Information provided may include opinions of the author and is subject to disclosures found at the end of this document.

HIGHLIGHTS

·       TRENDS—Firm: CZ, +$.01; SX, +$.0275; WZ, +$.0025; KWU, +$.0125.  Delys: SBM, 29; SBO, 98; HRW, 8; Corn, 0; SB, 2; SRW, 24

·       What caught my eye: China has so far bought approximately 8.8 MMT of U.S. corn yet, last Friday’s WASDE report found the USDA leaving its forecast for 20-21 Chinese corn imports at 7.0 million. No explanation as to why

·       Fauci: coronavirus rise in 11 states “disturbing”; Pfizer CEO says vaccine could be ready before the end of the year

• Asia—Higher:  Nikkei, +0.65%; Shanghai, +0.57%; Hang Seng, +0.56%
• EUROPE: Mostly weaker—DAX, -0.07%; FTSE, -0.25%; CAC, +0.16%
• WALL STREET: Futures are higher --DOW, +234; S&P, +36.5; NAS, +155
• EXTERNALS: Oct crude, -$0.25 @ $37.081; Gold: +$3.60 @ $1,952; Sep $ Index, -.239 @ 93.090
• T-storm Weather®: scattered rains expectedly continued in the Corn Belt on Sat. as unusual coolness ended.  Mainly dry and seasonable to mild weather aid U.S. corn / soybean harvesting and wheat planting over the next 10 days as areas of high pressure limit rainfall; the exception is in parts of mid-South over Tue.-Thu. as the remnant of Tropical Storm Sally generates heavy rain along the far southern fringe of each crop 
• CZ, up $.01 @ $3.6950; CH, up $.0050 @ $3.7875.  Funds bought Friday, mostly due to strength in soybeans             
• SX, up $.0250 @ $9.9850; SF, up $.03 @ $10.0250.  Funds bot 15 K SB, 8 K SBM & 7 K SBO. Board crush: $0.77 (V/X), +3; LY, $0.78
• WX, up $.0025 @ $5.4250; WH, up $.0075 @ $5.5150.  The funds were sellers of 4 K on Friday             

CORN/SORGHUM

·       December 2020 corn futures on Fri closed at $3.68 ½--the highest settlement price for the contract since March 13

·       Good/Excellent ratings for U.S. corn in this afternoon’s USDA Crop Progress report are pegged to be 60-62% compared to last week’s 61% and last year’s 55%

·       T-storm Weather®: a strong cool front breaks mildness Wed.-Thu. across the U.S. Corn Belt to keep highs in the 60s-70s for two days, but lows stay in the upper-30s to upper-40s, preventing additional frost in key areas this week

·       Export Inspections released at 10 am CDT; Corn, 45.4 mbu needed; 30.8 last week.  Milo—5.1 needed; 0.0 last week

SOYBEANS/WHEAT

·       November 2020 soybean futures on Friday closed at $9.96--the highest settlement price for the contract since December 6, 2017

·       Crop Progress report: U.S. soybean Good/Excellent crop ratings pegged at 65-66% v. 65% last week & 54% last year

·       Export Inspections released at 10 am CDT; soybeans, 41.3 mbu needed; 47.6 last week

·       T-storm Weather®: ~1.00” of rain over the next 2 weeks for eastern Australia wheat, but Western Australia stays dry

·       Export Inspections released at 10 am CDT; Wheat, 18.4 mbu needed; 25.6 last week

ENERGY

·       Mixed:  CLV20, -$0.25 @ $37.08; EBX, -$0.28 @ $39.55; EBX-QCLV, -0.05; RBV, +.0121; NGV, +.079; HOV, -.0050

·       Chicago ethanol edged $.00625 higher Friday to $1.43625; basis, mostly firmer: NYC, -$.02575 @ +$.1075; Gulf, +.01375 @ +$.09375; Dallas, +$.00375 @ +$.05875; Tampa, +$.00375 @ +$.11375; LA, +$.00375 @ +$.11375

·       Ethanol RIN values, weaker: 2019’s, -1.00 @ 45 –47; 2020’s: -1.75 @ 47 ½ -49                                    &nbs​p;                        ​;                         ​;                        ​                        &​nbsp;                       &n​bsp; 

·       The Oct RBOB/Sept ethanol spread is trading -.2875 this morning, off $.0024

LIVESTOCK/POULTRY                      ​                 ​

• Choice boxed beef eased $0.94 on Friday, and is $5.96 lower compared to the previous week
• USDA estimated U.S. beef production for the week ending Sep. 12 at 479.7 million pounds, dn 9.0% versus a week ago
• The mandatory pork carcass cutout value was $0.61 higher on Friday at 80.56, and is up $0.75 versus last week
• CME Lean Hog Index firmed $0.84 on Fri. to $63.28.  October futures gained $2.200 and are $2.295 above the index

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