HIGHLIGHTS
· MARKET TREND—Lower: CZ: down $.0225 ; SX: down $.0325; WZ: down $.03; KWZU: down $.0325
· MACRO: Geopolitical concerns remain the markets’ most serious worry, most overseas bourses are weaker. ASIA—Mixed: Nikkei, -0.14%; Shanghai, +0.05%; Hang Seng, -0.46%. EUROPE: Lower: DAX, -0.0676%; FTSE,-0.56%; CAC, -0.22%. WALL STREET—Futures are firmer—DOW, +12; S&P, +0.75; NAS, +10.50. EXTERNALS: $ Index:-.146 @ 91.840; Sep Gold: +$1.10 @ $1,340; Oct crude:+$.26 @ $48.92/bl. Deliveries: SBM, 169; SBO, 446; C, 215; HRW, 158; RR, 103; SB, 73: SRW, 143
· T-storm Weather: Most of the central U.S. will be unusually dry over the next 10-14 days as upper-level high pressure blocks storm systems from passing, aiding early corn/ soybean harvesting and wheat planting with time. Temperatures will be cool over the next few days, then turn much warmer from west to east late this week and weekend. Any frost in northern areas over the next two mornings is expected to be non-killing as minimum temperatures stay above to much-above 36F (+2C)
· CZ, down $.0225 @ $3.5625; CH, down $.02 @ $3.69. The funds returned from the Labor day weekend buying 7 K
· SX, down $.0325 @ $9.6525; SF, down $.0325 @ $9.75. Funds: Bot 10 SB, 8 SBM, sold 3 BO. Board crush: $.89, -1;LY, $.88
· WZ, down $.03 @ $4.40; WH, down $.0250 @ $4.6075. The funds began the week buying 4 K
CORN/SORGHUM
· U.S. corn crop is rated 61% Good/Excellent versus 62% last week and 74% last year. Dent is 60% vs. 74% last year and the 5-year average of 68%. Mature is 12% vs. 17% last year and the 5-year average of 18%
· ATI Research: Updated yield estimate for the 2017 U.S. corn crop is 166.7 bpa versus August USDA projection of 169.5
· U.S. sorghum crop is rated 63% Good/Excellent versus 65% last week and 66% last year.
· T-storm Weather: A marginal non-killing frost is plausible within far-northern corn over the next two mornings, but most areas will be considerably warmer than the mid-30s (+2C). allowing the growing season to continue
SOYBEANS/WHEAT
· U.S. soybean crop is rated 61% Good/Excellent, unchanged from last week but well below 73% last year. Setting pods is pegged at 97%, equal to last year & above 5-year avg. of 96%. Dropping leaves: 11% vs. 11% last year & avg. of 12%
· ATI Research: Updated yield estimate for the 2017 U.S. soybean crop is 47.7 bpa vs. August USDA projection of 49.4
· T-storm Weather: A total of 70% of U.S. soybean production was drier than normal over the last week with significant totals having been limited to the Delta from the remnant circulation of Hurricane Harvey
· U.S. spring wheat harvest progress pegged at 89% vs. 76% last week, 90% last year and the 5-year average of 78%
· T-storm Weather: Rainfall remains limited across most Australia wheat over the next 10 days, but temps will be cool
ENERGY
· Weaker: CLV17, +$0.26 @ $48.92; EBX, +$0.29 @ $53.67; EBX-QCLX, +.01; RBV, -.0186; NGV, +.005; HOV, +.0066
· A steady to firmer trend was evident in cash ethanol on Tuesday: Chicago up ¾; New York added 2; Gulf increased ½; Tampa and Dallas were steady; but LA was ½ higher at $1.71 per gallon
· Ethanol RINs posted slight gains on Tuesday: 2016’s and 2017’s firmed ½ to 86-87
· The Oct RBOB/Sep ethanol spread shed nearly 6 centson Tuesday to close at +$.13401/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values firmed $1.10 on Tuesday to $192.46, and are 68-cents higher vs. a week ago
· 5-Area Weekly Weighted Average Steer price down $2.12 v. last week at $104.66/cwt, and is $5.02 lower v. last year
· USDA mandatory pork carcass cutout value increased 84-cents on Tuesday to $84.58, and is up 5-cents vs. last week
· Current nearby board hog crush value is $33.02/cwt vs. last week’s $34.15, last month’s $34.44 & last year’s $31.52
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather