HIGHLIGHTS
· MARKET TREND—Slightly higher--CZ: Up $.0025; SX: Up $.09; WZ: Up $.01; KWZ: Up $.0050
· MACRO: A weak showing by U.S. service companies has world stocks meandering--August growth slowest in 6 years. ASIA: Higher—Nikkei, -.41%; Hang Seng, -.19%; Shanghai, +.05%. EUROPE: Slightly higher--CAC, +.23%; DAX, +.33%; FTSE, +.12%. WALL STREET: Futures are mixed—DOW, -2; S&P, -0.50; NAS, +6.75. EXTERNALS: $ Index, -.008 @ 94.815; Gold is off $1.70 @ $1,348.70; Oct Crude is $.55 higher @ $45.50/barrel. Del’y: Corn--282; SRW--24; HRW—40; SBO--100; SBM--0; SB--0
· T-Storm Weather: Temps are forecast to remain very warm to hot away from northern Plains with muggy conditions through Fri.-Sat.; maximums mostly in 80s-90s with minimums in 60s. This setup is conducive to numerous thunderstorm clusters into the weekend with 1.00" to 3.00"+ of rain common across most of the Corn Belt and adjacent areas of the Plains. A period of drying follows, before another cool front triggers a few more thunderstorms around Mon.-Tue. & possibly again a few days later
· Corn: CZ Up $.0025 @ $3.2875; CH Steady @ $3.3875. The funds open the week selling 2 K
· SB: SX Up $.09 @ $9.6875; SF Up $.0825 @ $9.7175. Funds: bot 3 SB, 2 SBO; 2 SBM. Oct crush, +$.00, $.89; LY: $1.08
· Wheat: WZ Up $.0075 @ $3.9925; WH Up $.0025 @ $4.1950. The funds went home Monday night even
CORN/SORGHUM
· Corn: Dent stage pegged at 76% vs. 71% last year and avg. of 69%; mature at 18% vs. 17% last year and avg. of 20%. Good/Excellent of 74% v. 75% last week (68% in ‘15). Sorghum: Good/Excellent up one point to 66% (68% in ’15)
· ATI Research: U.S. corn balance sheet; 15/16 carryout est. at 1.911 bbu; 16/17 carry-out est. at 2.567 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: Any coolness next week across U.S. corn production is not expected to be atypical of mid-September with some non-killing frosts limited to fringe northern growing areas
SOYBEANS/WHEAT
· USDA pegs U.S. soybean setting pods at 97% vs. 95% last year and the avg. of 97%; dropping leaves at 12% vs. 15% in 2015 and avg. of 12%. Good/Excellent crop ratings of 73% are steady vs. last week and above 63% in 2015
· ATI Research: U.S. soybean balance sheet; 15/16 carryout at 212 mbu, while 16/17 carry-out is est. at 243 mbu
· T-storm Weather: At least one round of organized thunderstorms develop within the central U.S. next week—most likely Sep. 12-13; rain amounts of 0.50” to 1.00” are forecast to be most common
· ATI Research: U.S. HRW wheat balance sheet; 16/17 carryout projected at 492 mbu compared to 446 last year
· T-storm Weather: Key wheat areas of Argentina have ben dry, but rain chances improve slightly in one week
ENERGY
· Mostly higher: CLV16, +$0.55, $45.40; EBX,+$0.49; EBX-CLV, $2.49, +$.06;RBV, +.0195; NGV, -.004; HOV, +$.0219
· Cash ethanol markets were mixed on Tuesday: Chicago steady; New York up ½; Gulf down ¼; Tampa added ½; Dallas firmed 2; and LA was unchanged at $1.62 per gallon
· Ethanol RINs higher: 2014’s up 1 1/8 at 86 ¼-88 ¼; 2015’s added 1 1/8 to 86 ¼-88 ¼; & 2016’s gained 1 1/8 to 86-88
· The Oct RBOB/Oct ethanol inverse lost nearly 7 ½ cents, falling to -.12360/gallon
LIVESTOCK/POULTRY   ;
· Choice boxed beef values were 81-cents lower on Tuesday at $190.28, and are down $6.34 vs. a week ago
· 5-Area Weekly Weighted Average Steer price down $4.92 v. last week to $109.68/cwt and $32.07 lower vs. last year
· USDA mandatory pork carcass cutout value firmed $2.52 on Tue. to $79.72, and is $3.17 higher v. last week
· Current nearby board hog crush value is $32.59/cwt vs. last week’s $32.91, last month’s $28.99 and last year’s $39.22
: Bloomberg, Dow Jones, AP, T-storm Weather