HIGHLIGHTS
· MARKET TREND—Mixed: CU: Down $.0025; SU: Down $.10; WU: Up $.0225; KWU: Up $.0075
· MACRO: A slightly weaker tone is evident across most stock markets today.ASIA: Mixed with the Nikkei down .25%; the Hang Seng gained .03% and Shanghia declined .6%. EUROPE: Weaker at mid-day with the FTSE down .28% and the DAX 1.05% lower. WALL STREET: Futures are weaker with the DOW off 40; S&P futures are 5 lower and the NAS, -11. EXTERNALS: $ Index, -.077 @ 94.67; Gold is $0.69 lower @ $1,323.72
· T-storm Weather: Upper-level high pressure bounces within the southern U.S. through early September, keeping the central U.S. warmer than normal. The setup causes waves of energy to trigger thunderstorms in varying areas throughSunday with near- and above-normal rainfall in the Corn Belt and adjacent areas of the central Plains. Occasional thunderstorms are most likely to continue next week as a warmer pattern unfolds
· Corn: CU Down $.0025 @ $3.2725; CZ Unchanged @ $3.3625. The funds on Wednesday sold 2 K
· SB: SU Down $.0625 @ $10.2075; SX Down $.0975 @ $9.955. Funds: sold 5K SB; 4 SBM; and 5K SBO.
· Wheat: WU Up $.0225 @ $4.0625; WZ Up $.0275 @ $4.29. The funds sold 3 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 4-10 mbu for 15/16 corn; 31-39 for 31/43
· T-storm Weather: A tropical depression is attempting to form near Puerto Rico. Main concern is it has the potential to develop into a hurricane and a low chance to bring unneeded rain to Delta & parts of the Corn Belt in 7 to 10 days
· ATI Research: 5-year avg. shows approx. 9% U.S. corn matures to dough from Aug. 21-28; would put 2016 total at 94%
· Consultant: Extremely slow pace of Argentina 2015/16 corn harvest reflected by the fact that the last of harvest is just now being completed at the same time that the 2016/17 sunflower crop is being planted
SOYBEANS/WHEAT
· Export Sales report. Trade expects 2-7 mbu for 15/16 soybeans; 40-48 for 16/17; soymeal, 40-100 K MT for old- crop and 50-200 new-crop; soyoil, 0-20 K MT for old crop and 0-20 for new-crop
· T-storm Weather: Highest coverage of rain across U.S. soybean production areas over the next week are forecast for the northwest half to two-thirds of the Corn Belt and adjacent areas of the central Plains
· Consultant: Brazilian farmers have forward contracted 20% of 2016/17 soybeans vs. last year’s pace of 26%
· Export Sales report. Trade expects 15-22 mbu for 16/17 all wheat
· T-storm Weather: Near-term weather for Australia wheat is slightly favorable, with occasional periods of light rain
ENERGY
· Mostly lower: CLV16, -$0.23, $46.55; EBV,-$0.24; EBV-CLV, $2.27, -$.01; RBV, -.0206; NGV, +.001; HOV, -$.0145
· Cash ethanol markets were lower on Wednesday: Chicago down 5/8; New York eased 1 ¼; Gulf off ½; Dallas and Tampa slipped 1; and LA was 1 ¾ lower at $1.57 ¾ per gallon
· Ethanol RINs firmed: 2014’s jumped 3 ½ to 90 ¼-93 ¾; 2015’s climbed 3 ½ to 90 ¼-93 ¾; & 2016’s up 3 ½ to 90-93 ½
· The Sep RBOB/Sep ethanol spread is trading at $.0266, which is down .016 vs.Wednesday
LIVESTOCK/POULTRY ;
· Choice boxed beef values were 7-cents lower on Wednesday at $200.32, and are down $1.43 vs. a week ago
· Light to moderate cash cattle trade developed on Wed. in parts of the South; prices at 115, down $3 v. last week
· USDA mandatory pork carcass cutout value was 48-cents higher on Wed. at $75.16 and is up $1.81 v. the prior week
· CME Lean Hog Index firmed $0.03 on Wed. to $66.99. October futures down $0.20 and are $6.665 below the index
: Bloomberg, Dow Jones, AP, T-storm Weather
Brian Basting
mail to: bbasting@advance-trading.com
http://www.advance-trading.com