HIGHLIGHTS
· MARKET TREND: CORN: CZ, Steady; SOYBEANS: SX, Up $.0250; WHEAT: WZ, Up $.0425; KWZ: Up $.0275
· The idea that a slowing Chinese economy will drag the world into a recession seems a bit overdone according to some pundits. China announces further stimulus programs. Nikkei soars 7.7%, largest one-day gain since 2008; Shanghai rises 2.3% and the Hang Seng, up 4.1%. Europe’s doing well this morning: DAX, +1.7%; FTSE, +1.9%; CAC 40, +2.5% followingMonday’s deal to keep Greece in the Zone. Wall Street should start higher: DOW futures, +166; NAS, +46; S&P. +17 ½. Crude is down 50 cents; gold is $1.20 to the downside at $1,119.50 and the $ Index is up .273 at 96.26
· T-storm Weather: Unusual warmth breaks through today as a cool front passes. A sharply cooler pattern follows for several days, but temperatures quickly revert to near- and above-normal levels from Monday forward. Thunderstorms break drying across the southeast half of corn and soybeans as the cool front passes today, but totals are unlikely to be enough to offset recent drying. The next chance for significant rainfall likely holds until around next weekend (Sep. 18-20) when the next mild pattern breaks
· Sep Corn Up $.01 at $3.55; Dec Steady at $3.6825. The funds bought 4 K on Tueasday. Dely: 767
· Sep SB Up $.0025 at $8.91; Nov Up $.0250 at $8.8175. Funds: bought 4 K SB, 1 K SBM, 3 K SBO. Dely: SBM, 47; SBO, 39
· Sep Wheat Up $.0025 at $4.6550; Dec Up $.0425 at $4.7925. The funds bought 4 K yesterday. Dely: 9 HRW; 94 SRW
CORN/SORGHUM         ;
· ATI Research: U.S. corn balance sheet; 14/15 carryout down 17 mbu to 1.738 bbu due to increase in exports; 15/16 up 82 to 1.642 bbu as reduction in exports and food, seed and industrial usage more than offset slightly smaller crop
· ATI Research: U.S. sorghum balance sheet; 14/15 carryout steady at 19 mbu; 15/16 unchanged at 66 million
· USDA Crop Progress--Good/Excellent corn crop ratings unchanged at 68% with ATI crop estimate down 1 mbu to 13.504 bbu
· USDA Crop Progress, corn mature: 20%, which is above last year’s 14% but below the 5-year average of 26%
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 14/15 carryout down 10 mbu to 211 mbu; 15/16 ending stocks up 47 mbu to 436 mbu; Good/Excellent soybean crop ratings unchanged at 63% with ATI crop est at 3.834 bbu
· USDA Crop Progress, soybeans dropping leaves: 18% vs. 11% last year and the 5-year average of 16%
· Crop consultant: U.S. soybeans in the western Corn Belt continue to do very well
· USDA Crop Progress, winter wheat planting: 3%, which is in line with last year and the five-year average
· ATI Research: U.S. HRW wheat balance sheet, 15/16 carryout at 386 mbu vs. 294 million for 14/15
ENERGY
· Lower: CLV15, -0.50, $45.45; EBV,-$0.08; EBV-CLV, $3.88, +$0.30, RBV, -$.0056; NGV, -$.008; HOV, -$.0114
· Cash ethanol markets were mixed on Tuesday compared to Friday: Chicago up 5/8; New York down ½; Gulf and Dallas steady; Tampa firmed ½; and LA was ½ higher at $1.64 per gallon
· Ethanol RINs declined: 2013’s off ¾ at 34-34 ½; 2014’s down 1 to 35-35 ½; and 2015’s eased 5/8 to 34-34 ½
· The Oct RBOB/Sep Ethanol spread saw the latter gain further, up $.0271 to a 6.29 cent premium
LIVESTOCK/POULTRY   <wbr>
· Choice boxed beef values eased 91-cents on Tuesday, and at $239.16 are $2.05 lower vs. a week ago
· 5-Area Weekly Weighted Average Steer price was down $3.11 last week to $141.75/cwt & is $19.53 lower vs. last year
· On Tuesday, USDA mandatory pork carcass cutout gained 34-cents, but at $85.01 is down 57-cents vs. last week
· CME Lean Hog Index $0.78 lower at $74.76. October futures down $0.375 at $68.775 and are $5.985 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather