HIGHLIGHTS
· Market Trend: Corn, Down 1-2; Soybeans, 2-3 Lower; Wheat, 4-5 Lower
· August industrial production in China posted the smallest gain since the 08/09 global financial crisis, pressuring some Asian markets. The Hang Seng closed down 1%; the Nikkei had the day off while Shanghai managed to rebound from early losses and posting a .3% gain. Australia lost 1%. Europe is mostly weaker and Wall Street looks to continue Friday’s losses. The $ Index is moving higher again, up .120 at 84.36; gold is $4 higher at $1,234.40; energy futures are mixed
· T-Storm Weather: A few areas of rain occur today-Tuesday, but high coverage of heavy rain does not occur. Sharp warming follows later in the week and likely continues into late-month, improving conditions for drying / harvesting and wheat planting. Completely dry weather does not accompany warmth with the best overall chance for organized rainfall projected for this upcoming weekend – especially in the western Corn Belt and adjacent areas of the Plains where 0.50” – 1.00 amounts appear reasonable
· Dec Corn Down $.0150 at $3.37; March Down $.0175 at $3.4925. The funds sold 5 K on Friday
· Nov Soybeans Down $.0250 at $9.8275; Jan Down $.0250 at $9.90. The funds sold 2 K SB, sell 2 SBM; buy 5 K SBO
· Dec Wheat Down $.0450 at $4.9875; March Down $.0400 at $5.16. The funds ending the week selling 5 K
CORN/SORGHUM
· ATI Research: USDA Crop Progress likely to show U.S. corn crop Good/Excellent 73-75% vs. 74% last week, 53% last yr.
· December 2014 corn futures closed at $3.38 ½ on Friday. This is the lowest closing price for a nearby December corn contract for this date since 2009 ($3.19 ¾)
· U.S. corn mature estimated at 23-27% as of Sept. 14 compared to 20% last year and the 5-year avg. of approx. 40%,
· Export Inspections released at 10 AM CDT; Corn, 33.8 needed; 47.1 last week. Milo—3.9 needed; 2.5 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 6,125 contracts
SOYBEANS/WHEAT
· ATI Research: Crop Progress likely to show U.S. soybean crop Good/Excellent 71-73% vs. 72% last week, 50% last year
· U.S. soybeans dropping leaves est. at 23-28% as of Sept. 14 vs. 24% last year and the 5-year average of approx. 32%
· NOPA August Crush estimates: 111.6 mbu crushed; oil stocks of 1.352 billion pounds
· Export Inspections; Soybeans, 33.3 needed; 6.4 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 4,331 contracts
· U.S. spring wheat harvest estimated at 65-70% as of Sept. 14 vs. 89% last year and the 5-year average of approx. 86%
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions increase 426 contracts
ENERGY
· Futures are mixed: QCLV14, -$0.77 at $91.50; QRBV,-$0.0051; QNGV, +$.038; and QHOV, +$.0012
· Cash ethanol markets stabilized on Friday after recording sharp losses last week: Chicago and Dallas off ½; Gulf up ½; Tampa eased a penny; New York gained 3; and LA was steady at $2.11 per gallon
· Weaker trend in RINs: 2012’s down 1 ¾ at 44 ½-45; 2013’s off 1 ¾ at 44 ½-45 ½; and 2014’s eased 1 ¾ to 44 ¾-45 ½
· The October RBOB/Ethanol spread ended Friday up $.0037 at $.7048 per gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values fell $1.61 on Friday after gaining 46-cents over the previous two days
· Cash cattle lightly traded on Friday at $160 to $161, down $1 to $2 from the week before
· After increasing $1.84 on Thursday, the USDA mandatory pork carcass cutout value fell $1.03Friday
· CME Lean Hog Index up $1.14 to $101.34. October futures down $0.675 to $105.70, but are $4.36 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather