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