HIGHLIGHTS

• TRENDS—Firm:  CZ, +$.0175; SX, +$.04; WZ, +$.0125; KWZ, +$.03 

·      What caught my eye:  Let’s see if export demand is picking up this morning as corn inspections have been running at about one-half the implied rate and soybeans, slightly better than the forecast but a little below the seasonal average

·      Global stocks are higher, awaiting Brexit vote, U.S./China trade discussions.  ASIA: Firm--Nikkei, +0.25%; Shanghai, +0.05%; Hang Seng, +0.02%.  EUROPE: Firm—DAX, +0.54%; FTSE, +.16%; CAC, +0.04%.  WALL STREET—Futures are easier-- DOW, +41; S&P, +7; NAS, +23.25.  EXTERNALS: Nov crude: -$0.44 @ $54.34; Gold: +$0.30 @ $1,494; $ Index: -.070 @ 97.212

• Weather: In western U.S. Corn Belt, scattered showers & thunderstorms early today with a chance of light precip in north later in the day.  Dry weather on Tue. Is followed by light precip in north on Wed.  Temps average near to below normal today-Tue., variable Wed.  Scattered showers & thunderstorms today in the eastern Corn Belt; moderate to heavy totals are expected.  Dry weather on Tue., with a chance of light rain in the north Wed.  Temps average above normal today, near to below normal Tue., near to above normal Wed.
• CZ, up $.0175 @ $3.9275; CH, up $.0175 @ $4.0450.  The funds closed out the week selling 6 K: weak sales, good harvest weather             
• SX, up $.04 @ $9.38; SF, up $.0425 @ $9.5175.  Funds: Bought 2 SB, 2 SBM & even SBO.  Board Crush: $0.79, +1; LY, $1.53
• WZ, up $.0125 @ $5.3350; WH, up $.0050 @ $5.3750.  Fund buying again totaled 5 K on Friday           

CORN/SORGHUM

• Weather: NWS 6-10 day forecast for Oct. 26-30—above normal precip for most areas east of the Miss River, the Northern Plains and Central Plains.  Normal precip is forecast for IA, WI southern MN and eastern NE

·      ATI Research: the extremely sluggish pace of U.S. corn export sales & shipments for 2019/20 crop year is paralleling that seen in 2012/13.  In 2012/13, the USDA trimmed its export forecast by 415 mbu between October & the final

·      Export Inspections released at 10 am CDT; Corn, 39.2 mbu needed; 18.5 last week.  Milo—2.0 needed; 1.5 last week

·      Through Oct. 18, the 2019 crop insurance harvest price for December 2019 corn futures has averaged $3.9123

SOYBEANS/WHEAT

• Weather: NWS 6-10 day forecast for Oct. 26-30—above normal precip for most areas east of the Miss River, the Northern Plains and Central Plains.  Normal precip is forecast for IA, WI southern MN and eastern NE
• Unshipped export sales of U.S. soybeans as of Oct. 10 totaled 478 mbu—down 18% compared to 580 mbu last year

·      Export Inspections released at 10 am CDT; Soybean, 34.5 mbu needed; 35.1 last week

·      Through Oct. 18, the 2019 crop insurance harvest price for November 2019 soybean futures has averaged $9.2488

·      Chicago SRW December wheat futures on Fri. closed at $5.32 ¼--highest settlement price for the contract since 7/12

·      Export Inspections released at 10 am CDT; Wheat, 18.3 mbu needed; 17.0 last week

ENERGY

·      Weak: CLX19, -$0.44 @ $54.34; EBZ, -$0.60 @ $58.82; EBZ-QCLZ, -.19; RBX, -.0180; NGX, -.019; HOX, -.0158

·      Chicago ethanol eased $.00075 on Friday;  basis values were firmer:  NYC, +$.0275 @ +$.1250; Gulf, +$.00250 @ +$.11; Dallas, +$.01250 @ +.09; Tampa, +$.0175 @ +$.19; LA, +$.0425 @ +$.2550

·      Ethanol RINs were mostly steady: 2018’s,unch @ 5 ½ -7 ½; 2019’s, -.25 @ 15-15 ½; 2020’s, unch @ 22-23                                                ​;                        ​                        &​nbsp;

·      The November RBOB/November ethanol spread widened $.0085 to $.1860/gallon    

LIVESTOCK/POULTRY                           &​nbsp;            

·      Choice boxed beef was 7-cents lower on Friday at $218.04 but is still up $2.38 higher versus last week  

·      Cash cattle traded in the South on Fri. for $108.00, which was steady to $1.00 lower compared to the previous week

·      USDA mandatory pork carcass cutout value firmed 77-cents on Fri. to $76.29 but is still dn 73-cents versus a week ago

·      CME Lean Hog Index gained $0.74 on Fri. to $65.64.  December futures fell $0.200 but remain $2.31 above the index                           

Sources: Bloomberg, Dow Jones, AP, DTN