HIGHLIGHTS
· MARKET TREND—Lower: CZ: dn $.0175; SX: dn $.02; WZ: dn $.01; KWZ: dn $.0075. USDA WASDE report 11:00 am CDT
· MACRO: Support linked to reduced fears about the economic impact of Hurricane Irma and no further signs of aggression by North Korea. ASIA--Mixed: Nikkei,+1.18%; Shanghai, -0.1%; Hang Seng, +0.06%. EUROPE: Mixed: DAX, +0.56%; FTSE, -0.26%. WALL STREET—Futures are Higher—DOW, +49; S&P, +28; NAS, +78. EXTERNALS: $ Index: +.102 @ 91.955; Gold: -$7.65 @ $1,323; Oct crude:+$0.07 @ $48.14/bl. Deliveries: SBM, 128; SBO, 356; C, 0; HRW, 42; SB, 0; SRW, 7
· T-storm Weather: Most of the central U.S. will be dry & mild over the next week, except in parts of Delta & southeast Corn Belt today-Wed. due to rain from the remnant of Irma, & from several systems that move across the northern Plains Thu.-Sun. The central U.S. likely turns wetter next week as a more typical storm system passes, producing at least one round of thunderstorms within the heart of the Corn Belt. Temps remain warmer than normal next week with frost not on the foreseeable horizon
· CZ, down $.0175 @ $3.5575; CH, dn $.02 @ $3.6775. The funds began the week buying 2 K
· SX, dn $.02 @ $9.58; SF, dn $.025 @ $9.675. Funds: Even on SB, sold 1 SBM, & bought 1 SBO
· WZ, down $.0075 @ $4.34; WH, down $.005 @ $4.5475. The funds sold 5 K on Monday
CORN/SORGHUM
· USDA WASDE 11:00 am CDT: Avg. trade guess 2017 U.S. corn crop: 14.000 bbu (range 13.821-14.195), 14.153 in Aug.
· USDA WASDE report: Avg. trade guess for U.S. corn carryout--16/17, 2.351 bbu (2.370 in Aug.); 17/18, 2.133 (2.273)
· USDA WASDE report: Avg. trade guess world corn carryout--16/17, 227.9 MMT (228.6 in Aug.); 17/18, 198.2 (200.9)
· U.S. corn crop is rated 61% Good/Excellent, unchanged from last week but below 74% last year. Mature is 21% vs. 31% last year and the 5-year avg. of 31%. Harvest is 5%, which is unchanged from las year but behind the avg. of 6%
· U.S. sorghum crop is rated 66% Good/Excellent versus 63% last week and 65% last year
SOYBEANS/WHEAT
· USDA WASDE report: Avg. trade guess for 2017 U.S. soybean crop: 4.321 bbu (range 4.179-4.417) and 4.307 in Aug
· USDA WASDE report: Avg. trade guess U.S. soybean carryout--16/17, 0.364 bbu (0.370 in Aug); 17/18, 0.437 (0.475)
· USDA WASDE report: Avg. trade guess world soybean carryout--16/17, 96.8 MMT (97.0 in Aug.); 17/18, 97.3 (97.8)
· U.S. soybean crop is rated 60% Good/Excellent vs. 61% last week and below 73% last year. Dropping leaves is pegged at 22% compared to 24% last year & the 5-year avg. of 25%
· USDA WASDE report: Avg. trade guess U.S. all wheat carryout--17/18, 0.920 bbu (range: 0.875-0.943), 0.933 in Aug.
· USDA WASDE report: Avg. trade guess world wheat carryout--16/17, 258.5 MMT (258.6 in Aug.); 17/18, 263.9 (264.7)
ENERGY
· Mixed: CLV17, +$.07 @ $48.14; EBX, +$0.03 @ $53.87;EBX-QCLX, -.02; RBV, +.0163; NGV, -.010; HOV, -.0039
· A mixed trend was noted in cash ethanol markets on Monday: Chicago and New York firmed 1 ¾; Gulf added 1 ¼; Dallas and Tampa declined 3; and LA was 1 ½ lower at $1.71 ½ per gallon
· Ethanol RINs were steady on Monday: 2016’s and 2017’s unchanged at 85-86
· The Oct RBOB/Oct ethanol spread is trading at+$.10700/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values eased 32-cents on Monday to $191.56, but are still 21-cents higher vs. a week ago
· 5-Area Weekly Weighted Average Steer price up $0.26 v. last week at $104.92/cwt, but is $0.10 lower v. last year
· USDA mandatory pork carcass cutout value firmed 13-cents on Monday to $81.71, but is down $2.03 vs. last week
· CME Lean Hog Index fell $1.03 on Mon. to $67.91. October futures declined $0.575 and are $6.335 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
Brian Basting
mail to: bbasting@advance-trading.com
http://www.advance-trading.com