HIGHLIGHTS

·         Market Trend—Corn, 2 to 4 Lower; Soybeans, 8-10 Higher; Wheat, Down 3-4.   

·         PRC inflation stays at 2.6% in August; bank stocks there soar on Shanghai free trade zone expansion; Composite rises 3.4% and the Hang Seng was .6% higher. The Nikkei gained 2.6% on an upward revision in QII GDP growth to 3.8%, from 2.6% along with the 2020 Olympic site announcement.   U.S. futures also point to a higher start:  the Dow is up 22; the S&P is up 2 ¾ and the Nasdaq is 11 ¼ higher.  Gold is $1.20 weaker; the $ Index is 82 1/8, down .042 and energies are mostly weaker.

·         Showers moved across much of ND/SD and W MN the past 24 hours; E MO and W/S IL also saw ½-1” amounts.  Otherwise, most of the Central Belt was dry with high temperatures commonplace over the weekend.  Readings will continue to be unseasonably warm through Wed-Thu, averaging some 15 degrees above normal. Temps will turn sharply cooler late in the week for a brief period and then return to slightly above normal for the Sep 14-22 period.  Showers the next 24 hours will be mostly confined to the Northern Plains, missing key corn and soybean areas.  2/3-1 1/3^rd could develop Thu-Sat across the C/S Plains.  Sun-Tue of next week has a low chance of ½-1” amounts for the major row crop areas. BA received at least 1” of rain over the weekend; more is needed in Cordoba and Santa Fe.  Center-West Brazil got <1” and should allow very early sb planting to get underway. 

·         Sep Corn Down $.0350 at $4.88; Dec Corn Down $.0175 at $4.6650. Funds bought 7 K on Friday

·         Sep Soybeans Up $.10 at $14.47; Nov SB Up $.0775 at $13.7550.  Funds were even on beans, sold 2 K SBM and bought 4 K SBO

·         Dec Wheat Down $.04 at $6.4375; Mar Wheat Down $.0450 at $6.5575.  The funds bought 5 K on Friday  

CORN/SORGHUM

·      ​;   USDA likely to show a 2-3 point decline in Good/Excellent crop ratings for corn in Crop Progressreport

·         Corn dough for week ending Sept. 8 likely to be 90-95% vs. last year’s 99% & the avg. of 95%

·         Corn dent for week ending Sept. 8 likely to be 55-60%, which is well below last year’s 92% and the average of 76%

·         Corn mature for week ending Sept. 8 likely to be 10-15%, which is well below last year’s 56% and the average of 28%

·         Export Inspections released at 10 AM; Corn, 23.6 needed; 17.4 last week.  Milo—2.9 needed; 0.6 last week

·         Commitment of Traders report: Non-Commercial long corn futures positions increase 6,448 contracts

SOYBEANS/WHEAT

·         USDA likely to show a 3-4 point decline in Good/Excellent crop ratings for soybeans in Crop Progressreport

·         Soybeans setting pods for week end Sept. 8 likely to be 95-98 vs. last year’s 99% & the 98% avg.

·         Export Inspections released at 10 AM CDT; Soybeans, 26.6 needed; 1.4 last week

·         Commitment of Traders report: Non-Commercial long soybean futures positions increase 14,686 contracts

·         Export Inspections released at 10 AM CDT; Wheat, 19.5 needed; 36.4 last week

·         Commitment of Traders: CBT Non-Commercial long wheat futures positions decrease 3,700 contracts

ENERGY

·         Energy markets are weaker:  QCLV13, down $.65 at $109.88;  QRBV, -.0334; QNGV,+$.042 and QHOV, -$.0268

·         Cash ethanol markets ranged from 2 ½ cents higher for LA; Dallas gained 2; NY and Tampa were both up 1 ½; Chicago backed of two to $2.67-$2.72 and the Gulf was 4 cents weaker at $2.75-$2.80

·         RINs: 2012’s were steady at 68-70 cents; 2013’s eased ½ cents to $.6950-$.7050 and 2014’s gained ¾’s to $.69 ½-$.73

·         The spread between October RBOB/ethanol widened $.0177 cents to $.9687/gallon  on Friday

LIVESTOCK/POULTRY                           &nb​sp;                       &nbs​p;       

·         Cho​ice boxed beef values eased 63-cents Friday and have lost $1.33 over the last two trading days

·         Cash cattle traded Friday at steady prices in the Southern Plains, but were $1 to $2 lower in the North

·         The USDA pork carcass cutout value firmed 35-cents Friday and is up 55-cents from a week earlier

·         The USDA’s Iowa/Minnesota average cash lean hog price firmed 45-cents Friday to $90.95

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