HIGHLIGHTS
· Market Trend: Corn, ¼ Lower; Soybeans, 5-6 Lower; Wheat, 3-4 Lower. Europe: Wheat, Up ¾; Corn, Steady
· Despite a dearth of news, good or otherwise, futures point to higher U.S. opening: Dow, up 58; NASDAQ, +17.80 and the S&P500, up 7 ¼. Early European trade finds French markets up nearly 1%; Germany’s DAX is a ½% higher while the FTSE is off .1%. 2 of the 3 major Asian bourses closed lower—the Nikkei, off .84%; the Hang Seng, -1.26% with Shanghai gaining a ¼ point. Protests in Hong Kong continue to overhang the market; Japan’s August industrial output fell 1.5%, more than expected and wage growth throttled back to a 1.4% yoy growth rate. Outside markets find energy futures mostly higher; the $ is up .411 to 86.29 and gold is $8.10 lower at $1,209.40.
· T-Storm Weather: Mild and dry weather continue to aid corn / soybean harvesting and wheat planting in most areas through Wednesday. The exception is in / adjacent the central / northern Plains where areas of rain unfold today. Thereafter, widespread rain affects the Delta and southeast two-thirds of the Corn Belt Thursday-Friday as a strong system passes. A seasonably-cooler pattern generally follows with limited rainfall, though large temperature fluctuations occur, as is typical of autumn. In South America, heavy thunderstorms recur today in wettest corn and wheat areas of South Brazil
· Dec Corn Down $.0025 at $3.2550; March Down $.0025 at $3.8 The funds bought 4 K to begin the week
· Nov Soybeans Down $.0575 at $9.1775; Jan Down $.0550 at $9.2675. Del’y: 404 K SBO; 0 SBMThe funds bought 4 K SB; 1K SBM and 4 K SBO
· Dec Wheat Down $.0375 at $4.7750; March Down $.03at $4.91. The funds bought 3 K on Monday
CORN/SORGHUM
· ATI Research: USDA Good/Excellent corn ratings unchanged at 74%. Updated ATI crop size is unchanged at 14.232Bbu with yield at 174.0bpa
· ATI Research: Updated corn balance sheet--13/14 carryout steady at 1.147Bbu; 14/15 unchanged at 1.767Bbu
· USDA Grain Stocks report at 11:00 CDT: Avg. trade guess for U.S. Sept. 1 corn stocks, 1.181Bbu (range 1.020-1.255)
· USDA Crop Progress: U.S. corn mature at 60% vs. 60% last year & 5-year avg. of 70%; corn harvest 12% vs. avg. of 23%
SOYBEANS/WHEAT
· ATI Research: Good/Excellent soybean ratings up one point to 72%; crop size up 18mbu to 3.971Bbu, yield at 47.2bpa
· ATI Research: Updated soybean balance sheet--13/14 carryout unch at 100mbu; 14/15 up 18 million to 566mbu
· USDA Grain Stocks report at 11:00 CDT: Avg. trade guess for U.S. Sept. 1 soybean stocks, 141mbu (range 100-145)
· ATI Research: Updated SRW wheat balance sheet--14/15 carryout at 196mbu; 15/16 forecast at 201mbu
· USDA Grain Stocks report at 11:00 CDT: Avg. trade guess for U.S. Sept. 1 wheat stocks, 1.894Bbu (range 1.707-2.020)
· USDA Small Grains Summary report at 11:00 CDT: Avg. trade guess for all wheat, 2.033Bbu (vs. 2.030 in August)
ENERGY
· Futures are mostly higher: QCLX14,+$0.13 at $94.70; QRBX,+$0.0075; QNGX, -$.014; andQHOX, +$.0033
· Cash ethanol markets on Monday were steady to firmer: Chicago and Gulf gained 1 ½; New York added ½; Tampa climbed 2 ½; Dallas was unchanged; and LA was a penny higher at $1.73 ½ per gallon
· Slightly weaker RINs: 2012’s down ¼ at 45 ½-46; 2013’s off 3/8 at 46-46 ½; & 2014’s eased ¼ to 46 ¼-46 ½
· The October RBOB/Ethanol spread resumed its upward climb Monday, gaining $.0224 to $1.1013/gallon
LIVESTOCK/POULTRY   ;
·   After falling $13.88 over the previous 11 trading days, Choice boxed beef values firmed 36-cents yesterday
· The USDA 5-area weekly average steer price for last week was $156.75 on a live basis, up $0.01 from the week before
· The USDA pork carcass cutout value increased $1.97 yesterday and is up $5.39 from a week earlier
· CME Lean Hog Index up $0.66 to $108.30. October futures up $0.80 to $107.325, but are $0.975 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather