HIGHLIGHTS

·       TRENDS—Higher:  CZ, +$.0150; SX, +$.1125; WZ, +$.0225; KWZ, +$.0450.  FWIW-- Dalian SB futures up 8; corn soars, up 10 ¼

·       What caught my eye: Taking a look at somewhat analog years in terms of this year’s evolution of soybean ratings suggests one could make the argument for another ½ bpa reduction in national average yields 

·       Weakens in the labor market due to the uncertain nature of the “post”-coronavirus recovery weighs on equities

• Asia—Higher:  Nikkei, +0.18%; Shanghai, +2.07%; Hang Seng, +0.47%
• EUROPE: Mostly lower—DAX, +0.01%; FTSE, -0.24%; CAC, -0.38%
• WALL STREET: Sort of firm --DOW, -47; S&P, +0.50; NAS, +50
• EXTERNALS: Oct crude, +$0.22 @ $41.19; Gold: +$11.90 @ $1,962; Mar $ Index, -.099 @ 92.820
• T-storm Weather®: for the central U.S., a sustained period of seasonable to mild and dry weather dominates over the next 10 days.  A wide area will be much drier than normal with little rain, allowing corn / soybean harvesting and winter wheat planting to accelerate.  Temperatures will be cool over the next two to three days with maximums in the 60s-70s and minimums in the 30s-40s-50s, but turn considerably warmer from west to east this weekend and early next week
• CZ, up $.0150 @ $3.7675; CH, up $.0150 @ $3.8550.  Funds buy another 12 K, as world fundamentals could potentially tighten               
• SX, up $.1125 @ $10.3975; SF, up $.12 @ $10.4325.  Funds bot 12 K SB, 10 K SBM & 0 SBO. Board crush: $0.82 (V/X), +3; LY, $0.81
• WX, up $.0225 @ $5.5850; WH, up $.0225 @ $5.6625.  Funds bought 6 K, again mostly in sympathy with higher row crops               

CORN/SORGHUM

·   &​nbsp;   Unshipped U.S. corn export sales as of Sep. 10 were a record 760 mbu, which is 148% higher compared to 306 mbu last year and is up 31% versus 581 mbu two years ago

·       T-storm Weather®: in 11 to 14 days, a large system flows through central U.S. & drags cooler air southward, but well-organized rain is not expected from a lack of humidity; a killing frost or freeze for corn are not foreseen into early Oct.

·       ATI Research: U.S. corn harvest progress on average increases approx. 5% from Sep. 13 – 20 to approx. 10%

·       October NWS forecast: below normal precip for central Corn Belt, equal chance above or below normal precip north

SOYBEANS/WHEAT

·      &nb​sp;November 2020 soybean futures on Thursday closed at $10.28 ½—the highest settlement price for nearby soybean futures since May 29, 2018.  November 2020 futures have closed higher on 16 of the past 18 trading days  

·       Unshipped U.S. soybean export sales as of Sep. 10 were a record 1.105 bbu—nearly triple the level of a year ago

·       T-storm Weather®: a killing frost or freeze are not foreseen for U.S. soybeans into early Oct., as lows stay above 32°F

·       ATI Research: unshipped U.S. SRW wheat export sales as of Sep. 10 were 18 mbu—the lowest total since 2005

·       T-storm Weather®: driest wheat in Australia is in the east where ~1.00” of rain is probable over next week, except Qld

ENERGY

·       Firm:  CLV20, +$0.22 @ $41.19; EBX, +$0.20 @ $43.50; EBX-QCLV, -0.02; RBV, +.0044; NGV, -.040; HOV, +.0033

·       Chicago ethanol was off $.0050 yesterday at $1.43625; basis, mostly firm: NYC, -$.02 @ +$.09375; Gulf, +.0050 @ +$.08375; Dallas, +$.0050 @ +$.03375; Tampa, +$.0050 @ +$.12875; LA, unch @ +$.09375

·       Ethanol RIN values, mixed: 2019’s, -0.125 @ 47 ½ - 49; 2020’s: +0.375 @ 49 ½ -51                                                ​                        &​nbsp;                       &n​bsp;                       &nb​sp;                        &nb​sp;                

​ ·       The Oct RBOB/Sept ethanol spread is $.0034 higher at -$.1920

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