HIGHLIGHTS
· MARKET TREND—Mixed-CZ: Up $.01; SX: Up $.0250; WZ: Unch; KWZ: Unch
· MACRO: Weakness in oil; Fed concerns linger; demand questions. ASIA: lower—Nikkei, -.69%; Hang Seng, -.11%; Shanghai, -.69%. EUROPE: Higher --CAC, +.14%; DAX, +.44%; FTSE, +.70%. WALL STREET: Futures point to a higher opening—DOW, +17; S&P, +2.25; NAS, +9.50. EXTERNALS: $ Index, -.125 @ 95.520; Gold, +$3.30 @ $1,322.90; Oct Crude, +$.28 @ $45.18/barrel. Del’y: Corn—143; SRW—6; HRW—8; SBO—43; SBM--2; SB--0
· T-Storm Weather: Widely scattered thunderstorms dot the central/southern Plains & southeast two-thirds of the U.S. Corn Belt through today; 0.20”-0.40” amounts most common. Better rain chances exist Thu.-Fri. across central/southern Plains and western Corn Belt with widespread rain of 0.75”-1.50”. Rain amounts of 0.25”-0.75” then occur across the Delta and southeast half of the Corn Belt Sat.-Sun. Temps fluctuate within a seasonable to above-normal range over the next 10 to 14 days
· Corn: CZ Up $.0075 @ $3.3075; CH Up $.0050 @ $3.4125. The funds liquidated 15 K
· SB: SX Up $.0275 @ $9.4675; SF Up $.0225 @ $9.5125. Funds: sold 10 SB, 8 SBM; 8 SBO. Oct crush, -$.07, $.02 LY: $1.03
· Wheat: WZ Stedy @ $4.01; WH UP $.0050 @ $4.2225. The funds sold 6 KTuesday
CORN/SORGHUM
· Consultant: There are numerous reports of corn across the U.S. Corn Belt dying prematurely due to foliar diseases and there is a greater than normal amount of diplodia ear rot this year
· T-storm Weather: At least several days of drying occur across central U.S. following the exit of this week’s rain
· ATI Research: Near-term U.S. corn exports are forecast to run in the 45-55 mbu per week range
· ATI Research: On average, an additional 16% of U.S. corn reaches maturity from Sep. 11-18
· Ethanol margins: $0.30 per gallon—down from $0.32 last week and below $0.38 last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· Consultant: U.S. soybeans do not need any more rain; drier weather for rest of growing season would be beneficial
· T-storm Weather: A cooler period develops for U.S. soybeans last next weekend, dropping minimums into the 30s-40s around net Friday (Sep. 23), but damaging cold is not expected as minimums stay above to much-above freezing
· ATI Research: Near-term U.S. soybean exports are expected to average 44-55 mbu per week
· ATI Research: U.S. all wheat exports are forecast to range from 20-25 mbu over the next 4 weeks vs. 19.6 last year
· T-storm Weather: Rain this week in wheat areas of Argentina was higher than expected, including Buenos Aires
ENERGY
· Lower: CLV16, +$.28, $45.18; EBX,+$0.20; EBX-CLV, $2.14, -$.06; RBV, -.0045; NGV, +.036; HOV, -$.0031
· EIA estimates: crude, +5.4 (API: +1.4); Gasoline, +0.6 (-2.4); Distillates, +1.4 (+5.3)
· Cash ethanol markets were mixed on Tuesday: Chicago and Gulf down ¾; New York off 1 ¼; Tampa firmed ½; Dallas steady; and LA was ¼ lower at $1.66 per gallon
· Ethanol RINs gained: 2014’s added ¼ to 87 ¼-88 ¼; 2015’s firmed ¼ to 87 ¼-88 ¼; and 2016’s up ¼ to 87-88
· The Oct RBOB/Oct ethanol inverse was little changed yesterday at -.12850/gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values were 91-cents lower on Tuesday at $186.62, and are down $3.66 vs. last week
· The past four trading days, choice boxed beef has eased $4.03 (2.1%) and is at lowest level for calendar year 2016
· USDA mandatory pork carcass cutout value firmed 53-cents on Tue. to $80.87, & is up $1.15 compared to a week ago
· CME Lean Hog Index was $0.12 lower on Tue. at $63.95. October futures slid $2.675 and are $7.20 below the index
: Bloomberg, Dow Jones, AP, T-storm Weather