HIGHLIGHTS
· MARKET TREND: CORN: CU, Up ¼; SOYBEANS: SU, Down 5 ¾; WHEAT: WU, Down 1; KWU: Down 3
· The Shanghai Composite declined sharply overnight, falling by 6.2%. There were some concerns that last week’s change in exchange rate policy might accelerate flows of capital out of China. In other Asian markets, Japan’s Nikkei 225 was down 0.32% and Hong Kong’s Hang Seng was 1.47% lower. In Europe, London’s FTSE 100 is down 0.37% while Germany’s DAX is off 01.0%. U.S. futures are lower: DOW, -51; NAS, -14.50; S&P, -5.50. Outside markets: energy is lower with Oct crude down 25 cents; the $ Index is down .025 at 96.79; gold is up $1.45 at $1,120.05
· T-storm Weather: A large and intense system moves across the central U.S. throughThursday, producing widespread rainfall of at least 0.50"; amounts of 0.75" to 1.50" most common for a majority of corn and soybeans with higher totals across the northwest third. Another system follows Saturday-Sunday producing additional rain across at least the western third of corn and soybeans. Each system pulls unseasonable coolness southward, resulting in below-normal to much below-normal normal temperatures through at least early next week
· Sep Corn Up $.0025 at $3.635; Dec Up $.0025 at $3.7475.
· Sep SB Down $.05750 at $9.2125; Nov Down $.06 at $9.11.
· Sep Wheat Down $.01 at $4.995; Dec Down $.01 at $5.035.
CORN/SORGHUM ;    
·  ATI Research: U.S. corn balance sheet; 14/15 carryout down 5 mbu v. last week, 1.728 bbu; 15/16 dn 4 to 1.501 bbu. FSA prevent plant data suggest room for the USDA to take harvested acreage down another 500,000 acres or so
· ATI Research: U.S. sorghum balance sheet; 14/15 carryout down 5 mbu at 17 mbu; 15/16 up 3 million at 95 mbu
· USDA Crop Progress pegs Good/Excellent corn crop ratings down 1 point to 69% with ATI crop estimate at 13.473 bbu
· USDA Crop Progress, corn dough: 71%, which is above both last year’s 68% and the 5-year average of 66%
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 14/15 carryout down 30 at 229 mbu; 15/16 up 23 million to 332 mbu
· USDA Crop Progress pegs Good/Excellent soybean crop ratings steady at 63% with ATI crop est at 3.753 bbu
· T-storm Weather: Beyond this upcoming weekend, temperatures fluctuate within a fairly large range and thunderstorms occasionally occur
· ATI Research: Total HRS crop estimate is 592 mbu
· USDA Crop Progress, spring wheat harvest: 53% vs. 15% for last year and the 31 avg.
· ATI Research: U.S. HRW wheat balance sheet, 15/16 carryout up 1 at 371 mbu vs. 294 million for 14/15
ENERGY
· Lower: CLV15, -0.28, $42.13; EBV,-$0.16; EBV-CLV, $6.41, +$.08, RBV, -$.0112; NGV, -$.023;HOV, -$.0066
· Cash ethanol markets were steady to slightly weaker on Monday: Chicago down 1/8; New York off ½; Gulf, Tampa and Dallas steady; and LA was 2 lower at $1.66 per gallon
· Ethanol RINs were mixed: 2013’s up ¼ at 38 ¾-39 ¼; 2014’s down ¾ at 39-40 ½; & 2015’s eased 1/8 to 38 ¾-39 ¼
· The Sep RBOB/Sep Ethanol spread is trading at $.17730/gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values firmed 80-cents on Monday, and at $245.52 are $7.00 higher vs. a week ago
· 5-Area Weekly Weighted Average Steer price declined $0.51 last week to $150.62/cwt and is down $4.30 vs. last year
· On Monday, USDA mandatory pork carcass cutout gained 40-cents, but at $89.25 is down 28-cents vs. last week
· CME Lean Hog Index $0.17 higher at $78.70. October futures up $0.95 at $66.275 but are $12.425 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather
Brian Basting
mail to: bbasting@advance-trading.com
http://www.advance-trading.com