HIGHLIGHTS
· MARKET TREND—Mostly Firmer--CZ: Up $.0275; SX: Up $.07; WZ: Up $.0225; KWZ: Up $.0325
· MACRO: Markets await August payroll data, 180 K expected with unemployment dropping to 4.8%. ASIA: Mixed—Nikkei, -.01%; Hang Seng, +.45%; Shanghai, +.14%. EUROPE: Firmer--CAC, +.94%; DAX, +.16%; FTSE, +.94%. WALL STREET: Futures are higher—DOW, +16; S&P, +1; NAS, +7. EXTERNALS: $ Index, +.160 @ 95.82; Gold is $2.40 lower @ $1,311.20; Oct Crude is $.44 higher at @ $43.60/barrel. Del’y: Corn--418; SRW--228; HRW—373; SBO--729; SBM--0; SB--0
· T-Storm Weather: The central U.S. stays dry and cool into the weekend. Rapid warming unfolds over Sat.-Mon., leading to unseasonable mildness next week as upper-level high pressure establishes across the southeast half of the U.S. At the same time, multiple strong systems sweep into the western U.S. over the period, leading to multiple rounds of thunderstorms across the northeast half to two-thirds of corn and soybeans as next week progresses; 1.00" to 3.00" of rain is expected over Sep. 4-10
· Corn: CZ Up $.0275 @ $3.2650; CH Up $.03 @ $3.3725. The funds bought 5 K on Thursday
· SB: SX Up $.07 @ $9.5075; SF Up $.0625 @ $9.5350. Funds: even SB; sold 2 SBM & 2 SBO. Oct crush, -$.03, $.91; LY: $1.10
· Wheat: WZ Up $.0250 @ $3.9725; WH Up $.0275 @ $4.195. Fund buying totaled 3 K yesterday
CORN/SORGHUM
· December 2016 corn futures closed at $3.23 ¾ on Thursday. One year ago, December 2015 corn settled at $3.61 ½
· T-storm Weather: Total of 21% of U.S. corn production received at least twice the normal rainfall amount over the last 30 days. August and July-August are expected to rank #2 wettest since 1895
· ATI Research: U.S. old-crop corn export sales for week ending Aug. 25 of 8.4 mbu were above the trade range of -4 to +6, but still down 27% vs. the 4-week avg. New-crop sales of 25.5 were below the trade range of 28-43
· ATI Research: U.S. corn dent for week ending Sep. 4 was approx. 71% in 2015 with the 5-year avg. at approx. 69%
· Consultant: Argentina farmers, encouraged by elimination of export taxes on corn, could increase corn acreage 25%
SOYBEANS/WHEAT
· November 2016 soybean futures closed at $9.43 ¾ on Thu. One year ago, November 2015 beans settled at $8.69 ½
· U.S. new-crop soybean export sales for week end Aug. 25: 54.2 mbu v. 71.3 last week but above trade range of 40-59
· T-storm Weather: Beyond Sep. 11-14, it is most probably for thunderstorms to continue across the U.S., but shift further south with time as a cooler pattern assembles in northern areas and shifts the storm track southward
· Chicago Dec. 2016 wheat futures closed at $3.94 ¾ on Thu. One year ago, December 2015 wheat settled at $4.65 ¼
· ATI Research: U.S. wheat export sales week end Aug. 25: 10.3 mbu, down 26% v. last week & 38% from 4-week avg.
ENERGY
· Mixed: CLV16, +$0.44, $43.60; EBX,+$0.42; EBX-CLV, $2.24, -$.05; RBV, +.0174; NGV, -.011; HOV, +$.0186
· Notable gains were posted in cash ethanol markets on Thursday: Chicago up 2 ¾; New York added 2 7/8; Gulf firmed 3; Tampa increased 4 ½; Dallas climbed 4; and LA was 2 ¾ higher at $1.59 ½ per gallon
· Ethanol RINs lower: 2014’s down 1 ¼ at 86 ¾-88 ¾; 2015’s off 1 ¼ to 86 ¾-88 ¾; and 2016’s eased 1 ¼ to 86 ½-88 ½
· The Oct RBOB/Sep ethanol spread inverted further, up $.1718 to -.17460/gallon on Thursday
LIVESTOCK/POULTRY    
· Choice boxed beef values was 75-cents lower on Thursday at $195.74, and are down $4.62 vs. a week ago
· Dressed steer weight week end Aug. 20: 893 lbs., up 6 pounds v. last week, 884 for the 4-week avg. & 905 last year
· USDA mandatory pork carcass cutout value added 82-cents on Thursday to $77.43, & is up $1.93 vs. last week
· CME Lean Hog Index eased $0.28 on Thu. to $65.75. October futures $0.475 higher but still $2.425 below the index
: Bloomberg, Dow Jones, AP, T-storm Weather