HIGHLIGHTS
· MARKET TREND—Firm: CU: up $.01; SU: up $.0375; WU: up $.02; KWU: up $.0225
· MACRO: Global markets are generally higher this morning, showing some signs of stabilization after the recent sell-off. ASIA—Mostly higher: Nikkei, -0.05%; Shanghai, +0.13%; Hang Seng, +0.91. EUROPE: Firmer:DAX, +0.68%; FTSE, +0.70%; CAC, +0.52%. WALL STREET—Futures are positive—DOW, +36; S&P, +4; NAS, +21.50. EXTERNALS: $ Index: +.418 @ 93.430; Sep Gold: -$5.80 @ $1,286; Oct crude: +$.11 @ $47.64/bl.
· T-storm Weather: A strong cool front triggers widespread thunderstorms across the Corn Belt through today, producing generalized totals of 0.75" to 1.50" across the northwest half to two-thirds, and 0.25" to 0.75" across the southeast half to third. Temperatures plummet as the front passes, leading to a period of unseasonable coolness with maximums in the 60s-70s in the Corn Belt and minimums in the 40s-50s for several days
· CU up $.01 @ $3.50; CZ, up $.0125 @ $3.6425. The funds began the week selling 6 K
· SU, up $.0375 @ $9.3625; SX, up $.04 @ $9.4025. Funds: Sold 3 SB, 3 SBM, bot 3 SBO. Board crush: $.90, +4;LY, $.73
· WU, up $.02 @ $4.1150; WZ, up $.0150 @ $4.3850. Fund selling estimated at 5 K on Monday
CORN/SORGHUM
· U.S. corn crop is rated 62% Good/Excellent versus 62% last week and 75% last year. Dough is 76% vs. 83% last year and the 5-year average of 77%. Dent is 29% vs. 37% last year and the 5-year average of 35%
· ATI Research: Updated yield estimate for the 2017 U.S. corn crop is 166.2 bpa versus August USDA projection of 169.5
· U.S. sorghum crop is rated 66% Good/Excellent versus 64% last week and 65% last year.
· T-storm Weather: Moderate warming for U.S. corn unfolds from west to east this weekend and next week, but temps remain cooler than normal in most areas. Some rain accompanies warming this weekend, but namely in the Plains
SOYBEANS/WHEAT
· U.S. soybean crop is rated 60% Good/Excellent versus 59% last week and 72% last year. Blooming is pegged at 97%, vs. 98% last year & equal to the 5-year avg. Setting pods: 87% vs. 88% last year and the avg. of 85%
· ATI Research: Updated yield estimate for the 2017 U.S. soybean crop is 47.4 bpa vs. August USDA projection of 49.4
· T-storm Weather: A few showers and thunderstorms are plausible for U.S. soybeans early next week in the Corn Belt, but namely to the northeast and southwest of most areas
· ATI Research: HRS wheat crop estimate is unchanged at 340 mbu after incorporating ATI Spring Wheat Tour results
· T-storm Weather: Dry weather forecast for North Dakota HRS wheat today, but scattered rain possible this weekend
ENERGY
· Firmer: CLV17, +$0.11 @ $47.64; EBV, +$0.25 @ $51.91; EBV-QCLV, +.14; RBU, +.0048; NGU, 0; HOU, +.0054
· Cash ethanol markets posted additional gains Monday: Chicago added 2 ¼; New York and Dallas firmed ½; Gulf increased 2; Tampa up 3; and LA was 1 ½ higher at $1.75 per gallon
· Ethanol RINs were weaker on Monday: 2016’s and 2017’s fell 1 1/8 to 86 ¼-88
· The Sep RBOB/Sep ethanol spread reversed courseMonday, tightening $.0719 to +$.04510/gallon
LIVESTOCK/POULTRY ;
· Choice boxed beef values were $1.20 lower on Mondayat $193.09, and are down $5.83 vs. a week ago
· 5-Area Weekly Weighted Average Steer price down $5.49 v. last week at $109.68/cwt, and is $7.83 lower v. last year
· USDA mandatory pork carcass cutout value gained 9-cents on Mon. to $89.834, but is still down $3.76 vs. last week
· Current nearby board hog crush value is $36.65/cwt vs. last week’s $38.60, last month’s $35.03 & last year’s $32.23
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather