HIGHLIGHTS
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MARKET TREND—something for everyone: CZ: down $.0075; SX: down $.0050; WZ: up $.0025; KWZ: steady
· MACRO: Mixed trading overseas following the tech sell-off and fresh threats from North Korea; White House brushes off war assertions. ASIA—Mostly firmer: Nikkei,-0.33%; Shanghai, +0.07%; Hang Seng, +0.05%. EUROPE: Mostly firmer: DAX,+0.21%; FTSE, -0.01%; CAC, +0.07%. WALL STREET—Futures are leaning a little higher—DOW, +5; S&P, -0.25; NAS, +10.75. EXTERNALS: $ Index: +.259 @ 92.700; Gold: -$4.00 @ $1,303; Oct crude:-$0.31 @ $52.21/bl.
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T-storm Weather: Widespread rain ends in U.S. western Corn Belt over the next 24-36 hours, but focuses on central & southern Plains through midweek. Little to no rain occurs to the east, but temps turn much cooler through Thu. in the Delta & southeast half of the Corn Belt. Temps quickly turn much warmer from west to east this weekend & early next week, accompanied by some light rain in the Plains & western Corn Belt; mainly dry weather prevails with eastward extent through next week
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CZ, down $.0075 @ $3.53; CH, down $.01 @ $3.6550. Fund buying on Monday estimated at 3 K
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SX, down $.0050 @ $9.7075; SF, down $.0025 @ $9.8150. Funds: bot 5 SB; 5 SBM; 3 SBO. Board Crush: $.83, 0; LY: $.79
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WZ, up $.0025 @ $4.5425; WH, down $.0025 @ $4.7350. Speculative buying was put at 4 K yesterday
CORN/SORGHUM
· U.S. corn crop is rated 61% Good/Excellent, unchanged from last week but well below 74% last year. Corn mature is 51% vs. 70% last year and the 5-year avg. of 64%. Corn harvest is 11% vs. 14% last year and the 5-year avg. of 17%
· ATI Research: Updated yield estimate for the 2017 U.S. corn crop is 167.9 bpa versus September USDA est. of 169.9
· U.S. sorghum crop is rated 64% Good/Excellent versus 65% last week and 66% last year
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T-storm Weather: In South America, rain affects most corn over the next 10 days, resulting in widespread coverage of above-normal amounts. Upcoming rain will mark onset of the 17-18 rainy season in Center-West and Southeast Brazil
SOYBEANS/WHEAT
· U.S. soybean crop is rated 60% Good/Excellent vs. 59% last week and 73% last year. Dropping leaves is 63% vs. 65% last year & the 5-year avg of 63%. Soybean harvest is 10% vs. 9% last year but behind the 5-year avg. of 12%
· ATI Research: Updated yield estimate for the 2017 U.S. soybean crop is 48.3 bpa vs. September USDA est. of 49.9
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T-storm Weather: Although temperatures turn much cooler across U.S. soybean production areas over Wednesday-Sunday, a killing frost of freeze is not expected
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ATI Research: U.S. all wheat exports are forecast to continue to range from 15-20 mbu per week short-term
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U.S. winter wheat planting is 24% vs. 28% last year and the 5-year avg. of 28%
ENERGY
· Easier: CLX17, -$0.31 @ $52.21; EBX, -$0.47 @ $58.55;EBX-QCLX, -$.22; RBX, -.0083; NGX, +.028; HOX, -.0162
· A mixed trend was evident in cash ethanol markets on Monday: Chicago added ½; New York fell 1; Gulf firmed 5/8; Dallas eased ½; Tampa increased 1 ½; and LA was 1 ½ lower at $1.70 ½ per gallon
· Ethanol RINs firmed posted modest declines on Monday: 2016’s and 2017’s fell ¼ to 82 ¼-83 ½
· The Oct RBOB/Oct ethanol spread posted another gainon Monday, +$.0406 to settle at +$.19500/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef values soared $2.36 on Mon. to $193.96 (largest gain since June 5) and are up $1.34 v. last week
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5-Area Weekly Weighted Average Steer price up $2.61 v. last week at $108.50/cwt, & is also $2.61 higher v. last year
· USDA mandatory pork carcass cutout value firmed 79-centson Monday to $73.05, but is $4.15 lower vs. a week ago
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Current nearby board hog crush value is $31.57/cwt vs. last week’s $33.97, last month’s $34.15 & last year’s $24.51
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather