HIGHLIGHTS
· MARKET TREND—Weaker--CZ: Down $.0275; SX: Down $.0250; WZ: Down $.0350; KWZ: Down $.0375
· MACRO: Little in the way of news shaping market direction this morning—Russia & Saudi Arabia agree to stabilize energy. ASIA: Higher—Nikkei, +.26%; Hang Seng, +.58%; Shanghai, +.63%. EUROPE: Mostly higher--CAC, +.05%; DAX, +.21%; FTSE, -.28%. WALL STREET: Futures are higher—DOW, +13 S&P, +1.50; NAS, +3.75. EXTERNALS: $ Index, -.239 @ 95.605; Gold is up $10.20 @ $1,333.40; Oct Crude is $.50 higher at @ $44.94/barrel. Del’y: Corn--360; SRW--27; HRW—125; SBO--343; SBM--0; SB--0
· T-Storm Weather: Very warm to hot weather affect areas away from the northern Plains through Fri.-Sat.; maximums mostly in the 80s-90s with minimums in the 60s. Numerous systems ride the edge of warmth through the period, triggering repeated thunderstorm clusters within the northwest half of corn and soybeans, and resulting in unseasonably heavy rainfall of 1.00” to 3.00”+ for corn and soybeans across most of the Corn Belt and adjacent area of the Plains
· Corn: CZ Down $.0275 @ $3.2575; CH Down $.0275 @ $3.3575. The funds closed out the week selling 7 K
· SB: SX Down $.0250 @ $9.50; SF Down $.0275 @ $9.53. Funds: bot 2 SB, 2 SBO; sold 3 SBM. Oct crush, -$.02, $.89; LY: $1.08
· Wheat: WZ Down $.0350 @ $3.9575; WH Down $.0425 @ $4.17. Fund buying totaled 4 K on Friday
CORN/SORGHUM
· December 2016 corn futures closed at $3.28 ½ on Friday—the highest settlement price since Aug. 25
· USDA Crop Progress: Good/Excellent U.S. corn rating could be a point higher or a point lower vs. last week’s 75%; regardless, it would be above 68% in 2015. Sorghum coloring as of Sep. 4 was 67% last year and 5-year avg. is 61%
· T-storm Weather: The setup favoring above-normal temps & above-normal rain this week across U.S. Corn Belt will ultimately be disrupted when a cool front passes late in the week & weekend. A few days of drying begin around Fri.
· Export Inspections released at 10 AM CDT; Corn, 52.8 mbu needed; 56.0 last week. Milo—0.5 needed; 8.1 last week
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent U.S. soybean rating could steady vs. last week’s 73% but still above 63% in ‘15
· Export Inspections: Soybeans, 30-35 mbu likely (shipments have already topped USDA 15/16 forecast); 35.3 last week
· T-storm Weather: The most likely scenario beyond this upcoming weekend is for 0.50”-1.00” of rain to affect large areas of central U.S. soybeans within the first half of next week (Sep. 11-14), followed by near-term temps & less rain
· Chi. Dec. 2016 wheat futures closed at $3.99 ¼ Fri.—one year ago. Chi. December settled at $4.67 ¾
· T-storm Weather: Most Argentina wheat stays dry over the next week, following by a slightly wetter pattern
· Export Inspections released at 10 AM CDT; Wheat, 17.8 needed; 18.8 last week
ENERGY
· Mixed: CLV16, +$0.50, $44.94; EBX,-$0.40; EBX-CLV, $2.34, -$.85; RBV, +.0198; NGV, -.033; HOV, +$.0127
· Cash ethanol markets posted solid gains on Friday: Chicago added 2 3/8; New York firmed 1 5/8; Gulf increased 2 ½; Tampa climbed 1; Dallas up 1 ½; and LA was 2 ½ higher at $1.59 ½ per gallon
· Ethanol RINs weaker: 2014’s off 1 5/8 at 85 ½-86 ¾; 2015’s down 1 5/8 to 85 ½-86 ¾; & 2016’s slid 1 5/8 to 85 ¼-86 ½
· The Oct RBOB/Sep ethanol inverse increased $.0238 on Friday to -.19840/gallon
LIVESTOCK/POULTRY    
·  Choice boxed beef values were down $4.65 on Friday at $191.09, and are $8.39 lower compared to last week
· Over the past six trading days, choice boxed beef values have plummeted $9.27 (4.6%)
· USDA mandatory pork carcass cutout value declined 23-cents on Fri. to $77.20, but is still $1.88 higher v. a week ago
· CME Lean Hog Index down $0.50 on Fri. at $65.76. October futures $2.575 low and $5.01 below the index
: Bloomberg, Dow Jones, AP, T-storm Weather