HIGHLIGHTS

• MARKET TREND—Mostly weaker:  CZ: down $.0075; SX: up $.0075; WZ: down $.0125; KWZ: down $.0075 

·       MACRO:  ECB to continue bond buying program but at a reduced level; U.S. tech shares boosted by solid earnings, drives after-market trading; market awaits Q3 GDP numbers this am. ASIA—Higher:  Nikkei, +1.24%; Shanghai, +0.26%; Hang Seng, +0.84%. EUROPE: Firmer: DAX, +0.72%; FTSE, +0.25%; CAC, +0.96%.   WALL STREET—Futures are higher—DOW, +43; S&P, +6.50; NAS, +33.50.  EXTERNALS:  $ Index: +.211 @ 94.720;Gold: -$0.90 @ $1,266; Dec crude:-$0.12 @ $52.52/bl. 

• Weather: Some light precipitation is forecast in the north for the Western U.S. Corn Belt today, followed by mostly dry weather on Sat.-Tue.  Temps are forecast to be below to much below normal today-Sat., variable on Sun. and below normal Mon.-Tue.  In the Eastern Corn Belt, light to moderate rain is forecast today favoring southern and eastern areas.  Mostly dry weather is projected for Sat.-Tue.  Temps are forecast to variable today, below normal on Sat. and near to below normal Sun.-Tue.
• CZ, down $.0075 @ $3.4975; CH, down $.01 @ $3.6350.  The funds again sold an estimated 2 K      
• SX, up $.0075 @ $9.72; SF, up $.0075 @ $9.8325.  Funds:  Sold 6 SB, 3 SBM, bought 3 SBO.  Board Crush: $.95, 0; LY: $.93
• WZ, down $.0125 @ $4.3050; WH, down $.0125 @ $4.49.  Fund selling in wheat was said to be 3 K 

CORN/SORGHUM

·       ATI Research: Unshipped 17/18 export sales of U.S. corn as of Oct. 19 stood at 456 mbu, which is down 24% from 600 mbu at this time a year ago

• Weather: NWS forecast for Nov. 1-5 calling for above-normal precip for all areas from central Iowa eastward.  Above-normal precip also forecast for Northern Plains, while below-normal precip projected for most of Kansas & Nebraska

·       Consultant: Argentina’s corn planting is proceeding at an average pace & early condition of the crop is rated as good

·       Through Oct. 26, the 2017 crop insurance harvest price for December 2017 corn futures has averaged $3.4964

SOYBEANS/WHEAT

·       ATI Research: Unshipped 17/18 export sales of U.S. soybeans as of Oct. 10 were 693 mbu— down 19% vs. a year ago

·       Consultant: Early soybean planting has been delayed in parts of Mato Grosso, Brazil although the crop can be planted until about the third week of November with minimal yield loss if the weather cooperates

• Through Oct. 26, the 2017 crop insurance harvest price for November 2017 soybean futures has averaged $9.7525

·       ATI Research: Unshipped 17/18 export sales of U.S. all wheat as of Oct. 19 were 185 mbu, which is down 5% from 195 mbu at this time a year ago.  Declines by class seen are noted for HRW (-18%) and HRS (-7%), while SRW is up 6%

·       Weather: Mostly dry weather with only a few very light showers forecast for wheat this weekend in Western Australia  

ENERGY

·       Weaker:  CLZ17, -$.12 @ $52.12; EBZ, -$0.18 @ $59.12; EBZ-QCLZ, -$0.04; RBZ,-.0086; NGZ, -.040; HOZ, +.0006

·       Cash ethanol markets were mixed on Thursday: Chicago is quoted at $1.39, down $0.005; Basis to Chicago—New York, +7; Gulf, +5 ½; Dallas, +1 ½; Tampa, +15; and LA, +13

·       Ethanol RINs declined slightly on Thursday: 2016’s and 2017’s down 1 ¼ to 96-98 ½

·       The Nov RBOB/Nov ethanol spread, wider again, adding $.0228 to +$.36160/gallon 

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

• Choice boxed beef values gained $2.16 on Thu. to $202.37—highest level since Aug. 7—& are up $2.80 v. a week ago
• Dressed steer weight for week end Oct. 14: 897 lbs, up 2 lbs v. last week, 895.75 for 4-week avg. and 915 last year

·       USDA mandatory pork carcass cutout value firmed $1.40 on Thursday to $76.82, and is $3.15 higher vs. last week

• CME Lean Hog Index added $0.96 Thu. to $68.28.  December futures were up $0.575 but are $3.23 below the index

Sources: Bloomberg, Dow Jones, AP, DTN