HIGHLIGHTS

• MARKET TREND—Weaker: CZ: down $.0075; SX: down $.0425; WZ: down $.0450; KWZ: down $.04  

·       MACRO:  Markets are mostly higher with little in the way of fresh economic news; Spain is weaker following the Catalan vote. ASIA—Firmer:  Nikkei, +0.22%; Shanghai,Closed; Hang Seng, +Closed.  EUROPE: Firmer:  DAX,+0.30%; FTSE, +0.49%; CAC, +0.07%.   WALL STREET—Futures indicate a positive start—DOW, +38; S&P, +3.25; NAS,+11.50.  EXTERNALS:  $ Index: +.597 @ 93.480; Gold: -$8.80@ $1,273; Dec crude:-$0.79 @ $51.16/bl.  Del’y: SBM, 71; SBO, 161

• T-storm Weather: Multiple rounds of thunderstorms focus on the northwest half of the Corn Belt through Thu., but generally hold to the south and east until Thu.-Fri. when driest corn, soybeans and some SRW wheat receive their first significant rain in more than 30 days.  Forecasted rainfall this week is 1.50”-3.00” for the northwest Corn Belt and eastern Plains and 0.75”-1.50” for the rest of the Corn Belt (but not the Delta) from late week forward.  Temps remain mild through midweek then cool 
• CZ, down $.0075 @ $3.5450; CH, down $.0075 @ $3.67.  Fund buying was estimated at 6 K the day of the Stocks Report  
• SX, down $.0425 @ $9.64; SF, down $.04 @ $9.7450.  Funds:  Bot 5 K SB; 5 SBM; sold 2 SBO.  Board Crush: $.75, +2; LY: $.63
• WZ, down $.0450 @ $4.4375; WH, down $.0450 @ $4.62.  Fund selling in response to the Small Grains report was 8 K  

 CORN/SORGHUM

• December 2017 corn futures on Fri. closed at $3.55 ¼; one year ago, December 2016 corn futures settled at $3.36 ¾
• Consultant: USDA Crop Progress report—U.S. Corn Good/Excellent est. at 61% vs. 61% last week and 73% last year 

·       ATI Research: U.S. corn harvest on average increases approximately 9% over Sep. 24-Oct. 1 to approximately 26%

·       T-storm Weather: Conditions for U.S. corn harvesting deteriorate from west to east through next week.  The potential exists for the first significant frost of the season to unfold in northern areas of Corn Belt & Plains around Oct. 10-11

·       Export Inspections released at 10 am CDT; Corn, 36.1 mbu needed; 29.1 last week.  Milo—4.1 needed; 5.1 last week

SOYBEANS/WHEAT

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

·       T-storm Weather: Highest rainfall totals over the next 10 days focus on the northwest half of the Corn Belt and adjacent areas of the central and southern Plains, including around half of U.S. soybean production

·       Export Inspections released at 10 am CDT; Soybeans, 43.6 mbu needed; 37.8 last week

·       Export Inspections released at 10 am CDT; Wheat, 17.7 mbu needed; 18.4 last week

·       ATI Research: 5-year avg. for U.S. winter wheat planting progress increases approx. 15% from Sep. 24-Oct. 1 to 43%

·       T-storm Weather: Rainfall through next week improves topsoil moisture in parts of the U.S. SRW wheat belt

ENERGY

·       Weaker: CLZ17, -$0.79 @ $51.16; EBZ, -$0.65 @ $56.14;EBX-QCLX, +$.84; RBX, -.0200; NGX, -.001; HOX, -.0198

·       A mostly steady trend was noted in cash ethanol marketsFriday: Chicago, New York, Gulf, Tampa and Dallas were all unchanged; however, LA was a 3 higher at $1.68 per gallon

·       Ethanol RINs were slightly higher on Friday: 2016’s and 2017’s increased ½ to 65-70

·       The Nov RBOB/Oct ethanol spread gained $.0032 on Friday to +$.08500/gallon  

  LIVESTOCK/POULTRY                          &nb​sp;          

• Choice boxed beef values firmed 21-cents on Friday to $196.62, and are $5.02 higher compared to last week
• Dressed steer weight for week end Sep. 16: 897 lbs, up 1 lb v. last week, 889.25 for 4-week avg. and 905 last year

·       USDA mandatory pork carcass cutout value was 79-cents higher on Friday at $72.73, and is up 47-cents vs. a week ago

• CME Lean Hog Index declined $0.70 on Fri. to $54.84.  October futures eased $0.15 but are still $0.56 above the index 

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