HIGHLIGHTS
· MARKET TREND—Higher: CZ: up $.01 ; SX: up $.0325; WZ: up $.0375; KWZU: up $.0375
· MACRO: Global markets are starting September off on a positive note. China PMI tops expectations; awaits U.S. jobs report. ASIA—Mostly firmer: Nikkei, +0.23%; Shanghai, +0.19%; Hang Seng, -0.06%. EUROPE: Higher:DAX, +0.64%; FTSE, +0.20%; CAC, +0.84%. WALL STREET—Futures are higher—DOW, +33; S&P, +2.50; NAS, +4.50. EXTERNALS: $ Index: +.012 @ 92.405; Sep Gold: +$2.80 @ $1,319; Oct crude: -$.53 @ $46.70/bl. Deliveries: SBM, 200; SBO, 461; C, 832; HRW, 275; RR, 344; SB, 1
· T-storm Weather: Widespread rain affects the Delta and far-southeast Corn Belt over the next two days as the remnant circulation of Harvey exits. Otherwise, dry weather follows over the next 10 to 14 days in most corn, soybean, and wheat areas as areas of high pressure limit rainfall. Temperatures fluctuate within a fairly wide range through the period, most notably turning sharply warmer into Mon., then plummeting Mon.-Tue. when a strong cool front passes
· CZ, up $.01 @ $3.5875; CH, up $.0075 @ $3.7125. The funds bought 10 K on Thursday
· SX, up $.0325 @ $9.4850; SF, up $.0325 @ $9.58. Funds: Bot 8 SB, 1 SBM, 2 SBO. Board crush: $.93, -5; LY, $.91
· WZ, up $.0375 @ $4.3825; WH, up $.03 @ $4.60. The funds were buyers of an estimated 4 K yesterday
CORN/SORGHUM
· December 2017 corn futures on Thu. made a new contract low of $3.44 ¼, but closed 12 ¼ cents higher at $3.57 ¾
· T-storm Weather: High temps only reach the 60s-70s Tue.-Fri. (Sep. 5-8) & minimums fall into the 40s, maintaining the probability for a non-killing frost next Wed. or Thu. from eastern ND through MN & WI where lows reach mid-30s
· ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop corn as of Aug. 24 stood at 356 mbu, which is down 45% from 643 mbu at this time a year ago
· Consultant: Flooding in Argentina continues to delay corn harvest, especially in Buenos Aires and La Pampa provinces
SOYBEANS/WHEAT
· T-storm Weather: Although rain for U.S. soybeans cannot be completely ruled out next week in the southern Delta because a new tropical system forms, a cold front is probable to deflect it and keep it at sea
· ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop soybeans as of Aug. 24 stood at 549 mbu, which is down 31% from 801 mbu this time a year ago
· T-storm Weather: At least the first third to half of September very likely to be unusually dry for most U.S. HRW wheat
· ATI Research: Unshipped old-crop export sales of U.S. all wheat as of Aug. 24 stood at 181 mbu, which is 12% lower from 206 mbu this time a year ago. Largest declines by class seen for HRW (-27%) and HRS (-17%); SRW is down 10%
ENERGY
· Weaker: CLV17, -$0.53 @ $46.70; EBX, -$0.51 @ $52.35; EBX-QCLX, -.08; RBV, -.0209; NGV, 0; HOV, -.0137
· A mostly firmer trend was evident in cash ethanol markets on Thursday: Chicago up 3 ¾; New York gained 6 ½; Gulf added 5; Dallas increased 6; Tampa climbed 3; but LA was ½ lower at $1.69 ½ per gallon
· Ethanol RINs were lower on Thursday: 2016’s and 2017’s declined 2 ½ to 83-86
· The Sep RBOB/Sep ethanol spread surged nearly $.20on Thursday, to +$.59290/gallon
LIVESTOCK/POULTRY ;
· Choice boxed beef values were 19-cents higher on Thursday at $191.91, and are 16-cents higher vs. a week ago
· Dressed steer weight for week end Aug. 19: 884 lbs, up 2 lbs v. last week, 876.25 for 4-week avg. and 893 last year
· USDA mandatory pork carcass cutout eased $1.09 on Thu. to $83.14, and is down $3.23 vs. last week
· CME Lean Hog Index fell $1.07 on Thu. to $73.52. October futures increased $0.05 but are $12.12 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather