HIGHLIGHTS

• MARKET TREND—Mostly steady: CZ, unch; SX, -$.0250; WZ, unch; KWZ, unch 
• MACRO:  The possibility of a slow-down in global economic growth as well as concerns with Italy’s budget have many markets lower this morning. ASIA: Firm: Nikkei, +0.16%; Shanghai, +0.18%; Hang Seng, +0.08%.  EUROPE: Lower:  DAX, -0.53%; FTSE, -0.16%; CAC, -0.55%. WALL STREET: Futures are again weaker: DOW, -25; S&P, -2.75; NAS,-12.50.  EXTERNALS: Nov crude: +$.04 @ $75.00; Dec Gold: -$1.10 @ $1,190; Dec $ Index, +0.049 @ 95.395. Del’y: SBM, 42; SBO, 53; ETOH, 0

·        T-storm Weather: Widespread rain affects much of the central U.S. today.  A secondary system trails to produce rain across the southeast half to two-thirds of the central U.S. Sat.-Sun., but less-so to the north.  A sharply drier period follows in most areas. Note that temperatures plummet from northwest to southeast through Thursday, inducing killing frosts and freezes several times through early next week across the northwest half to two-thirds of the central U.S.

·       CZ, unch @ $3.6450; CH, up $.0025 @ $3.7775.  The funds were sellers of an estimated 7 K yesterday                     

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• SX, dn $.0250 @ $8.6050; SF, dn $.0250 @ $8.7425.  Funds: sold 8 SB, 3 SBM & 3 SBO.  Board Crush: $1.58, +1, LY: $.94
• WZ, unch @ $5.15; WH, dn $.0025 @ $5.35.  The funds were estimated to be even in Tuesday trade                 

CORN​/SORGHUM

·       U.S. corn crop is rated 68% Good/Excellent, down one point from last week but above 64% last year.  Corn mature is 93% vs. 80% last year and the 5-year avg. of 83%.  Corn harvest is 34% vs. 21% last year and the 5-year avg. of 26%

·       ATI Research: Ending stocks estimate for the 2018/19 U.S. corn crop year is 2.006 bbu vs. Sep USDA est. of 1.774 bbu

·       U.S. sorghum crop is rated 55% Good/Excellent, up one point from last week but well below 64% last year

·       T-storm Weather: A sharply drier period begins next week for all of the central U.S. as areas of high pressure suppress rainfall over much of the following 7 to 10 days, diminishing flooding and improving conditions for corn harvesting   

SOYBEANS/WHEAT

·       U.S. soybean crop is rated 68% Good/Excellent, steady vs. last week but above 61% last year.  Dropping leaves is 91% vs. 88% last year & the 5-year avg. of 85%.  Soybean harvest is 32% vs. 34% last year and the 5-year avg. of 36%

·       ATI Research: Ending stocks est. for the 2018/19 U.S. soybean crop year is 1.142 bbu vs. Sep USDA est. of 0.845 bbu

• T-storm Weather: A sharply drier period begins next week for all of the central U.S. as areas of high pressure suppress rainfall over much of the following 7 to 10 days, diminishing flooding and improving conditions for soybean harvesting
• ATI Research: U.S. all wheat exports are forecast to range from 15-20 mbu per week short-term

·       U.S. winter wheat planting is at 57% vs. 46% last year and the 5-year avg. of 54%; Kansas at 58% vs. 5-year avg. of 49%

ENERGY

·       Firm: CLX18, +$0.04 @ $75.00; EBZ, -$0.05 @ $84.95; EBZ-QCLX, -$0.08;RBX, +0.0022; NGX, +.0812; HOX, +.0037

·       Chicago ethanol was off $.0010 to $1.3015; basis levels vs Chicago were mixed—New York, -$0.0068 @ $.1123; Gulf, -$.0040 @ $.1035; Dallas, + $.0010 @ $.0385; Tampa, $.0010 @ $.1585 and LA, -$.0350 @ $.1235    

·       Ethanol RINs again weakened: 2017’s, -1 ¼ @ 7 ½ -9; 2018’s, -1 ¼ @ 10 ¾ to 11 ½; 2019’s, -3/4 @ 13-13 ½              

·       The Nov RBOB/Nov ethanol spread lost $.0123 on Tuesday, closing at+$.7594 per gallon  

 LIVESTOCK/POULTRY            &nbs​p;                        &nbs​p;

• Choice boxed beef values were 36-cents lower on Tuesday at $202.85 and are down $2.04 compared to last week
• Over the past 11 trading days, choice boxed beef has fallen $3.31 (1.6%) & is at the lowest level since Dec. 28, 2017
• USDA mandatory pork carcass cutout value firmed 11-cents on Tue. to $77.35 but is still $2.26 lower vs. a week ago
• CME Lean Hog Index eased $0.03 on Tue. to $69.33.  October futures firmed $0.30 but are still $0.58 below the index

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