HIGHLIGHTS
· MARKET TREND—Mixed--CU: Down $.0125; SU: Down $.02; WU: Up $.0075; KWU: Up $.0025
· MACRO: Global equity markets are mixed, higher rate prospects = “glass ½ full, or ½ empty?” ASIA: Nikkei, off -.07%; Hang Seng, up .85%; Shanghai, up .20%. EUROPE: Higher with the FTSE, +.08%; CAC, +.80% & DAX, +.90. WALL STREET: Futures are lower—DOW, -7; S&P, -1.75; NAS, -11.25. EXTERNALS: $ Index, +.162 @ 95.705; Gold is $3.70 lower @ $1,320.00; Oct Crude is up $.36 @ $47.34/barrel
· T-Storm Weather: Unseasonably warm & muggy air lingers today across central U.S., but a strong cool front turns areas in & adjacent the Corn Belt unseasonably cool Wed.-Thu. & ending Sat.-Sun. Maximums in 80s-90s transition to 60s-70s later this week & weekend. Isolated thunderstorms recur in varying areas until the front passes, but organized rain of 0.50”-1.50” focuses from central/southern Plains into Iowa-Missouri. Dry weather accompanies cooler temps later this week & weekend in all areas
· Corn: CU Down $.0125 @ $3.1050; CZ Down $.0125 @ $3.1950. The funds liquidated further Monday, selling 10 K
· SB: SU Dn $.02 @ $9.8125; SX Dn $.0150 @ $9.6275. Funds: sold 4 SB; 4 SBM; and 3K SBO. Sep crush, +$.03 $.81; LY: $1.16
· Wheat: WU Up $.0075 @ $3.7125; WZ Up $.0125 @ $3.9825. The funds sold 6 K to begin the week
CORN/SORGHUM
· September 2016 corn futures traded $3.10 ¾ on Mon.-the lowest price for a nearby corn contract since Sept. 21, 2009
· Corn: Dent stage pegged at 60% vs. 54% last year and avg. of 52%; mature at 9% vs. 8% last year and avg. of 11%. Good/Excellent of 75%, unchanged v. last week (68% in ‘15). Sorghum: Good/Excellent unch at 65% (68% in ’15)
· ATI Research: U.S. corn balance sheet; 15/16 carryout est. at 1.910 bbu; 16/17 carry-out est. at 2.566 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: Extended period of above-normal temps affects U.S. corn as coolness breaks west-to-east Sat.-Sun.
SOYBEANS/WHEAT
· USDA pegs U.S. soybean setting pods at 94% vs. 91% last year and the avg. of 92%; dropping leaves at 5% vs. 8% in 2015 and avg. of 5%. Good/Excellent crop ratings of 73% are up a point vs. last week and above 63% in 2015
· ATI Research: U.S. soybean balance sheet; 15/16 carryout at 220 mbu, while 16/17 carry-out is est. at 251 mbu
· T-storm Weather: Heavy thunderstorm clusters unfold from Sept. 4 forward across the northwest half of U.S. soybeans where 1.00” to 2.00” of rain is probable. Notably drier weather is likely to the immediate east
· ATI Research: U.S. HRS wheat balance sheet; 16/17 carryout pegged at 262 mbu compared to 278 last year
· T-storm Weather: Argentina wheat mostly dry next 10 days, but recent & upcoming lack of heavy rain is not unusual
ENERGY
· Mostly higher: CLV16, +$0.36, $47.34; EBV,+$0.19; EBV-CLV, $2.12, -$.16;RBV, -.0037; NGV, +.017; HOV, +$.0117
· Cash ethanol markets were mixed on Monday: Chicago down 3/8; New York eased ½; Gulf declined 1; Tampa unchanged; Dallas added 1; and LA was 1 ½ lower at $1.58 ½ per gallon
· Ethanol RINs weaker: 2014’s off 1 ¾ at 88 ¾-90 ¾; 2015’s down 1 7/8 at 88 ¾-90 ¾; and 2016’s slid 1 ¾ to 88 ½-90 ½
· The Sep RBOB/Sep ethanol spread retreated $.04390 to +.02690/gallon on Monday
LIVESTOCK/POULTRY  
·  Choice boxed beef values declined $1.06 on Monday to $198.42, and are $2.72 lower compared to last week
· 5-Area Weekly Weighted Average Steer price down $2.91 v. last week to $114.60/cwt and $30.26 lower vs. last year
· USDA mandatory pork carcass cutout value firmed 99-cents on Monday to $76.31, and is $1.35 higher vs. a week ago
· Current nearby board hog crush value is $32.91/cwt vs. last week’s $32.23, last month’s $28.63 and last year’s $35.49
: Bloomberg, Dow Jones, AP, T-storm Weather