/18, 2.249 bbu (range 1.985-2.450) and 2.335 in Sep
• Consultant: USDA Crop Progress report—U.S. Corn Good/Excellent est. at 63% vs. 63% last week and 73% last year 

·       T-storm Weather: After this week’s rain, a drier period likely follows next week in the U.S. Corn Belt as areas of high pressure pass.  Harvest conditions are likely to improve within the northwest half of the Corn Belt that will be wettest

• Export Inspections released at 10 am CDT; Corn, 36.1 mbu needed; 30.8 last week.  Milo—4.2 needed; 0.1 last week

SOYBEANS/WHEAT

·       Oct. 12 USDA WASDE: Avg. trade guess for 2017 U.S. soybean crop: 4.439 bbu (range 4.321-4.480) and 4.431 in Sep

·       Oct. 12 WASDE: Avg. trade guess for U.S. soybean carryout--17/18, 0.453 bbu (range 0.375-0.503) and 0.475 in Sep

• Consultant: USDA Crop Progress report—U.S. Soybean Good/Excellent est. at 60% v. 60% last week & 74% last year 

·       T-storm Weather: Little/no rain expected for most soybeans of Center-West, Northeast/Southeast Brazil next 10 days

·       Export Inspections released at 10 am CDT; Soybeans, 43.8 mbu needed; 32.9 last week

·       Oct. 12 WASDE: Avg. trade guess for U.S. all wheat carryout--17/18, 0.946 bbu (range 0.928-0.971) and 0.933 in Sep

·       Export Inspections released at 10 am CDT; Wheat, 17.4 mbu needed; 25.4 last week

ENERGY

·       Firmer:  CLZ17, +0.37 @ $50.30; EBZ, +$0.43 @ $56.22;EBZ-QCLZ, +$.06; RBZ, +.0134; NGZ, +.013; HOZ, +.0124

·       Cash ethanol markets were mixed on Monday: Chicago eased 7/8; New York fell ½; Gulf up ¼; Tampa down 2; Dallas off 3; but LA was ½ higher at $1.60 ½ per gallon

·       Ethanol RINs declined on Monday: 2016’s and 2017’s fell 2 1/8 to 74-76

·       The Nov RBOB/Nov ethanol spread picked a ½ cent+, and closed at +$.1440/gallon on Monday  

  LIVESTOCK/POULTRY                              &​nbsp;      

• Choice boxed beef values firmed 91-cents on Monday to $198.13, and are 91-cents higher compared to last week 
• 5-Area Weekly Weighted Average Steer price up $1.44 v. last week at $109.45/cwt, and $8.55 higher v. last year

·       USDA mandatory pork carcass cutout value was 90-cents higher on Mon. at $72.82, & is up 49-cents vs. a week ago

• CME Lean Hog Index gained $0.65 Mon. to $56.42.  October futures eased $0.15 but are still $2.605 above the index  

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