HIGHLIGHTS

• MARKET TREND—mostly weaker: CZ: down $.0050; SX: up $.0275; WZ: down $.0275; KWZ: down $.0225

·       MACRO: Global markets are predominantly positive this morning, awaiting comments from major central banks later this week on monetary policy. ASIA—Higher:  Nikkei, +0.52%; Shanghai, +0.29%; Hang Seng, +1.27%.  EUROPE: Higher:  DAX,+0.30%; FTSE, +0.24%; CAC, +0.31%.   WALL STREET—Futures are higher—DOW, +57; S&P, +5.25; NAS,+9.50.  EXTERNALS:  $ Index: +.057 @ 91.710; Gold: -$6.70@ $1,315;  Oct crude:-$0.13 @ $49.76/bl. 

• T-storm Weather: Scattered thunderstorms focus on eastern KS and much of the Corn Belt through today, producing 0.50” to 1.00”.  Widely scattered thunderstorms follow in the northern Plains and northwest half to two-thirds of the Corn Belt Tue.-Wed, producing 0.25” to 0.50”.  Except for isolated thunderstorms, other areas stay dry through at least Thu.  Temperatures remain unusually mild in most areas through 10 days with maximums in the 70s-80s-90s; a frost or freeze is not foreseen
• CZ, down $.0050 @ $3.5425; CH, down $.0050 @ $3.6675.  The funds ended the week buying 2 K                    
• SX, up $.0275 @ $9.7150; SF, up $.0275 @ $9.8175.  Funds: Sold 3 SB, 2 SBM,  2 SBO.  Board crush: $.89, +1;LY, $.76
• WZ, down $.0275 @ $4.4625; WH, down $.0250 @ $4.6550.  Friday’s fund buying totaled 4 K  

 CORN/SORGHUM

• Consultant: USDA Crop Progress report—U.S. Corn Good/Excellent est. at 59-61% v. 61% last week and 74% last year 

·       T-storm Weather: After Thu., a large system attempts to sweep across the central U.S. Sep. 22-25, resulting in more than one round of thunderstorms in the central/southern Plains & western third of the Corn Belt, but not to the east

• ATI Research: USDA Crop Progress report—The five-year average for U.S. sorghum harvested as of Sep. 17 is approximately 29% 

·       Export Inspections released at 10 am CDT; Corn, 26.1 mbu needed; 35.8 last week.  Milo—4.1 needed; 2.0 last week

SOYBEANS/WHEAT

• Consultant: USDA Crop Progress report—U.S. Soybean Good/Excellent est. at 58-60% v. 60% last week & 73% last year 

·       T-storm Weather: Multiple rains through 10 days likely slow early U.S. soybean harvest in western production areas but not in the east

• ATI Research: Crop Progress—5-year avg. for U.S. soybeans dropping leaves rises approx. 18% from Sep. 10-17 to 43%

·       Export Inspections released at 10 am CDT; Soybeans, 42.8 mbu needed; 40.6 last week

·       Export Inspections released at 10 am CDT; Wheat, 17.7 mbu needed; 16.4 last week

·       ATI Research: 5-year avg. for U.S. winter wheat planting progress increases approx. 9% from Sep. 10-17 to 15%

ENERGY

·       Mixed: CLV17, -$.13 @ $49.76; EBX, +$0.09 @ $55.71;EBX-QCLX, +$.25; RBV, +.0016; NGV, +.053;&​nbsp;HOV, -.0096

·       Cash ethanol markets were steady to slightly weaker on Friday: Chicago eased ¼; New York fell 1 ½; Gulf unchanged; Dallas and Tampa off ½; and LA was a penny lower at $1.70 per gallon

·       Ethanol RINs posted slight declines on Friday: 2016’s and 2017’s were 7/8 lower at 83 ¼-84 ½ 

·       The Oct RBOB/Oct ethanol spread wideded $.0303 on Friday to +$.11670/gallon  

  LIVESTOCK/POULTRY                         ​            

• Choice boxed beef values increased 42-cents on Fri. to $191.42, but are still down 46-cents compared to a week ago
• Light-to-moderate cash cattle trading occurred on Friday in parts of Nebraska & Iowa at $166.50 dressed & $106 live

·       USDA mandatory pork carcass cutout value declined $1.56on Friday to $77.38, and is $4.22 lower vs. last week

• CME Lean Hog Index eased $1.08 on Fri. to $64.07.  October futures firmed $1.95 but are still $3.095 below the index

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