HIGHLIGHTS
· MARKET TREND—Higher--CZ: Up $.01; SX: Up $.0650; WZ: Up $.0025; KWZ: Up $.01
· MACRO: Better trade data from China, imports up, export down less than expected; ECB meeting awaits. ASIA: Mixed—Nikkei, -.32%; Hang Seng, +.75%; Shanghai, +.15%. EUROPE: Mixed--CAC, +.02%; DAX, -.14%; FTSE, +.49%. WALL STREET: Futures are firmer—DOW, +14; S&P, -+2.00; NAS, +2.50. EXTERNALS: $ Index, -.346 @ 94.605; Gold is $2.70 higher @ $1,348.00; Oct Crude is up $.82 @ $46.32/barrel. Del’y: Corn—393; SRW—13; HRW—96; SBO--720; SBM--0; SB--0
· T-Storm Weather: Warmth continues across the central U.S. through Fridaybefore a cool front breaks the setup Friday-Saturday. Several waves continue to pass, erupting thunderstorms within the southeast two-thirds of the Corn Belt into the weekend. Mainly dry weather continues to the immediate south, allowing harvesting to advance in the Delta despite a few thunderstorms Saturday
· Corn: CZ Up $.01 @ $3.3425; CH Up $.0125 @ $3.4425. The funds bought 7 K Tuesday
· SB: SX Up $.0675 @ $9.8225; SF Up $.0650 @ $9.8550. Funds: bot 7 SB, 6 SBM; sold 2 SBO. Oct crush, -$.02, $.87; LY: $0.98
· Wheat: WZ Up $.0050 @ $4.0325; WH Up $.0050 @ $4.2275. Fund buying totaled 5 K yesterday
CORN/SORGHUM
· Consultant: Bias is high temps experienced across the U.S. Midwest during July trimmed corn yield potential slightly
· T-storm Weather: After the cool front passes Friday-Saturday, temperatures fluctuate more freely next week, but within a mild pattern over Sep. 11-18; a significant frost or freeze is highly unlikely in this period
· ATI Research: Near-term U.S. corn exports are projected to run in the 45-55 mbu per week range
· ATI Research: On average, an additional 12% of U.S. corn reaches maturity fromSep. 4-11
· Ethanol margins: $0.32 per gallon—up from $0.31 last week but below $0.45 last year. EIA report at 10:00 AM CDT
SOYBEANS/WHEAT
· Consultant: Some soybean disease; e.g. sudden death syndrome, white mold, but they are the exception--not the rule
· ATI Research: Near-term U.S. soybean exports are estimated at 40-45 mbu per week
· T-storm Weather: Near-normal rain most probable Sep. 11-18 from central/southern Plains through central Corn Belt
· ATI Research: U.S. all wheat exports are forecast to range from 20-25 mbu over the next 4 weeks vs. 22.6 last year
· T-storm Weather: Highest chances for 0.20”-0.50” of rain across Argentina wheat area Sun.-Mon. forward occur just north and east of key production areas
ENERGY
· Higher: CLV16, +$0.82, $46.32; EBX,+$0.79; EBX-CLV, $2.45, -$.05; RBV, +.0280; NGV, +.022; HOV, +$.0219
· EIA estimates: crude, +0.5 (API: -12.1); Gasoline, -0.3 (-2.3); Distillates, +1.0 (+0.9)
· A slightly weaker trend was evident in cash ethanol markets on Wednesday: Chicago down 5/8; New York and Tampa off 1; Gulf eased ¾; Dallas declined ½; and LA was 2 ¼ lower at $1.59 ¾ per gallon
· Ethanol RINs firmer: 2014’s added 1 1/8 at 87 ¾-89; 2015’s up 1 1/8 to 87 ¾-89; & 2016’s gained 1 1/8 to 87 ½-88 ¾
· The Oct RBOB/Oct ethanol inverse gave up $.0410, dropping to -.08260/gallon
LIVESTOCK/POULTRY    
·   Choice boxed beef values increased 37-cents on Wednesday to $190.65, but are still $5.84 lower vs. last week
· Since posting a high of $116.35 on Aug. 4, October live cattle futures have declined $13.925 (12.0%)
· USDA mandatory pork carcass cutout value eased 50-cents on Wed. to $79.22, but is still up $2.61 vs. a week ago
· CME Lean Hog Index was $0.38 lower Wed. at $64.51. October futures firmed $1.95 but are $3.635 below the index
: Bloomberg, Dow Jones, AP, T-storm Weather