HIGHLIGHTS
· Market Trend: Corn, Up 2; Soybeans, SU, +10; SX, Up 5-6; Wheat, 4-5 Higher
· Anemic Chinese manufacturing data—the HSBCs index fell to a 3 month low of 50.3 (July: 51.7)—suggesting little in the way of growth pressured Asian markets overnight. Shanghai was .44% lower; the Hang Seng closed down .66% while the Nikkei in contrast, closed up .85% in taking its cue from western markets. Europe is showing early gains of from .24% (FTSE) t +.61% (CAC 40). US futures are similarly higher—Dow, +34; S&P, +3.5 and the NAS, +4.5. Once a retail icon, Sears continues to struggle, losing $573 Mil in QII. Energy futures area mixed; gold is $13.40 cheaper this morning at $1,280 and the $index continues higher, +.020
· T-Storm Weather: A series of systems in the Pacific Northwest pull heat into the central U.S. Waves of energy ride the edge of heat to trigger thunderstorms, and heat blossoms thunderstorms into large clusters. The result is that widespread overage of above-average rainfall occurs in central & northern growing areas over the next week – initially as this pattern occurs, then when a cool front breaks the pattern at some point next week. It appears most likely for cool front to pass around Monday or Tuesday.
· Sep Corn Up $.0175 at $3.6125; December Up $.02 at $3.6950. The funds unloaded 10 K at mid-week
· Sep Soybeans Up $.10 at $11.2975; Nov Up $.0575 at $10.4375. Funds sell 8 K SB, 6 K SBM, buy 3 K SBO
· Sep Wheat Up $.0450 at $5.44; December Up $.04 at $5.54. The funds sold 7 K yesterday
CORN/SORGHUM
· Updated NWS forecast for September due out at 7:30 AM CDT today
· Export Sales to be released at 7:30 AM CDT. Trade expects 0 to 6mbu old-crop corn, 26-33 new-crop
· T-storm Weather: Proportion of U.S. corn that has dry topsoil has diminished by more than 40 points since Aug. 1
· ATI Research: Corn planted May 1 in Central, IL has 2074 Growing Degree Days, which is 135 below normal
· Ethanol grind: 937 thou barrels per day for the week ending Aug. 15—up 6 thou vs. last week and up 11.0% vs. 2013
SOYBEANS/WHEAT
· Export Sales: 0 to 4mbu old-crop soy, 31-39 new ; soymeal, 50-125 K MT old, 150-250 new; soyoil, 0-10 old, 0-10 new
· T-storm Weather: Another 0.75”-1.50” of rain affects the northern half to two-thirds of U.S. soybeans through Sunday
· Stats Canada production estimate out this am; trade expects 28.5 versus LM’s 27.7 government #
· Private consultant notes that U.S. double crop soybeans in areas such as northeastern Kansas, Missouri, southern Illinois and the mid-South have improved over the last couple of weeks following ample rainfall
· Export Sales: Trade expects 13-18mbu for all wheat
· T-storm Weather: Heavy to very heavy rain next 5 days may bring spring wheat harvest to a halt in Northern Plains
ENERGY
· Futures are generally lower: QCLV14, -$0.65 to $92.80; QRBV,-$0.0064; QNGV, +$.117; andQHOV, -$.0162
· A steady to weaker tone was evident in cash ethanol markets on Wednesday: Chicago was unchanged; Gulf and Tampa eased 1; New York of 2 ½; Dallas down 2; and LA was ¾ lower at $2.34 ¼ per gallon
· RINs were steady to firmer: 2012’s up ¼ to 49-50 ½; 2013’s gained ¼ to 49 ½-50 ½; and 2014’s unch at 49 ½-50
· The September RBOB/Ethanol spread gained 1 ¼ cents to $.5886; Oct/Oct was up ¾’s of a cent to $.5831
LIVESTOCK/POULTRY  
· Choice boxed beef values declined $1.36 yesterday and have lost $10.86 over the last nine trading days
· The USDA pork carcass cutout value fell $2.33 yesterday and has declined $9.10 over the last four trading days
· CME Lean Hog Index down $1.90 to $109.25. October future down $2.325 to $92.50 and are $16.75 below the index
· Broiler egg set last week was up 1.8% from last year and average set over the last four weeks is 2.1% above last year
Sources: Bloomberg, Dow Jones, AP, T-storm Weather