HIGHLIGHTS

·         Market Trend—Corn, Up 1; Soybeans, 10 to 15 Lower; Wheat, 1-2 Higher   

·         Lawrence Summers—not a strong supporter of quantitative easing-- opts out the contention for Federal Reserve head and the markets respond quite positively.  Asian markets had the Hang Seng up 1.5%; the Kospi was 1% higher and some SE Asian markets rose more than 2%. The Nikkei was closed for a holiday.  EU markets are higher in early trading.  U.S. markets are likely to follow suit:  Dow futures are 155 higher; the S&P is showing a 17 ¼ higher start and Nasdaq futures are 31 ¼ to the plus side.   Outside markets show gold up $7.50 per oz; bonds are higher; the energy complex is lower as is the $ Index, down 1/3^rd of a point to 81.33 on the December contract    

·         The past 24 hours saw 1/10 to ¼ amounts across E KS, much of MO and the E 1/3^rd of IA.  Heavier amounts were observed in S WI of up to 1” in some areas and much of IL received 1/10 to ¼, also heavier north. Areas of rain expectedly affected parts of the Corn Belt over the last two days. T-Storm Weather expects 0.75" - 1.50" amounts for much of the Corn Belt and parts of the central / southern Plains throughFriday.  He also notes that a low to moderate chance for heavy rain exists in the southern Plains and Delta next weekend and into Monday.  Occasional t-storm chances recur next week in the Corn Belt as a mild pattern develops and is expected to cause some delays in corn and soybean harvesting as well as wheat planting but does add moisture to latter soils.

·         Dec Corn Up $.01 at $4.60; Mar Corn Up $.01 at $4.8025. Funds sold 7 K on Friday

·         Nov Soybeans Down $.01550 at $13.66; Jan SB Down $.1425 at $13.6550.  Funds bought 6 K SB and sol 4 K each of SBM and SBO

·         Dec Wheat, Up $.02 at $6.4350; Mar Wheat Up $.0175 at $6.54.  The funds sold an estimated 5 K on Friday   

CORN/SORGHUM

·         U​SDA likely to show a 1-2 point decline in Good/Excellent crop ratings for corn in Crop Progressreport

·         Corn dent for week ending Sept. 15 likely to be 80-85%, which is well below last year’s 96% but near average of 86%

·         Corn mature for week ending Sept. 15 likely to be 20-25%, which is well below last year’s 73% and the average of 41%

·         Export Inspections released at 10 AM; Corn, 23.9 needed; 9.8 last week.  Milo—3.1 needed; 4.8 last week

·         Commitment of Traders report: Non-Commercial long corn futures positions increase 7,234 contracts

SOYBEANS/WHEAT

·         USDA likely to show a 1-2 point decline in Good/Excellent crop ratings for soybeans in Crop Progressreport

·         Soybeans dropping leaves for week end Sept. 15 likely to be 25-30%--well behind last year’s 54% and the 35% avg.

·         Export Inspections released at 10 AM CDT; Soybeans, 26.8 needed; 2.2 last week

·         Commitment of Traders report: Non-Commercial long soybean futures positions decrease 7,719 contracts

·         Export Inspections released at 10 AM CDT; Wheat, 19.1 needed; 31.6 last week

·         Commitment of Traders: CBT Non-Commercial long wheat futures positions decrease 1,394 contracts

ENERGY

·         Energy markets are lower: QCLV13, down $1.47 to $106.74; QRBV, -.0434; QNGV,-$.006 and QHOV, -$.0378

·         Spot ethanol prices were again volatile, and lower: NY was reported 20 cents lower; the Gulf fell 15 ½ and Chicago prices were down an average of 12 ½ cents.  Dallas and LA were 6 ½ and 8 ½ lower, respectively; Tampa was 3 lower

·         RINs: 2012’s were down 2 at 60-62 cents; 2013’s were 1 ¼ lower at 61 ½-53; 2014’s fell 2 cents, to a 62-64 range

·         The Oct RBOB/ethanol spread approached $1 on Friday, again widening 8+ to $.9956/gallon as corn slid further

LIVESTOCK/POULTRY                         &nb​sp;                       &nbs​p;         

·       &nb​sp; Choice boxed beef values fell $1.16 Friday and have lost $1.24 over the last two trading days

·         Cash cattle traded Friday at mostly $123, steady with both Thursday’s light trade and the week before

·         After falling $1.31 on Thursday, the USDA mandatory pork carcass cutout value gained $1.18 Friday

·         The USDA’s Iowa/Minnesota average cash lean hog price gained 88-cents Friday to $95.53

Sources: Bloomberg, Dow Jones, AP, T-storm Weather