HIGHLIGHTS

• TRENDS—Lower:  CZ, -$.0175; SX, -$.0150; WZ, -$.0150; KWZ, -$.0150 
• What caught my eye:  Corn to Japan:  Urkaine is $14.75 below the Gulf; Argentine maize, $19.50 and Brazil, $12.  No wonder unshipped sales to Japan are at a 31-year low and likewise to all of Asia—just 40 mbu.  38% of a 2.060 bbu export total--LY

·      Focus this morning on U.S. non-farm jobs report.  ASIA: Firm--Nikkei, +0.32%; Shanghai, closed; Hang Seng, closed.  EUROPE: Mostly firm —DAX, -0.14%; FTSE, +0.19%; CAC, +0.04%.  WALL STREET—Futures are weaker-- DOW, -62; S&P, -8.25; NAS, -21.75.  EXTERNALS: Nov crude: +$0.12 @ $52.57; Gold: +$1.10 @ $1,515; $ Index: -.031 @ 98.833

• T-storm Weather®: Weather conditions in Brazil are expected to remain warm with scattered showers and thunderstorms from Mato Grosso into Mato Grosso do Sul in the coming week. In the U.S., a new weather system will develop and move across the Northern Plains and into the Midwest Friday through Sunday bringing 1/10 to ¾” of rain with some areas receiving locally heavier amounts
• CZ, dn $.0175 @ $3.87; CH, dn $.02 @ $3.9875.  The funds bought 1 K on Thursday         
• SX, dn $.0150 @ $9.1050; SF, dn $.0125 @ $9.2475.  Funds: Sold 2 SB, 4 SBM, & bought 7 K SBO.  Board Crush: $0.72, +5; LY, $1.53
• WZ, dn $.0150 @ $4.8725; WH, dn $.0175 @ $4.9425.  Fund selling was estimated at 2 K yesterday      

CORN/SORGHUM

·      Unshipped 19/20 export sales of U.S. corn as of Sep. 19 were 319 mbu, down 46% from 596 mbu at this time a year ago and down 12% from 362 mbu two years ago

• T-storm Weather®: Frost along with a few light freezes were forecast in eastern North Dakota and NW Minnesota overnight and again on Monday
• ATI Research: Minnesota corn was indicated 22% mature last Sunday, versus 67% average and the North Dakota crop, just 15%, 42 points behind average

SOYBEANS/WHEAT

• Unshipped 19/20 export sales of U.S. soybeans as of Sep. 26 were 413 mbu, dn 34% from last year & dn 41% vs. 2017
• ATI Research:  Mid-East/non-Chinese Asian demand for U.S. soybeans appears to be lagging badly with unshipped sales down 48% (38 mbu) to 41 million as of 9/26
• Unshipped 19/20 export sales of U.S. all wheat as of Sep. 26 were 164 mbu, down 8% from last year and dn 8% vs. 2017.  The 46 HRW total 46 reflects a 14% decline from 2018; SRW at 23 is 4% less; All Other is also 4% less at 95
• Early Argentine wheat yields are not overly impressive:  said to be between 1.5 and 1.8 MT per hectare.  The USDA’s latest forecast is for 3.25, against 3.22 last year and the prior 5-year average of 3.08

ENERGY

·      Up: CLX19, +$0.12 @ $52.57; EBZ, +$0.46 @ $58.17; EBZ-QCLZ, +.36; RBX, +.0092; NGX, +.001; HOX, +.0092

·      Chicago ethanol lost $.0230 yesterday to $1.6570; basis values were firmer:  NYC, +$.0355 @ -$.00950; Gulf, +$.0180 -@ $.0570; Dallas, +$.0230 @ -$.0570; Tampa, +$.0430 @ +$.0630; LA, +$.0230 @ $.0830

·      Ethanol RINs were weaker with 2018’s, -$0.25 @ 13 ½ -15; 2019’s, also -.25 @ 23 ½ -24                                           &​nbsp;                       &n​bsp;                       &nb​sp;     

·      The November RBOB/November ethanol spread widened $.0744 in Thursday trading to $.1349/gallon   

LIVESTOCK/POULTRY                     ​                   ​

• Choice boxed beef fell $0.91 on Thursday to $212.06 and is down $1.84 versus last week   
• Select 600-900# beef was up $.15 to $186.05 yesterday and is $4.34 below the week ago price

·      USDA mandatory pork carcass cutout value was steady on Thu. at $73.41 and is up $1.87 compared to a week ago 

·      CME Lean Hog Index firmed $0.89 on Thu. to $58.72.  October futures firmed $0.255 and are $3.70 above the index                         ​  <​/wbr>

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