HIGHLIGHTS
· Market Trend: Corn, Down 1; Soybeans, SU Up 14; SX, Up 3-4; Wheat, 3-4 Higher
· Japan continues to struggle from the after-math of a sales tax hike; Europe slightly better as inflation eases. The Nikkei closes .23% lower; the Hang Seng was flat and Shanghai moved up nearly a full point; European markets have the FTSE and DAX both up 18%, followed by the CAC 40 .13% to the plus side. U.S. markets will be de-ciphering data on personal spending, consumer sentiment, inflation and the Chicago PMI while keeping an eye on the Ukraine. $ Index is little changed; energy futures are mostly higher and gold is up $1 at $1,289.70 this morning
· T-Storm Weather: Cool fronts slide across the northern U.S. over the next 10 days, but fail to penetrate warm and muggy air to the south. Waves of energy and storm systems ride the southern edge of coolness, resulting in periods of rain and thunderstorms. Widespread coverage of above-average rainfall occurs through the period, especially across the northwest half of the Corn Belt. Best rain chances hold until tonight and Saturday across the Delta, allowing harvesting to continue through then
· Sep Corn Down $.01 at $3.6075; December Down $.01 at $3.6825. Deliveries: 0. Funds: bought 5 K
· Sep Soybeans Up $.14 at $10.8775; Nov Up $.0375 at $10.3250. Del’y: SBO, 264. Funds: bot 3 K SB; 4 K SBM; even SBO
· Sep Wheat Up $.0375 at $5.6025; December Up $.0350 at $5.7525. Del’y: 800 HRW; 58 SRW. Funds: bought 6 K
CORN/SORGHUM
· T-storm Weather: It is unclear as to when the current weather pattern will break for the U.S. Corn Belt, but we believe a similar pattern will continue into the second week of September.
· ATI Research: The daily low temperature in Bloomington, IL has been much higher than normal lately; e.g. the average low temperature for Aug. 21-27 was 69.6 degrees, which is 9.5 degrees above the average
· U.S. corn in the dent stage as of Aug. 31 likely to range from 50-55% compared to 39% last year & 5-year avg. of 59%
· U.S. new-crop corn export sales as of Aug. 21 were 392mbu compared to 443 last year and the 5-year avg. of 348 mil
SOYBEANS/WHEAT
· T-storm Weather: August is pacing to rank among the wettest of the last 120 years across the U.S. Soybean Belt
· U.S. new-crop soybean export sales as of Aug. 21 were 764mbu vs. 724 last year and the 5-year avg. of 558 mil
· Some reports of record soybean yields being seen in the southern U.S. as harvest gets under way
· T-storm Weather: Best rain chances in the U.S. spring wheat belt are around Sunday, then again a few days later
· ATI Research: U.S. soft red winter wheat export sales declined sharply in latest reporting week to marketing year low
ENERGY
· Futures are mostly higher: QCLV14, +$0.38 at $94.93; QRBV,+$0.0084; QNGV, -$.013; and QHOV, +$.0060
· Cash ethanol markets continued to post gains on Thursday: Chicago jumped a nickel; Gulf and Dallas up 3; Tampa added a penny; New York was 5 ¼ firmer; and LA was 3 higher at $2.37 ½ per gallon
· Mixed trend in RINs: 2012’s up 1/8 at 49-50; 2013’s off 1/8 at 49 ¼-49 ½; & 2014’s were steady at 49 ¼-49 ½
· The September RBOB/Ethanol spread narrowed in $.0242 to $.5647/gallon on Thursday
LIVESTOCK/POULTRY    
· Choice boxed beef values eased 52-cents yesterday and have lost $15.52 over the last 15 trading days
· Cash cattle are quiet with feedyards asking $154 while packers bid $151. Cash cattle traded last week at $152 to $153
· After falling $3.56 Wednesday, the USDA pork carcass cutout value rebounded 82-cents yesterday
· CME Lean Hog Index down $1.48 to $98.86. October futures down $0.45 to $95.475 and are $3.385 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather