HIGHLIGHTS
· Market Trend: Corn, Up 2-3; Soybeans, Up 4-5; Wheat, 5-7 Higher
· Mixed appears to be the operative word for Europe and Asia ahead of this morning’s jobs report. The latter had the Nikkei about 1% lower; Hong Kong fell .2% and Shanghai was up .9%. France’s CAC 40 gained .1%; the FTSE was .1% lower and the DAX, up .2%. August’s jobs addition is estimated at 220 K; if realized, it would be the 7th straight month topping the 200 K mark. Europe’s central bank rate cut has pushed the euro/$ rate below 1.30 but otherwise, the greenback index is .064 lower at 83.77. Energy futures are trading to the up side; gold is $1.80 lower, $1,263.30
· T-Storm Weather: A cool front triggers widely scattered thunderstorms across the central / southern Plains, Delta, and southeast two-thirds of the Corn Belt into Saturday. Several days of drying continue / follow elsewhere, but widespread rain affects much of central U.S. within Sep. 8 – 11. Sharply cooler weather envelops central U.S. late next week & next weekend. Non-killing frosts are likely across and adjacent the northern Plains, but killing events are unlikely due to wet soil profiles & warm ground temps
· Sep Corn Up $.0275 at $3.3850; December Up $.0175 at $3.4825. Del’y: 0 C; 5 Etoh. The funds sold 8 K; big yields
· Sep Soybeans Up $.0425 at $10.6850; Nov Up $.0475 at $10.08. Del’y: SBO, 193. The funds sold 8 K SB; 7 K SBM; bot 3 K SBO
· Sep Wheat Up $.0725 at $5.3250; December Up $.0525 at $5.3550. Del’y: 50 HRW; 65 SRW. The funds sold 9 K
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects -4 to 4mbu old-crop corn, 22-30 new-crop
· T-storm Weather: Non-killing frosts (minimums of 33 degrees or warmer) are probable in and adjacent the northern Plains within Sept. 11-14, but killing frosts or freezes remain unlikely due to warm ground temperatures
· ATI Research: Corn planted May 1 in Central, IL has 2460 Growing Degree Days, which is 70 below normal
· Ethanol grind: 921 thou barrels per day for week ending Aug. 29—up 8 thou vs. last week and up 12.5% vs. a year ago
· September 2014 corn futures made a new contract low of $3.33 ¼ on Thurs.; new low for December 2014 of $3 43 ¾
SOYBEANS/WHEAT
· Export Sales: Soybeans, -6 to 0mbu old-crop , 33-40 new-crop; soymeal, 100-200 new-crop; soyoil, 0-15 new-crop
· September 2014 soybean futures made a new contract low of $10.64 Thurs.; new low for November 2014 of $10 01 ¼
· T-storm Weather: 22% of U.S. soybean production received at least 200% of its average rainfall over the last 30 days
· Export Sales: Trade expects 9-17mbu for all wheat
· T-storm Weather: 49% of U.S. spring wheat production received at least two-times its average rainfall the last 30 days
· CBT December 2014 wheat futures made a new low of $5.27 ½ on Thurs.; new low for MGE December 2014 of $6 05
ENERGY
· Futures are higher: QCLV14, +$0.24 at $94.68; QRBV,+$0.0179; QNGV, $.017; and QHOV, +$.0088
· Cash ethanol markets were mixed but mostly lower on Thursday: Chicago down 5; Gulf eased 1 ½; Dallas off 2; Tampa up ¼; New York slipped 5 ½; and LA was ½ higher at $2.32 ½ per gallon
· RINs were steady across the board: 2012’s at 49-49 ½; 2013’s at 49-50; and 2014’s at 49-50
· The October RBOB/Ethanol spread was little changed, losing .0041/gallon to $.6159
LIVESTOCK/POULTRY </strong>
· Choice boxed beef values gained 54-cents yesterday and have increased $2.01 over the last two days
· After falling $1.08 on Wednesday, the USDA mandatory pork carcass cutout value gained $1.30 yesterday
· CME Lean Hog Index down $0.22 to $95.45. October futures up $1.55 to $102.65 and are $7.20 above the index
· Broiler egg set last week was 1.3% above last year and average set over the last 4 weeks is also 1.3% above last year
Sources: Bloomberg, Dow Jones, AP, T-storm Weather