HIGHLIGHTS

·      TR ENDS—Mixed:  CZ, -$.0175; SX, +$.0125; WZ, -$.0150; KWZ, +$.0075. Dalian Jan C & SB off $.11 & $14 ½ 

·       What caught my eye: Perhaps not a big deal in the greater scheme of things but Export Sales/AMS shipment data shows the early pace of corn exports to Mexico at 15 mbu, down 9 mbu/38% vs LY and 23 mbu/60% below the 2018 pace.  However, it IS early    

·       U.S. stock futures are positive; Mnuchin does support another round of stimulus payments

• Asia—Mostly firm:  Nikkei, -.0.06%; Shanghai, +0.17%; Hang Seng, +0.11%
• EUROPE: Firmer—DAX, +1.67%; FTSE, +2.34; CAC, +1.88%
• WALL STREET: Futures, higher --DOW, +194; S&P, +16; NAS, +42.50
• EXTERNALS: Nov crude, +$0.20 @ $40.00; Gold: -$14.60 @ $1,893; Mar $ Index, -.028 @ 93.950
• Weather: the U.S. Midwest will be remain mostly dry for much the week, which will continue to benefit corn and soybean harvest, as well as winter wheat planting.  A system will move across the eastern half of the country over the weekend, and may bring in some tropical moisture from Tropical Depression Beta.  This would produce moderate to heavy rainfall east of the Mississippi River.  Temperatures are forecast to above normal in most areas through Sunday 
• CZ, dn $.0175 @ $3.6750; CH, dn $.0175 @ $3.77.  Funds were sellers of an estimated 2 K yesterday               
• SX, up $.0125 @ $10.21; SF, up $.0050 @ $10.25.  Funds sold 3 K SB; 7 K BO; bot 4 SBM. Board crush: $0.93 (V/X), +5; LY, $0.77
• WX, dn $.0150 @ $5.5650; WH, dn $.0125 @ $5.6450.  Tuesday’s fund activity as said to be even                  

CORN/SORGHUM

·       Weather: a stronger system develops early next week and impacts the U.S. Corn Belt; moderate rainfall and rapidly falling temperatures associated with the system may possibly slow corn harvest

·       ATI Research: bias on near-term U.S. corn exports remains in the 35 to 45 mbu per week range

·       U.S. Energy Information Administration (EIA) report scheduled to be released at 9:30 am CDT

·       Weather: dry conditions this week are likely to favor corn harvest in Ukraine; showers may return during the weekend

SOYBEANS/WHEAT

·       Weather: a stronger system develops early next week and impacts the U.S. Corn Belt; moderate rainfall and rapidly falling temperatures associated with the system may possibly slow soybean harvest

·       ATI Research: bias on near-term U.S. soybean exports is increased to a range of 49 to 67 mbu per week

·       Weather: moderate/heavy rain expected Thu. night through Sunday for many central/south Argentina wheat areas

·       ATI Research: near-term exports of U.S. wheat are projected to continue to range from 16-20 mbu per week

ENERGY

·       Firm:  CLX20, +$0.20 @ $40.20; EBX, +$0.22 @ $41.94; EBX-QCLX, +0.04; RBX, +.0112; NGX, -.027; HOX, +.0045

·       EIA Report Estimates (API): crude -1.4 (+0.7); Gasoline -0.6 (-7.7); Distillates +1.0 (-2.1).  Estimates for ethanol production avg. 0.924 mbpd (range: 0.890-0.943).  Avg. est. of ethanol stocks: 20.016 mb (range: 19.750-20.300)

·       Chicago ethanol slipped $.0025 to $1.41; Basis, weaker: NYC, -$.0075 @ +$.0650; Gulf, -.0050 @ +$.0750; Dallas, -$.0025 @ +$.03; Tampa, -$.00750 @ +$.1250; LA, -$.0125 @ +$.0950

·       Ethanol RIN values, steady/lower: 2019’s, unch @ 47 ½ - 49 ½; 2020’s: -0.75 @ 48 -50                                                                  ​;                        ​                         ​                        &​nbsp;                       &n​bsp;

·       The Oct RBOB/Sept ethanol spread is $.0094 firmer this morning at -$.2363 per gallon 

LIVESTOCK/POULTRY                         &n​bsp;             

• Choice boxed beef eased $0.78 on Tuesday to $215.44, and is $0.65 lower compared to a week ago
• Est. for Friday’s USDA Cattle on Feed report: Sep. 1 on feed, 103.4%; Placed in Aug, 105.9%; Marketed in Aug, 96.6%
• The mandatory pork carcass cutout value fell $1.42 on Tuesday to $87.94,  but is still $4.26 higher versus last week
• CME Lean Hog Index firmed $0.88 on Tue. to $72.17.  October futures gained $2.725 but are $3.845 below the index

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®