HIGHLIGHTS

• TRENDS—Undecided:  CZ, unch; SX, -$.0050; WZ, +$.0050; KWZ, -$.0250
• What caught my eye:  Daily SB sales announced to China since 9/13 total 2.148 MMT, still short of the 5 MMT figure tossed around a couple of weeks ago. Hefty broiler #’s:  Eggs Set up 6% year to year and Chicks Placed, 5% larger

·      Ongoing worries over slowing U.S. and global economies, futures hope to recover.  ASIA: Lower--Nikkei, -2.01%; Shanghai, closed; Hang Seng, closed.  EUROPE: Weaker —DAX, unch; FTSE, -0.65%; CAC, +0.44%.  WALL STREET—Futures are up-- DOW, +73; S&P, +9.75; NAS, +31.75.  EXTERNALS: Nov crude: -$0.09 @ $52.55; Gold:  -$0.20 @ $1,508; $ Index: +.031 @ 99.050

• Weather: mostly dry weather is forecast today across the western U.S. Corn Belt.  Dryness continues during the day Friday, before light to moderate showers redevelop Friday night.  Temps average above normal southeast today, before falling to below normal  on Fri.  The eastern Corn Belt is mostly dry today, with the exception of lingering light rain northeast.  Mostly dry on Friday.  Temps average near or above normal today, and near to below normal north and near to above normal south on Friday
• CZ, unch @ $3.8775; CH, dn $.0025 @ $3.9950.  After two days of heavy buying, funds took a breather to sell 11 K          
• SX, dn $.0050 @ $9.1325; SF, dn $.0025 @ $9.2750.  Funds: Sold 7 SB, 4 SBM, & bought 5 K SBO.  Board Crush: $0.67, 0; LY, $1.51
• WZ, up $.0050 @ $4.8950; WH, up $.0050 @ $4.9675.  The funds sold 5 K yesterday 

CORN/SORGHUM

·      Export Sales to be released at 7:30 am CDT.  Trade expects 16-31 mbu for 19/20 corn

• Weather: in the western U.S. Corn Belt, scattered moderate to locally heavy showers favor east and south areas during Sat., while in the eastern Corn Belt, scattered light and moderate showers favor west & northeast areas

·      ATI Research: Delayed development of U.S. corn crop highlighted; e.g. U.S. corn mature on average increases approximately 12% over Sep. 29-Oct. 6 to approximately 85%; however, corn mature as of Sep. 29 was only at 43%

• Ethanol grind: Total of 958,000 barrels/day for week end Sep. 27—up 15 thou v. prior week but dn 5.6% v. last year

SOYBEANS/WHEAT

·      Export Sales report.  Trade expects 33-51 for 19/20 soybeans; soymeal, 0-100 K MT for 18/19 and 50-250 for 19/20; soyoil, 0-15 K MT for 18/19 and 5-25 for 19/20 

·      ATI Research: Delayed development of U.S. soybean crop highlighted; e.g. U.S. soybeans dropping leaves on average increase approx. 9% over Sep. 29-Oct. 6 to ~87%; however, soybeans dropping leaves as of Sep. 29 was only at 55%

·      Export Sales report.  Trade expects 7-22 mbu for 19/20 all wheat

• Weather: Very hot temps forecast next few days for wheat in South Australia, Victoria & southern New South Wales

ENERGY

·      Mixed: CLX19, -$0.09 @ $52.53; EBZ, -$0.19 @ $57.50; EBZ-QCLZ, -.11; RBX, +.0028; NGX, +.026; HOX, -.0091

·      Chicago ethanol gained $.0250 to $1.68 yesterday; basis values were weaker:  NYC, -$.0250 @ -$.0450; Gulf, -$.0150 @ $.04; Dallas, -$.0150 @ -$.08; Tampa, -$.0250 @ +$.0250; LA, -$.0050 @ $.0600

·      Ethanol RINs were again firmer: 2018’s, +3.25 @ 13 ½ -15 ½; 2019’s, +4.25 @ 23 -25                                                    &​nbsp;                       &n​bsp;                     

·      The November RBOB/October ethanol shed $.0152 as it closed at $.06050/gallon at mid-week   

LIVESTOCK/POULTRY                                 &n​bsp;      

• Choice boxed beef eased 50-cents on Wednesday to $212.97 and is $1.66 lower versus last week    
• October live cattle futures on Wed. closed at $106.050, the highest settlement price for the contract since Aug. 9

·      USDA mandatory pork carcass cutout value declined $1.46 on Wed. to $73.41 but is still $4.17 higher v. a week ago  

·      CME Lean Hog Index firmed $0.78 on Wed. to $57.83.  October futures eased $0.350 but are $4.37 above the index                           ​

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