HIGHLIGHTS

• MARKET TREND—Quietly mixed: CZ: steady; SX: down $.0025; WZ: up $.0025; KWZ: up $.0025  

·       MACRO:  All eyes are on this morning’s jobs report---by how much will the hurricanes skew hiring--consensus is 80 K, down 50% from LM. ASIA—Firmer:  Nikkei, +0.30%; Shanghai, Closed; Hang Seng, +0.28%.  EUROPE: Mostly higher: DAX, +0.10%; FTSE, +0.21%; CAC, -0.13%.   WALL STREET—Futures are regrouping, mostly lower—DOW, -11; S&P, -1.25; NAS, +5.25.  EXTERNALS:  $ Index: +.047 @ 93.850; Gold: -$2.20 @ $1,269; Dec crude:-$0.52 @ $50.63/bl.  Del’y: SBM, 88; SBO, 254

• T-storm Weather: In the U.S., two areas of heavy rain occur through Monday.  The first area unfolds from the central Plains through the northwest half to two-thirds of the Corn Belt where generalized totals of 1.00" to 2.00" with locally higher amounts are likely over the next two to three days.  The second area of rain falls over Sun.-Tue. from the Delta through the southeast Corn Belt once Tropical Storm Nate moves inland, likely producing 1.25" to 2.75" within the region
• CZ, unch @ $3.4950; CH, down $.0025 @ $3.6225.  The funds bought an estimated 2 K on Thursday    
• SX, down $.0025 @ $9.68; SF, down $.0025 @ $9.7875.  Funds:  Bought 5 SB; 7 SBM & sold 3 SBO.  Board Crush: $.92, +1; LY: $.75
• WZ, up $.0025 @ $4.41; WH, up $.0050 @ $4.60.  The funds sold 2 K yesterday   

 

CORN/SORGHUM

·       ATI Research: Unshipped 17/18 export sales of U.S. corn as of Sep. 28 stood at 356 mbu, which is down 40% from 597 mbu at this time a year ago

• T-storm Weather: A strong system produces 1.00”-2.00” of rain across the central Plains and northwest two-thirds of the Corn Belt through Sat., while the Delta and southeast Corn Belt remain mild and dry

·       Consultant: The 17/18 corn crop in Argentina (planting just underway) is est. at 42.0 MMT, up 1.0 MMT vs. last year

·       Through Oct. 5, the 2017 crop insurance harvest price for December 2017 corn futures has averaged $3.4969

SOYBEANS/WHEAT

• ATI Research: Unshipped 17/18 export sales of U.S. soybeans as of Sep. 28 were 708 mbu— dn 22% from 913 last year

·       T-storm Weather: Odds are sharply increased for the remnant of Tropical Storm Nate and a strong cold front to break drying in the Delta and southeast Corn Belt over Sun.-Tue.; rainfall of 1.25”-2.75” is forecast for the region

·       Through Oct. 5, the 2017 crop insurance harvest price for November 2017 soybean futures has averaged $9.5975

·       ATI Research: Unshipped 17/18 export sales of U.S. all wheat as of Sep. 28 stood at 170 mbu, which is down 3% from 175 mbu this time a year ago.  Largest declines by class seen are for HRW (-21%) and HRS (-10%), while SRW is up 7%

·       T-storm Weather: Multiple rains over next 7-10 days for drought-stricken Australia wheat (except Western Australia)

ENERGY

·       Weaker: CLZ17, -0.52 @ $50.63; EBZ, -$0.21 @ $56.79;EBZ-QCLZ, +$.31; RBX, +.0022; NGX, -.014; HOX, -.0058

·       A mixed trend was noted in cash ethanol markets on Thursday: Chicago up 1 5/8; New York added 3/8; Gulf increased 1 ½; Tampa unchanged; Dallas up 1; and LA was 1 ½ lower at $1.64 ½ per gallon

·       Ethanol RINs continued to firm on Thursday: 2016’s and 2017’s were 2 ¼ higher at 79 ½-81

·       The Nov RBOB/Oct ethanol spread added $.0529 yesterday, widening out to +$.17340/gallon  

  LIVESTOCK/POULTRY                           &nbs​p;         

• Choice boxed beef values fell 16-cents on Thursday to $197.25, but are still up 84-cents compared to last week
• Dressed steer weight for week end Sep. 23: 897 lbs, unchanged v. last week, 892.5 for 4-week avg. and 904 last year

·       USDA mandatory pork carcass cutout value firmed 30-centson Thu. to $72.20, and is 26-cents higher vs. a week ago

• CME Lean Hog Index increased $0.36 on Thu. to $55.33.  October futures gained $0.60 & are $5.595 above the index  

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