HIGHLIGHTS

·        MARKET TREND—Lower:  CU: Down $.04 SU: Down $.0625; WU: Down $.06; KWU: Down $.04

·        MACRO:  Asia is flat; Europe up in early trading. ASIA:  Traders are said to be pausing on the sidelines, awaiting Yellen’s Friday speech—Nikkei, -.61%; Shanghai, +.19%; Hang Seng, --.   EUROPE:  Eurozone survey says Aug economic activity expanded at a steady/subdued pace, so much for Brexit—DAX, +.83%; FTSE, +.49%; CAC, +.71%. WALL STREET: Pre-Markets: DOW, +49; S&P, +5 ½; NAS, +15.   EXTERNALS:  $ Index, -.104 @ 94.395; Oct Gold, -$.20 @ $1,339.20; Oct WTI, down $0.52 @ $46.89

·        T-storm Weather: A system and cool front trigger thunderstorms from tonightthrough Wednesday night within the U.S. Corn Belt, producing heaving rainfall in excess of 1.00” across/adjacent Iowa, thereby increasing coverage of wetness.  Additional thunderstorms follow from Fri.-Sat. forward within the eastern Plains and Corn Belt as additional waves pass.  Temperatures fluctuate through 10 days, but average near to above normal as upper-level high pressure bounces within the southern U.S.

·        Corn: CU Down $.04 @ $3.2925; CZ Down $.0425 @ $3.3825.  The funds opened the week selling 4 K

·        SB:  SU DN $.0625 @ $10.29; SX DN $.0650 @ $10.0925.  Funds: Bot 4K SB; 6K SBM; Sold 3K SBO. Sep crush, -$.02, $.73; LY: $1.17

·        Wheat:  WU Down $.06 @ $4.0925; WZ Down $.0350 @ $4.3175.  The funds sold 6 K on Monday

CORN/SORGHUM

·        Corn: Dough stage pegged at 85% vs. 81% last year and avg. of 76%; dent at 40% vs. 34% last year and avg. of 35%.  Good/Excellent of 75% up one point v. last week (69% in ‘15).  Sorghum: Good/Excellent unch at 65% (68% in ’15) 

·        ATI Research: U.S. corn balance sheet; 15/16 carryout est. at 1.745 bbu; 16/17 carry-out est. at 2.401 bbu

·        ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 35 mbu; 16/17 carry-out pegged at 54 mbu

·        T-storm Weather: Maximum U.S. Corn Belt temps through 10 days most-often in the 80s with minimums in the 60s

·        The USDA later this week will begin its survey for the Sept. 12 Crop Productionreport, which will update 2016 yields

SOYBEANS/WHEAT

·        USDA pegs U.S. soybean setting pods at 89% vs. 85% last year and the avg. of 85%.  Good/Excellent crop ratings of 72% are steady vs. last week but above 63% in 2015

·        ATI Research: U.S. soybean balance sheet; 15/16 carryout at 228 mbu, while 16/17 carry-out is est. at 259 mbu

·        T-storm Weather: The end result of rainfall over the next 10 days across U.S. soybean areas is near- and above-normal amounts within the central/southern Plains and Corn Belt

·        ATI Research: U.S. SRW wheat balance sheet; 16/17 carryout pegged at 161 mbu compared to 157 last year

·        T-storm Weather: U.S. spring wheat in the northern Plains stays drier over the next 10 days

ENERGY

·        Lower:  CLVU16, -$0.52, $46.89; EBV,-$0.57; EBV-CLV, $1.71, -$.04; RBU, -.0199;  NGU, +.002; HOU, -$.0129

·        A mixed trend was evident in cash ethanol markets on Monday: Chicago down 3/8; New York up ¼; Gulf off ¼; Dallas and Tampa added ½; and LA was steady at $1.61 per gallon

·        Ethanol RINs firmer: 2014’s added ¾ to 86 ¼-87 ¾; 2015’s up ¾ to 86 ¼-87 ¾; and 2016’s gained ¾ to 86-87 ½

·        The Sep RBOB/Sep ethanol spread began the week giving up nearly $.0250, closing at +$.00620/gallon

 LIVESTOCK/POULTRY               ​;                         ​;             

·    ​;    Choice boxed beef values were $1.07 higher on Monday at $201.14 but are still down 53-cents vs. last week

·        5-Area Weekly Weighted Average Steer price down $0.84 v. last week to $117.51/cwt and $29.68 lower vs. last year

·        USDA mandatory pork carcass cutout value was up $1.25 on Mon. at $74.96 but is still 44-cents lower v. a week ago

·        CME Lean Hog Index eased $0.20 on Monday to $67.02.  October futures down $0.77 and are $5.87 below the index

             Sources: Bloomberg, Dow Jones, AP, T-storm Weather