HIGHLIGHTS
· Market Trend: Corn, Up 1; Soybeans, SU, +18; SX, Up 5-6; Wheat, 2-3 Higher
· U.S. economy slowly improving—unemployment #’s down yesterday; housing sales increase to best pace since Sep of LY—much of Asia follows Wall Street higher. Shanghai closes up .46%; the Hang Seng rises .47% but Nikkei ended the day .30% lower after trading in positive territory early-on. Europe is focusing on a Central Bank meeting and moved lower while marking time: CAC 40 down 1.21%; the DAX is off .94% and the FTSE is .38% lower at mid-day. Down and S&P futures were both .1% higher withFriday’s opening still 2 hours and 35 minutes away. Jackson Hole is today’s center of attention along with Yellen’s remarks on the labor sector. $ Index, +.062; gold, $5.50; energy futures are weaker
· T-Storm Weather: Temps average warmer to much warmer than usual the next 5 days as storm systems in the Pacific Northwest cause heat to expand. Expanding heat combines with waves of energy to trigger numerous thunderstorm clusters; widespread coverage of above-average rain expected across northern half of corn & soybeans & all spring wheat, while sharply drier weather occurs southward into the Delta. A cool front breaks the pattern around Tuesday; at least several days of drying should follow
· Sep Corn Up $.01 at $3.6325; December Up $.0050 at $3.6950. Thursday had the fund buying 4 K
· Sep Soybeans Up $.1775 at $11.54; Nov Up $.0525 at $10.4350. Funds: bought 2 K SB; 2 K SBM and 3 K SBO
· Sep Wheat Up $.0275 at $5.49; December Up $.0175 at $5.5725. The funds were estimated to have bought 4 K yesterday
CORN/SORGHUM
· Updated NWS September forecast: Equal chance of above- or below-normal temperatures for entire U.S. Midwest
· ATI Research: The daily high temperature in Bloomington, IL was at or below the average high for 51 consecutive days from July 1-Aug. 20 by an average. of 6.9 degrees
· U.S. corn in the dent stage as of Aug. 24 likely to range from 35-40% compared to 21% last year & 5-year avg. of 43%
· U.S. new-crop corn export sales as of Aug. 14 were 364mbu compared to 416 last year and the 5-year avg. of 329 mil
SOYBEANS/WHEAT
· Updated NWS September forecast: Above-normal precip forecast for most of Missouri, all of Nebraska and Kansas
· U.S. soybeans setting pods as of Aug. 24 likely to range from 92-95% compared to 82% last year & 5-year avg. of 89%
· U.S. new-crop soybean export sales as of Aug. 14 were 717mbu vs. 692 last year and the 5-year avg. of 522 mil
· T-storm Weather: Exceptionally high rainfall may be forthcoming to/near wheat areas of Montana through Tuesday
· Updated NWS Seasonal Drought Outlook: Improvement/removal of U.S. Southern Plains drought through November
· ATI Research: Export interest for U.S. soft red winter wheat remains fairly strong. Net sales of SRW the past 4 weeks were 24mbu, which is 91% above the 10-year avg. and a 7-year high
ENERGY
· Futures are all lower: QCLV14, -$0.45 to $93.56; QRBV,-$0.0014; QNGV, -$.018; and QHOV, -$.0026
· Cash ethanol markets on Thursday were mixed: Chicago was up a penny; Gulf gained 2; Tampa off 1 ½; New York jumped 5 ½; Dallas eased ½; and LA was 1 ¼ higher at $2.35 ½ per gallon
· Steady to slightly weaker RINs: 2012’s unch at 49 ½-50; 2013’s down ¼ to 49 ½-50; and 2014’s unch at 49 ½-50
· The September RBOB/Ethanol spread picked up ¾ of cent (+/-), closing at $.5965 on Thursday
LIVESTOCK/POULTRY ;
· Choice boxed beef values declined $1.09 yesterday and have lost $11.95 over the last ten trading days
· Cash cattle have lightly traded this week at $152 to $153, down $2 to $3 from last week’s mostly $155
· The USDA pork carcass cutout value fell $1.43 yesterday and has declined $10.53 over the last five trading days
· CME Lean Hog Index down $2.06 to $107.19. October future up $1.125 to $93.625, but are $13.565 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather