HIGHLIGHTS
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TRENDS—Higher: CZ, +$.0375; SX, +$.0750; WZ, +$.0725; KWZ, +$.05
· What caught my eye: ABARE & the BA Grain Exchange will release updated production reports for the Australian & Argentine wheat crops today—most suggests further reductions in each are possible (USDA @ 18.0 and 20.5, respectively)
· UK/EU appear to have agreed to a draft deal for BREXIT . ASIA: Slighty lower--Nikkei, -0.09%; Shanghai, -0.05%; Hang Seng, +0.69%. EUROPE: Higher—DAX, +0.72%; FTSE, +0.56%; CAC, +0.57%. WALL STREET—Futures are up-- DOW, +123; S&P, +12.5; NAS, +36.75. EXTERNALS: Nov crude: -$0.27 @ $53.09; Gold: -$4.50 @ $1,490; $ Index: -.359 @ 97.643
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Weather: Mostly dry for the western U.S. Corn Belt through Friday. Scattered light showers develop on Saturday favoring southern areas. Temperatures average near to above normal today, and above normal Friday-Saturday. In the eastern Corn Belt, dry weather is forecast through Friday. Dry conditions or just a few light showers are forecast in the west on Saturday. Temperatures average below normal today, near to above normal on Friday and above normal on Saturday
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CZ, up $.0375 @ $3.9550; CH, up $.03 @ $4.0650. The funds were said to be even in Mid-week trading
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SX, up $.0750 @ $9.3550; SF, up $.0725 @ $9.4950. Funds: Sold 3 SB, 3 SBM & even SBO. Board Crush: $0.71, -6; LY, $1.52
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WZ, up $.0725 @ $5.2050; WH, up $.06 @ $5.2425. Fund buying totaled 4 K yesterday
CORN/SORGHUM
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Weather: NWS 6-10 day forecast for Oct. 22-26—above to much above normal precip for all areas east of Mississippi River, the northwest Corn Belt & Northern Plains. Normal to below normal precip forecast for the western Corn Belt
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ATI Research: U.S. corn harvest progress on average increases 11% from Oct. 13-20 to 47%. However, harvest progress for 2019 as of Oct. 13 was only at 22%
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Ethanol margins: $0.22 per gallon—up vs. $0.16 last week and well above $0.07 in 2018. EIA report at 10:00 am CDT
SOYBEANS/WHEAT
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Weather: NWS 6-10 day forecast for Oct. 22-26—above to much above normal precip for all areas east of Mississippi River, the northwest Corn Belt & Northern Plains. Normal to below normal precip forecast for the western Corn Belt
· ATI Research: Avg. U.S. soybean harvest pace rises 15% from Oct. 13-20 to 64%; but ’19 pace on Oct. 13 was just 26%
· Chicago SRW wheat futures on Wed. closed at $5.13 ¼--the highest settlement price for the contract since July 19
· Dryness is forecast through Sat. for reproducing wheat in Western Australia, the top producing state in Australia
ENERGY
· Weaker: CLX19, -$0.27 @ $53.09; EBZ, -$0.17 @ $59.25; EBZ-QCLZ, +.06; RBX, -.0186; NGX, +.016; HOX, -.0113
· EIA Report Estimates (API): crude oil, +2.9 (+10.5); Gasoline, -1.2 (-0.9); Distillates, -2.4 (-2.9). Estimates for ethanol production avg. 0.978 mbpd (range: 0.965-0.992). Avg. est. of ethanol stocks: 21.456 mb (range 20.650-22.000)
· Chicago ethanol was $.0275 weaker Wednesday, falling to $1.51375; basis values were mixedr: NYC, -$.0295 @ +$.20125; Gulf, -$.00425 @ +$.11625; Dallas, +$.0075 @ +.08625; Tampa, +$.0075 @ +$.1863; LA, +$.1558 @ $.3863
· Ethanol RINs were weaker: 2018’s,-0.75 @ 6 ½ -8 ½; 2019’s, -1.00 @ 16-17 ½; 2020’s, -.75 @ 22 ½ -24      
· The November RBOB/November ethanol spread was again wide, $.0194 to $.2028/gallon
LIVESTOCK/POULTRY <wbr>  
·   Choice boxed beef was 26-cents higher on Wednesday at $218.28 and is up $3.68 versus last week
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October live cattle futures on Wed. closed at $112.350—the highest settlement price for the contract since April 29
· USDA mandatory pork carcass cutout value eased 58-cents on Wed. to $76.71 but is still up $1.11 versus a week ago
· CME Lean Hog Index firmed $1.02 on Wed. to $63.94. December futures fell $1.500 but are $6.685 above the index
Sources: Bloomberg, Dow Jones, AP, DTN
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