HIGHLIGHTS
· MARKET TREND—Lower: CU: Down $.0250; SU: Down $.0625; WU: Down $.0425; KWU: Down $.0425
· MACRO: Equity markets are marking time ahead of Yellen’s Friday’s remarks.ASIA: Mixed with the Nikkei up .61%; the Hang Seng lost .77% and Shanghia eased .13%. EUROPE: Also mixed with mid-day trading finding the FTSE off .21%; the DAX is .39% higher and the CAC is up .55%. WALL STREET: Futures are leaning towards a positive start with the DOW up 4; S&P futures are 1 higher and the NAS, +3. EXTERNALS: $ Index, +.101 @ 94.595; Oct Gold, -$4.70 @ $1,337.40; Oct WTI, down $0.75 @ $47.34
· T-storm Weather: Widespread coverage of near- and above-normal rainfall occurs today and again this weekend and/or early week across U.S. corn and soybeans. Scattered 0.50” to 1.00” amounts affect most of the central U.S., but sharply higher totals of 1.25” to 2.50” unfold for corn and beans from/adjacent eastern Nebraska through Iowa-Missouri and into Illinois. Temperatures fluctuate with coolest weather this week and warmest next week, but average slightly above normal
· Corn: CU Down $.0250 @ $3.26; CZ Down $.0275 @ $3.3450. The funds followed up Tuesday by selling 10 K
· SB: SU DN $.0625 @ $10.28; SX DN $.0775 @ $10.0575. Funds: sold 3K SB; 3 SBM; bot 2K SBO. Sep crush, -$.03, $.70; LY: $1.21
· Wheat: WU Down $.0450 @ $4.0325; WZ Down $.0325 @ $4.2425. The funds sold 4 K yesterday
CORN/SORGHUM
· Consultant: Concern that high temps this summer will result in some tip-back and shallow kernel depth for U.S. corn
· T-storm Weather: The coverage of subsoil dryness for U.S. fall crops remains the lowest since before 2012, but some may be too wet—especially those that received more than 12.00” of rain over last 60 days, including 25% of U.S. corn
· ATI Research: Bias is near-term U.S. corn exports will run towards 50 mbu per week—more than double 5-year avg.
· ATI Research: On average, an additional 17% of U.S. corn moves into the dent stage from Aug. 21-Aug. 28
· Ethanol margins: $0.22 per gallon—unchanged from last week but below $0.37 last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· Consultant: Ideas some U.S. soybean acres could be lost due to flooding/ponding; current bias is under 1.0 mil acres
· ATI Research: Near-term U.S. soybean exports are forecast to average 30-35 mbu per week
· ATI Research: On average, an additional 7% of U.S. soybeans set pods from Aug. 21-Aug. 28
· T-storm Weather: Rain unneeded for U.S. soybeans from Delta through SE Corn Belt, & parts of Dakotas & Minnesota
· ATI Research: U.S. all wheat exports are forecast to range from 20-25 mbu over the next 4 weeks vs. 21.6 last year
· T-storm Weather: While rain impacts U.S. corn and soybeans this week, less affects spring wheat in northern Plains
ENERGY
· Lower: CLV16, -$0.75, $47.34; EBV,-$0.50; EBV-CLV, $2.11, +$.25; RBV, -.0105; NGV, +.002; HOV, -$.0101
· EIA estimates: crude, -0.2 (API: +4.5); Gasoline, -1.4 (-2.2); Distillates, +0.4 (-0.83)
· Cash ethanol markets were weaker on Tuesday: Chicago off 1 ½; New York down 2 ¾; Gulf eased ¼; Dallas declined 4; Tampa slid 2; and LA was 1 ½ lower at $1.59 ½ per gallon
· Ethanol RINs higher: 2014’s up 1 ½ to 87 ¼-89 ¾; 2015’s added 1 ½ to 87-90; and 2016’s firmed 1 ½ to 87-89 ½
· The Sep RBOB/Sep ethanol spread gainded $.0256, moving out to +$.03180/gallonon Tuesday
LIVESTOCK/POULTRY   <wbr>
·   Choice boxed beef values declined 75-cents on Tuesday to $200.39, and are $1.45 lower compared to the prior week
· ATI Research: USDA Cold Storage report—End of July beef stocks are up 2% v. last year & 8% larger than 5-year avg.
· USDA mandatory pork carcass cutout value was 28-cents lower on Tue. at $74.68 but is still $1.56 higher v. last week
· Current nearby board hog crush value is $32.23/cwt vs. last week’s $30.86, last month’s $33.60 and last year’s $31.58
: Bloomberg, Dow Jones, AP, T-storm Weather