HIGHLIGHTS
· Market Trend: Corn, Up ½ to down 2-3; Soybeans, SU, +6-7; SX, ½ Lower; Wheat, Mixed
· China’s August imports fell 2.4% from the previous month, a far larger drop than had been anticipated. This weighed on the Hang Seng which slipped .2%. The Nikkei posted a .2% gain as a larger than expected 7.1% QII contraction in the economy is likely to set the stage for more BOJ stimulus measures. Shanghai was on holiday. U.S. futures point to a lower start: Dow, down 26; S&P, off 3 and the NAS, down 4. Gold is $2.60 higher; the $ Index is approaching 84, +.183 and energy futures are mostly weaker.
· T-Storm Weather: Notes an “impressive” change from warm/hot to cool/cold the next week. Heavy rain and possibly severe weather are possible for the Corn Belt at mid-week. Record setting cold will follow—there is a low chance for a killing frost for approximately 12% of U.S. soy/corn production.
· Sep Corn Up $.0050 at $3.47; December Down $.0250 at $3.5350. Deliveries: 0. The funds bought 9 K Friday—frost concerns
· Sep Soybeans Up $.0650 at $10.92; Nov Down $.0075 at $10.2075. Del’y: SBO, 199. The funds bought 6K SB; 4K SBM; 3K SBO
· Sep Wheat Up $.0225 at $5.2025; December Down $.0250 at $5.3275. Del’y: 9 HRW; 0 SRW. The funds bought 4 K Friday
CORN/SORGHUM
· ATI Research: USDA Crop Progress likely to show U.S. corn crop Good/Excellent 73-75% vs. 74% last week, 54% last yr.
· U.S. corn mature estimated at 15-20% as of Sept. 7 compared to 8% last year and the 5-year avg. of approx. 26%, while corn dent estimated at 65-70% compared to 61% in 2013 and the 74% average for 2009-2013
· Most anecdotal U.S. corn yields are above expectations, and in some cases, sharply above expectations
· To reach the current annual USDA U.S. corn export forecast, shipments to need to average 33.2mbu per week
SOYBEANS/WHEAT
· ATI Research: Crop Progress likely to show U.S. soybean crop Good/Excellent 71-73% vs. 72% last week, 52% last year
· U.S. soybeans dropping leaves est. at 13-18% as of Sept. 7 vs. 10% last year and the 5-year average of approx. 17%
· Early U.S. soybean yield results generally are well above average
· ATI Research: Crop Progress likely to show U.S. spring wheat Good/Excellent 61-63% vs. 63% last week
· U.S. spring wheat harvest is projected to be 47-52% complete as of Sept. 7. This is sharply below the 78% total seen last year, which is also the average for 2009-2013
ENERGY
· Futures are mostly lower: QCLV14, -$0.63 at $92.66; QRBV,-$0.0210; QNGV, +$.016; and QHOV, -$.0142
· Cash ethanol markets on Friday ranged from unchanged in New York to 2 ½ cents higher for LA. Chicago gained ¾ of a cent; Dallas, up 2; Tampa picked up 1 ¼ cents and the Gulf rose 2
· RINs for ’12 and ’13 were ½ cent weaker on the low end: 2012’s at 48 ½ -49 ½; 2013’s at 48 ½- 50; and 2014’s, 49-53
· The October RBOB/Ethanol spread gained 9 ¼ cents on Friday, moving out to $.5724/gallon
LIVESTOCK/POULTRY   ;
·   Choice boxed beef values gained 55-cents Friday and have increased $2.56 over the last three trading days
· Cash cattle traded Friday at mostly $163, up $8 from the week before
· After increasing $1.30 on Thursday, the USDA mandatory pork carcass cutout value eased 9-centsFriday
· CME Lean Hog Index up $0.35 to $95.80. October futures up $2.975 to $105.625 and are $9.825 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather