HIGHLIGHTS
· MARKET TREND—Lower: CU: down $.0150; SU: down $.0375; WU: down $.02; KWU: down $.0350
· MACRO: North Korea back in the news this morning after firing off another missile following Trump’s remarks. ASIA—Mostly lower: Nikkei, -0.45%; Shanghai,+0.09%; Hang Seng, -0.35%. EUROPE: Lower: DAX, -1.79%; FTSE, -1.20%; CAC, -1.39. WALL STREET—Futures are much lower—DOW, -116; S&P, -51.75; NAS, -17. EXTERNALS: $ Index: -.490 @ 91.440; Sep Gold: +$10.40@ $1,320; Oct crude: -$.06 @ $46.15/bl.
· T-storm Weather: Temps remain seasonable to cool this week. Dry weather affects the Plains & northwest half of the Corn Belt for 10 days or longer. Scattered rain affects the southeast third to half of the Corn Belt today, after which attention turns to the remnant circulation of Harvey. It is likely to produce additional rain of 9.00"-18.00" across southeast Texas & southwest Louisiana the next few days, followed by 3.00"-6.00" in key soybean & SRW wheat areas of the Delta later this week & weekend
· CU, down $.0150 @ $3.3450; CZ, down $.0150 @ $3.4950. The funds sold 5 K on Monday
· SU, down $.0375 @ $9.3150; SX, down $.0475 @ $9.3625. Funds: Sold 2 SB, 0 SBM, 0 SBO. Board crush: $.95, -1 LY, $.80
· WU, down $.02 @ $3.98; WZ, down $.02 @ $4.26. Fund selling reported at 4 K
CORN/SORGHUM
·   U.S. corn crop is rated 62% Good/Excellent versus 62% last week and 75% last year. Dough is 86% vs. 91% last year and the 5-year average of 87%. Dent is 44% vs. 57% last year and the 5-year average of 51%
· ATI Research: Updated yield estimate for the 2017 U.S. corn crop is 166.6 bpa versus August USDA projection of 169.5
· U.S. sorghum crop is rated 65% Good/Excellent versus 66% last week and 65% last year
· T-storm Weather: Despite sharply cooler temps overSep. 5-7 with maximums in the 60s, minimums hold in the 40s with a significant frost or freeze for U.S. corn next expected as coldest weather focuses on southeast Canada
SOYBEANS/WHEAT
· U.S. soybean crop is rated 61% Good/Excellent versus 59% last week and 72% last year. Leaf dropping: 6% vs. 5% last year & the 5-year avg of 5%. Setting pods: 93% vs. 93% last year and the avg. of 92%
· ATI Research: Updated yield estimate for the 2017 U.S. soybean crop is 47.8 bpa vs. August USDA projection of 49.4
· T-storm Weather: Soybeans across the U.S. Plains and northwest half of the Corn Belt are likely to receive no rain over the next 10 days or longer
· ATI Research: U.S. all wheat exports are forecast to continue to range from 17-25 mbu per week short-term
· T-storm Weather: Dry weather is forecast for remaining un-harvested North Dakota HRS wheat this week
ENERGY
· Lower: CLV17, -$0.06 @ $46.51; EBV, -$0.42 @ $51.47;EBV-QCLV, -.40; RBV, -.0172; NGV, -.005; HOV, -.0033
· Cash ethanol markets were again mixed: LA lost $.01 to $1.72; Dallas was a ½ weaker at $1.5850; Tampa edged a ½ cent higher; the Gulf gained ¾ of a cent; NY rose $.01 to $1.58 and Chicago moved up 1 ¾ cents to $1.54 ½
· Ethanol RINs opened the week with both 2016’s and 2017’s ¾ weaker and in an $.86-$.89 cent range
· The Sep RBOB/Sep ethanol spread contines to widen as corn slides, out $.0307 to $.19730 +$.16660/gallon Monday
LIVESTOCK/POULTRY ;
· ATI Research: Last week’s Cattle on Feed report confirmed the largest July per marketing day marketings since 2013
· ATI Research: Last week’s Cattle on Feed report confirmed the largest August 1 on feed supply since 2012
· October lean hog futures on Mon. closed at $61.625—the lowest settlement price for the contract since Oct. 21, 2016
· CME Lean Hog Index fell $1.47 on Mon. to $76.76. October futures declined $1.45 & are $15.135 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather