HIGHLIGHTS
· MARKET TREND—Higher: CZ: up $.0225 ; SX: up $.09; WZ: up $.05; KWZU: up $.0375
· MACRO: World markets are wary of escalating tensions with Noth Korea as the seriousness of that situation is increasing. ASIA—Mixed: Nikkei, -0.63%; Shanghai, +0.16%; Hang Seng, -0%. EUROPE: Higher: DAX,+0.76%; FTSE, +0.11%; CAC, +0.20%. WALL STREET—Futures are weaker—DOW, -50; S&P, -6.50; NAS, -11.50. EXTERNALS: $ Index: -.164 @ 92.365; Sep Gold: +$7.80 @ $1,332; Oct crude: +$.51 @ $47.80/bl. Deliveries: SBM, 196; SBO, 451; C, 724; HRW, 196; RR, 80
· T-storm Weather: Most of the U.S. Plains and northwest two-thirds of the Corn Belt receive little to no rain over the next 10 days as a large area of upper-level high pressure to the west blocks storm systems from passing. Temps will be much cooler than normal by ~10 F over the next five days as maximums in the 60s-70s coincide with minimums in the 40s-50s; light frost cannot be ruled out in the northern third of the Corn Belt and Plains through Thu., but most corn & soybeans will be warmer than mid-30s
· CZ, up $.0225 @ $3.5750; CH, up $.02 @ $3.69. The funds closed out the week selling 3 K
· SX, up $.09 @ $9.5850; SF, up $.0875 @ $9.68. Funds: Bot 4 SB, sold 2 SBM, bot 5BO. Board crush: $.90, -3; LY, $.89
· WZ, up $.05 @ $4.4375; WH, up $.0475 @ $4.6475. Wheat buying was estimated at 5 K on Friday
CORN/SORGHUM
· December 2017 corn futures on Friday closed at $3.55 ¼; one year ago, December 2016 futures settled at $3.28 ½
· Consultant: USDA Crop Progress report—U.S. Corn Good/Excellent est. at 61-63% v. 62% last week and 74% last year
· ATI Research: Crop Progress—The 5-year average for U.S. corn mature increases approximately 8% from Aug. 27-Sep. 3 to 18%
· T-storm Weather: Path of Hurricane Irma to fluctuate until its location & a dissipating cool front are clearer Wed/Thu
· Export Inspections released at 10 am CDT; Corn, 16.9 mbu needed; 31.7 last week. Milo—(7.7) needed; 4.0 last week
SOYBEANS/WHEAT
· Consultant: USDA Crop Progress report—U.S. Soybean Good/Excellent est. at 60-62% v. 61% last week & 73% last year
· ATI Research: Crop Progress—The 5-year avg. for U.S. soybeans dropping leaves increases approx. 8% from Aug. 27-Sep. 3 to 13%
· T-storm Weather: A total of 41% and 33% of U.S. soybean production were drier than normal over the last 14- and 30-day periods, primarily from limited rainfall in eastern IA and points east
· Export Inspections released at 10 am CDT; Wheat, 17.5 mbu needed; 24.6 last week
· ATI Research: 5-year avg. for U.S. spring wheat harvest progress increases approx. 12% from Aug. 27-Sept. 3 to 78%
ENERGY
· Weaker: CLV17, +$0.51 @ $47.80; EBX, +$0.05 @ $52.39; EBX-QCLX, -.28; RBV, -.0672; NGV, -.0340; HOV, -.0295
· Cash ethanol were slightly weaker in most markets on Friday: Chicago off ¼; New York down 1; Gulf, Tampa and Dallas eased ½; but LA was a penny higher at $1.70 ½ per gallon
· Ethanol RINs were higher on Friday: 2016’s and 2017’s increased 1 ½ to 85 ½-86 ½
· The Oct RBOB/Sep ethanol spread closed at+$.19190/gallon on Friday
LIVESTOCK/POULTRY  
· Choice boxed beef values eased 56-cents higher on Friday to $191.35, but are up 3-cents compared to last week
· October live cattle futures on Friday closed at $105.15—the lowest settlement price for the contract since March 17
· USDA mandatory pork carcass cutout firmed 6-cents on Friday to $83.74, but is $2.21 lower vs. a week ago
· CME Lean Hog Index was $1.13 lower on Fri. at $72.39. October futures gained $0.05 but are $10.94 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather