HIGHLIGHTS
· Market Trend: Corn, Down 2-3; Soybeans, SU, 4 Lower; Wheat, 2-3 Lower except WU, +1/4
· Hand-wringing over the Fed’s next step on interest rate policy has world equity markets a bit weaker this morning. The Nikkei managed to close up .8% but both the Hang Seng and Shanghai were .2 to .3% lower. Europe is trading in the red: FTSE, off.2%; the DAX and CAC 40, also .2% lower. U.S. markets have the same affliction with Dow futures indicating a lower start, off 38; S&P, 4 ½ lower and the NAS, down 7 ¾. Banks are accelerating the foreclosure process, up 7% from July and raising doubts about the health of the housing sector. Externals: gold, -$4.80; $ Index, +.012 @ 84.305 & energy futures are lower
· T-Storm Weather: Rain exits the eastern Corn Belt and Delta through today as sharply cooler air drops southward. Frost results in and adjacent the northern Plains and northwest Corn Belt; the coverage of coolness is expected to be the highest for corn and soybeans on Saturday morning due to a lack of cloudiness. Temperatures moderate from Sunday forward, possibly helping a few thunderstorms form in western corn and soybean areas, but a large-scale rain event is unlikely. Therefore, conditions for harvesting improve. As of Sunday, 85% of corn was not yet mature, while 88% of soybeans were not dropping leaves, suggesting widespread harvesting should hold until late-month
· Sep Corn Down $.0275 at $3.36; December Down $.02 at $3.4375. Del’y: 0 C. The funds bought 2 K ahead of the report
· Sep Soybeans Down $.04 at $10.67; Nov Down $.0425 at $9.8950. Del’y: SBO, 53. The funds bought 2 K SB, 1 K SBO, sold 1 K SBM
· Sep Wheat Up $.0025 at $5.19; December Down $.0375 at $5.16. Del’y: 0 HRW; 250 SRW. The funds sold 3 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 18-26 for corn
· USDA WASDE at 11:00 CDT: Average trade guess for U.S. corn production: 14/15, 14.276Bbu vs. 14.032 in August
· USDA WASDE at 11:00 CDT: Average trade guesses for U.S. corn carryout: 13/14, 1.186Bbu; 14/15, 1.995Bbu
· ATI Research: Corn planted May 1 in Central, IL has 2577 Growing Degree Days, which is 65 below normal
· Ethanol grind: 927 thou barrels per day for week ending Sept. 5—up 6 thou vs. last week and up 9.3% vs. 2013
SOYBEANS/WHEAT
· Export Sales: Soybeans, 28-37; soymeal, 0-25 old-crop, 100-200 new-crop; soyoil, -5-20 old, 0-20 new-crop
· USDA WASDE at 11:00 CDT: Average trade guess for U.S. soybean production: 14/15, 3.894Bbu vs. 3.816 in August
· USDA WASDE at 11:00 CDT: Average trade guesses for U.S. soybean carryout: 13/14, 135mbu; 14/15, 461mbu
· New contract lows made Wed. for December 2014 wheat futures: WZ4 ($5.1925); KWZ4 ($6.15); and MWZ4 ($5.98)
· Export Sales: Trade expects 9-17mbu for all wheat
· USDA WASDE at 11:00 CDT: Average trade guess for U.S. all wheat carryout: 14/15, 669mbu
ENERGY
· Futures are lower: QCLV14, -$1.00 at $90.67; QRBV,-$0.0175; QNGV, -$.003; and QHOV, -$.0225
· Lower to, in some cases, sharply lower values were seen in cash ethanol markets on Wednesday: Chicago off a dime; Gulf off 5 ½; Dallas down 1 ½; Tampa eased 3; New York slid 8 ½; and LA was 5 ½ lower at $2.21 per gallon
· RINs were lower: 2012’s off 7/8 to 45 ¾-47; 2013’s down ¾ to 46-47 ½; and 2014’s were 1 ¼ lower at 46-47 ¾
· The October RBOB/Ethanol spread crept out nearly 2 ¾ cents yesterday, to $.6681/gallon
LIVESTOCK/POULTRY      
·  Choice boxed beef values firmed 38-cents yesterday after easing 31-cents the day before
· After increasing $2.78 during the previous two days, the USDA pork carcass cutout value eased 4-cents yesterday
· CME Lean Hog Index up $1.23 to $99.02. October futures up $1.325 to $107.10 and are $8.08 above the index
· Broiler egg set last week was up 3.6% from last year and average set over the last four weeks is 2.0% above last year
Sources: Bloomberg, Dow Jones, AP, T-storm Weather