HIGHLIGHTS
· MARKET TREND—Lower--CZ: Down $.0250; SX: Down $.0875; WZ: Down $.03; KWZ: Down $.04
· MACRO: Lower with the markets awaiting comments from several Federal Reserve speakers and release of manufacturing data. ASIA: Nikkei, -.32%; Shanghai, -.28%; Hang Seng, -.31%. EUROPE: Lower, FTSE, -.29%; DAX, -.23%; CAC, -.55%. WALL STREET: Pre-markets are lower—DOW Futures, -17; S&P, -2.75; NAS, -21.5. EXTERNALS: $ Index, +.019 @ 95.40; Gold, -$4.70 @ $1,336; Nov Crude, -$.73 @ $45.59/barrel.
· T-Storm Weather: Rain persists within wettest areas of Iowa, Minnesota & Wisconsin today, while dry & summerish weather continue to the southeast. Widespread rain of 1.00"-2.00" follows across the western half of the Corn Belt & eastern Plains (including wettest areas) within Sat.-Mon. when a large upper-level system drifts into the central U.S. The system either slowly passes or spins out as next week progresses; either way a drier period begins (or continues) in all areas early next week forward
· Corn: CZ Down $.0250 @ $3.3425; CH Down $.0250 @$3.4425. Fund selling totaled 5 K on Thursday
· SB: SX Dn $.0875 @ $9.6775; SF Dn $.0925 @ $9.7275 Funds: even SB, sold 2 SBM; Bot 5 SBO. Oct crush, $.74, +$.06; LY: $0.94
· Wheat: WZ Down $.03 @ $4.0250; WH Down $.0325 @ $4.25. The funds sold 1 K yesterday
CORN/SORGHUM
· December 2016 corn futures closed at $3.36 ¾ on Thursday. One year ago, December 2015 corn settled at $3.81 ½
· T-storm Weather: Upper-level high pressure prevents rain from progressing eastward across the central U.S. over the next week, with precipitation projected to be much less with eastward extent compared to western half of Corn Belt
· ATI Research: U.S. corn export sales for 16/17 for the week ending Sep. 15 of 36.3 mbu were above the trade range of 28-35, and above last year’s total of 16.8. Sorghum sales for 16/17 were 1.5 mbu compared to 2.3 last year
· USDA is expected to begin conducting its survey this weekend for release of its nextCrop Production report on Oct. 12
· Consultant: If Argentina’s soybean export tax is not lowered, it might encourage more corn acres at expense of beans
SOYBEANS/WHEAT
· November 2016 soybean futures closed at $9.76 ½ Thursday. One year ago, November 2015 beans settled at $8.68
· ATI Research: U.S. soybean export sales for week end Sep. 15: 32.2 mbu—below trade range of 33-44 and 48.4 in ‘15
· T-storm Weather: Rainfall coverage and amounts across central U.S. soybean areas quickly diminish from west to east Sun.-Tue. forward. Next week will not be as mild as this week with max. temps in the 60s-70s & min. in the 40s-50s
· ATI Research: U.S. wheat export sales for 16/17 for week end Sep. 15: 20.6 mbu were above the trade range of 11-18
· T-storm Weather: Dry weather forecast to impact Argentina wheat over the next week; chance for rain Sep. 30-Oct. 2
ENERGY
· Lower: CLX16, -$.73, $45.59; EBX,-$0.51; EBX-CLX, $1.51,+$.21; RBX, -.0245; NGX, -.007; HOX, -$.0113
· Cash ethanol markets were stronger on Thursday: Chicago gained 3 ¾; New York and Gulf firmed 3 ½; Dallas up 2 ¼; Tampa added ½; and LA was a penny higher at $1.70 per gallon
· Ethanol RINs unchanged: 2014’s stead at 87-87 ½; 2015’s unch at 87-87 ½; and 2016’s steady at 86 ¾-87 ¼
· The Oct RBOB/Oct ethanol inverse widened $.0192 to -.13320/gallon yesterday
LIVESTOCK/POULTRY  
· Choice boxed beef values increased 20-cents on Thursday to $187.37, and are $1.10 higher compared to a week ago
· Dressed steer weight week end Sep. 10: 903 lbs., up 5 pounds v. last week, 892 for the 4-week avg. and 919 last year
· USDA mandatory pork carcass cutout value eased 15-cents on Thu. to $77.88, and is down $1.65 vs. last week
· CME Lean Hog Index $0.48 lower on Thu. at $60.48. October futures $0.225 lower and are $6.28 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather