HIGHLIGHTS
· MARKET TREND—Mixed: CU: down $.0025; SU: up $.0075; WU: up $.0150; KWU: up $.03
· MACRO: Trading was higher in Europe & U.S. futures suggest a positive start as markets await the release of the Federal Reserve minutes. ASIA—Mostly weaker: Nikkei,-0.12%; Shanghai, -0.14%; Hang Seng, +0.86. EUROPE: Higher: DAX, +0.85%; FTSE, +0.65%; CAC, +1.13%. WALL STREET—Futures are again higher—DOW, +50; S&P, +6.00;NAS, +19.00. EXTERNALS: $ Index: +.154 @ 93.910; SepGold: -$3.20 @ $1,272; Oct crude: +$.26 @ $47.96/bl.
· T-storm Weather: A strong system produces widespread rainfall across most corn and soybean (and eastern spring wheat) areas through Thursday, especially: 1) today in the western Corn Belt, 2) tonight further into the Corn Belt, then 3) Thursday across the southeast Corn Belt and Delta; 0.75" to 1.50" most common across the northwest two-thirds of corn and soybeans, and 0.50" to 1.00" across the southeast third. A seasonable to slightly-warm period is probable to last into at least late-month
· CU, down $.0025 @ $3.55; CZ, down $.0050 @ $3.68. The funds were heavy sellers, 25 K on Tuesday
· SU, up $.0075 @ $9.2250; SX, up $.0050 @ $9.2450. Funds: sold 10 SB, 5 SBM, 8 SBO. Board crush: $.89, +1; LY, $.84
· WU, up $.0150 @ $4.31; WZ, up $.0175 @ $4.5775. Fund selling totaled 8 K yesterday
CORN/SORGHUM
·  T-storm Weather: While some additional rainfall isforecast to trail this week’s strong system across U.S. corn areas on Friday--Saturday, only isolated to widely-scattered thunderstorms are expected
· ATI Research: Although the export model is suggesting U.S. corn exports over the up-coming 4-week period to be in the 41-46 mbu range, bias is in the high 20s
· Consultant: Brazil corn crop est. is increased 2.0 MMT to 97.0 MMT; Argentina production is raised 1.0 MMT to 40.0
· Ethanol margins: $0.31 per gallon—up vs. $0.25 last week but below $0.43 in 2016. EIA report at 9:30 am CDT
SOYBEANS/WHEAT
· ATI Research: Bias on near-term U.S. soybean exports is in the 25-30 mbu/week range
· T-storm Weather: Some waves of energy are probable to produce some thunderstorms within key soybean areas of the central U.S next week; generalized rain totals of 0.50" to 1.00" are probable for now, especially in the Corn Belt
· Chicago September 2017 wheat futures closed at $4.29 ½ Tue.—the lowest settlement price for life of the contract
· T-storm Weather: Slightly unfavorable weather for Australia wheat next 7-10 days as dryness persists in some areas
· ATI Research: Bias on near-term U.S. all wheat exports is in the 20-25 mbu/week range
ENERGY
· Firmer: CLV17, +$0.26 @ $47.96; EBV, +$0.36 @ $51.16;EBV-QCLV, +.12; RBU, +.0075; NGU, -.032; HOU, +.0073
· EIA Report Estimates (API): crude oil, -3.0 (-9.2); Gasoline, -1.0 (+0.3); Distillates, -0.2 (-2.1)
· Cash ethanol markets weakened yesterday: both the Gulf & LA were $.03 lower at $1.63 and $1.74/gallon; Tampa was off 2 ½; NY edged down 1 ¾; Dallas dropped 1 ½ and Chicago was indicated $.0260 weaker at $1.5525/gallon
· Ethanol RINs gained 5/8’s of a cent and were in a $.9150-$.9300 range
· The Sep RBOB/Sep ethanol spread reverted to a carry, gaining $.0252 to +$.02850/gallon, premium RBOB
LIVESTOCK/POULTRY ;
·  Choice boxed beef values increased 3-cents on Tuesdayto $198.95, but are $3.30 lower compared to a week ago
· Choice boxed beef values have posted a week-to-week decline for 43 consecutive trading days
· USDA mandatory pork carcass cutout value fell 11-centson Tuesday to $93.48, and is down $1.20 vs. last week
· CME Lean Hog Index declined $0.40 Tue. to $84.38. October futures firmed $1.35, but are $13.855 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather