HIGHLIGHTS

·       TRENDS—Higher: CU, +$.02; SU, +$.0025; WU, +$.0275; KWU, +$.0250

·       What caught my eye:  Rail deliveries to export locations have picked up sharply the past two weeks by nearly 2,300 cars (50+%) with sizable gains for both the PNW (65%) and the Gulf (3X+). Looks as if the PRC SB program is about to kick in a big way       

·       U.S. stock futures appear to be pausing on Friday after tech equities hit a new high yesterday

• Asia—Higher:  Nikkei, +0.17%; Shanghai, +.50%; Hang Seng, +1.30%
• EUROPE: Higher—DAX, +0.36%; FTSE, +0.14%; CAC, +0.24%
• WALL STREET: Futures, little weaker --DOW, -1; S&P, -0.75; NAS, -1.75
• EXTERNALS: Oct crude, -$0.44 @ $42.38; Gold: -$2.70 @ $1,944; Sep $ Index, +.292 @ 93.070
• T-storm Weather®: a much warmer period begins over the next two days across corn and soybeans in the U.S. Corn Belt and then continues for one week, as maximum temperatures continually reach the mid-80s to low-90s.  Some showers and thunderstorms form through then, especially this weekend within the northwest half of the Corn Belt, and over the same period across the far southeast edges of production
• CU, up $.02 @ $3.2650; CZ, up $.0150 @ $3.4075. Funds sold 3 K at mid-week and another 2 yesterday
• SU, up $.0025 @ $9.0325; SX, up $.01 @ $9.0625.  Funds sold 5 K SB, 2 K SBM, 4 K SBO. Board crush: $0.88 (U/U), +2; LY, $1.04
• WU, up $.0275 @ $5.2225; WZ, up $.0275 @ $5.3125.  Funds have bought 3 and 4 K the past two trading days 

CORN/SORGHUM

·       T-storm Weather®: more than one system is likely to slide across U.S. Corn Belt over Aug. 27-Sep. 3, causing a couple rounds of thunderstorms to affect corn, and most likely resulting in 0.50”-1.50” to break ongoing drying

·       Combined old and new-crop unshipped U.S. corn export sales as of Aug. 13 were 599 mbu, which is 122% higher compared to 270 mbu last year but is 3% lower versus 615 mbu two years ago

·       ATI Research: U.S. corn dented progress on average increases approximately 16% from Aug. 16-23 to 40%

·       The USDA is expected to begin conducting its surveys early next week for the September 11 Crop Production report

SOYBEANS/WHEAT

·   ​    T-storm Weather®: more than one system is likely to slide across U.S. Corn Belt over Aug. 27-Sep. 3, causing a couple rounds of thunderstorms to affect soybeans, and most likely resulting in 0.50”-1.50” to break ongoing drying

·       Combined old and new-crop unshipped U.S. soybean export sales as of Aug. 13 were 958 mbu, which is 167% higher compared to 359 mbu last year and is 55% higher versus 620 mbu two years ago

·       ATI Research: unshipped U.S. HRS wheat export sales as of Aug. 13 were 69 mbu—the 2^nd highest total in 10 years

·       T-storm Weather®: 6% of Australia wheat drier than normal last 14 days, but 54% last 90 days (72% East, 25% in WA)

ENERGY

·       Lower:  CLV20, -$0.44 @ $42.38; EBV, -$0.40 @ $44.50; EBV-QCLV, +0.04; RBV, -.0130; NGV, -.007; HOV, -.0146

·       Chicago ethanol was $.0215 higher yesterday at $1.34125; basis, all weaker: NYC, +-$.0275 @ +$.13875; Gulf, -.00625 @ +$.14375; Dallas, -$.00125 @ +$.12375; Tampa, -$.00125 @ +$.20375; LA, -$.01625 @ +$.13375

·       Ethanol RIN values, easier: 2019’s, -1.00 @ 40-43 ½; 2020’s: -1.00 @ 44 ½ -45                                           &n​bsp;                       &nb​sp;                       &nbs​p;                        &nbs​p;                        ​;              

&middo​t;       The Sep RBOB/August ethanol spread is trading -$.0051, off .0144; premium to ethanol

LIVESTOCK/POULTRY             ​                   &​nbsp;      

• Choice boxed beef was $2.34 higher on Thursday to $225.38, and is up $14.43 versus last week
• Est. for today’s USDA Cattle on Feed report: Aug. 1 on feed, 100.8%; Placed in July, 106.2%; Marketed in July, 99.6%
• The mandatory pork carcass cutout value increased $1.70 on Thu. to $75.49, & is up $2.24 compared to a week ago
• CME Lean Hog Index gained $0.33 on Thu. to $55.41.  August futures firmed $2.625 but are $0.235 below the index

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