HIGHLIGHTS
· MARKET TREND: CORN: CZ Down $.01; SOYBEANS: SX, Up $.0150; WHEAT: WZ, Down $.01; KWZ: Up $.01
· China is taking the day off and other world markets are mixed. In Asia, the Nikkei closed up .5%, the Kospi gained .02% while Australila lost 1.44%. Mid-day in Europe finds markets up from 1.4% (CAC 40) to 1.7% (DAX) with the FTSE 1.5% higher. The Zone’s PMI came in at a 4-year high of 54.3, above a preliminary 54.1 earlier. Pre-market indicators suggest a positive opening on Wall Street: DOW futures, +66; S&P 500, +6.75 and the NAS, +14.50. Data releases include July trade #’s and weekly jobless claims. Externals: $ Index, up slightly, +.071 at 95.915; gold, off $4.90 at $1,18.20; crude, $.14 lower at $46.11/barrel
· T-storm Weather: Unseasonably warm weather continues into early next week. A seasonably-cooler pattern unfolds as next week progresses, returning maximums to the 70s-80s. Scattered thunderstorms occur within the northeast half to two-thirds of the Corn Belt through Friday. Better rain chances exist within the northwest third to half of corn and soybeans when a cool front passes Sunday-Monday, but more so around Wednesday when a secondary system or cool front passes, resulting in a moderate to high chance for at least 0.75" in corn, soybean, and HRW wheat areas of the central / southern Plains and western Corn Belt
· Sep Corn Down $.0125 at $3.5275; Dec Down $.01 at $3.67. The funds sold 5 K yesterday. Dely: 1,036
· Sep SB Up $.0175 at $8.8850; Nov Up $.0175 at $8.7575 Funds: sold 5 K SB, 3 K SBM, 6 K SBO. Dely: SBO, 440
· Sep Wheat Down $.0625 at $4.6675; Dec Down $.01 at $4.78. The funds sold 5 KWednesday. Dely: 143 HRW; 422 SRW
CORN/SORGHUM      
· Export Sales to be released at 7:30 AM CDT. Trade expects 0 to 8 mbu old-crop corn, 20-28 new-crop
· T-storm Weather: A frost or freeze for U.S. corn production is not foreseen through two weeks until further notice, regardless of computer model output
· ATI Research: Accumulated rainfall from May 1-Sept 1 in Bloomington, Illinois was approximately 26.20”, which is 36% above the 2014 total of 19.21” and 57% above the average for the period of 16.63”
· Ethanol grind: 948,000 barrels per day for week end Aug. 28—down 0.4% v. last week but up 2.9% vs. last year
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, -6 to +2 mbu old-crop, 26-33 new-crop; soymeal, 0-50 old-crop, 50-150 new-crop; soyoil, 5-25 old-crop, 0-15 new-crop
· T-storm Weather: Although more rain would be ideal across the eastern and southern Corn Belt, only 9% of U.S. soybean production received less than half its average over the last 30 days
· Export Sales to be released at 7:30 AM CDT. Trade expects 9 to 18 mbu for 15/16 all wheat
· KC September wheat futures closed at $4.48 Wednesday—the lowest price for a nearby contact since April 3, 2007
ENERGY
· Mixed: CLV15, -0.14, $46.11; EBV,+$0.02; EBV-CLV, $4.34, +$.09, RBV, +$.0118; NGV, +$.003; HOV, -$.0011
· Cash ethanol markets were steady to firmer on Wednesday: Chicago gained ¾; New York added ½; Gulf climbed 1; Dallas up ¾; Tampa unchanged; and LA was steady at $1.60 per gallon
· Ethanol RINs were lower: 2013’s off 1 ¾ at 36-36 ½; 2014’s down 1 to 38-39; and 2015’s declined 1 ¾ to 36-36 ½
· The Oct RBOB/Sep Ethanol spread settled at -$.0268 yesterday, $.0346 firmer
LIVESTOCK/POULTRY    
· On Wednesday, choice boxed beef values were 24-cents lower, and at $240.97 are down $3.27 vs. last week
· U.S. daily cattle slaughter for Wednesday was estimated at 109,000 head vs. 108,000 last week & 118,000 a year ago
· On Wednesday, USDA mandatory pork carcass cutout was 1-cent lower, but at $85.57 is still up 16-cents vs. last week
· CME Lean Hog Index eased $0.35 to $76.88. October futures up $1.80 to $69.775 but are still $7.105 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather