HIGHLIGHTS

·       TRENDS—Lower: CU, -$.0375; SU, -$.07; WU, -$.0375; KWU, -$.0425

·       What caught my eye:  Some noting that should the market sustain weekly corn/milo grind for ethanol production which has been running 9-10% below a year ago (18-19), the USDA could be over-stating 20-21 carry-out by a couple hundred million bushels     

·       Per the Fed, the on-going coronavirus health crisis may way heavily on economic activity, employment & inflation near-term

• Asia—Lower:  Nikkei, -1.00%; Shanghai, -1.30%; Hang Seng, -1.54%
• EUROPE: Lower—DAX, -1.17%; FTSE, -1.30%; CAC, -1.43%
• WALL STREET: Futures, lower --DOW, -88; S&P, -9.75; NAS, -11.25
• EXTERNALS: Oct crude, -$0.46@ $42.65; Gold: -$35.90 @ $1,934; Sep $ Index, +.100 @ 92.980
• T-storm Weather®: much below-normal rainfall affects a wide U.S. corn and soybean area over the next week as areas of high pressure and tropical cyclones limit influxes of humidity for organized thunderstorms, despite some this weekend in the Corn Belt, and some in the southeast Corn Belt at times.  Temperatures will be very warm over the next week (maximums reach the mid-80s to low-90s for at least four to five days starting Fri.-Sat.), after which a cool front passes Aug. 26-27
• CU, dn $.0375 @ $3.2125; CZ, dn $.0350 @ $3.3625. Fund activity was not available for Wednesday’s market
• SU, dn $.07 @ $9.0550; SX, dn $.0750 @ $9.0650.  Board crush: $0.86 (U/U), -1; LY, $1.02
• WU, dn $.0375 @ $5.0825; WZ, dn $.0425 @ $5.1775. 

CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 4-22 mbu for 19/20 corn and 16-31 for 20/21

·       T-storm Weather®: rain chances most likely improve from Aug. 28-30 forward across the U.S. Corn Belt.  The exact setup will take many days to determine, but 0.50” to 1.50” of rain is probable over Aug. 28 - Sep. 2

·       Ethanol grind: total of 926,000 barrels/day for the week ending Aug. 14—up 8 thousand (0.9%) versus last week but 9.5% lower compared to last year’s 1,023,000

·       T-storm Weather®: 98%, 93%, 67%, 20% of Ukraine corn was drier than normal over 14, 30, 60, 90 days ending Mon.

SOYBEANS/WHEAT

·      &​nbsp;Export Sales to be released at 7:30 am CDT.  Trade expects 11-29 mbu for 19/20 soybeans and 73-114 for 20/21; soymeal, 100-300 K MT for 19/20 and 25-150 for 20/21; soyoil, 5-30 for 19/20 and 5-30 for 20/21  

·       T-storm Weather®: rain chances most likely improve from Aug. 28-30 forward across the U.S. Corn Belt.  The exact setup will take many days to determine, but 0.50” to 1.50” of rain is probable over Aug. 28 - Sep. 2

·       Export Sales to be released at 7:30 am CDT.  Trade expects 11-22 mbu for 20/21 wheat

·       T-storm Weather®: rains aided most wheat in Australia the last two weeks, but a fairly dry & cool period is beginning

ENERGY

·       Lower:  CLV20, -$0.46 @ $42.65; EBV, -$0.49 @ $44.88; EBV-QCLV, -0.04; RBV, -.0155; NGV, -.026; HOV, -.0130

·       Chicago ethanol shed $.0185 as it slipped to $1.32; basis, firmer: NYC, +$.04975 @ +$.16625; Gulf, +.0485 @ +$.15; Dallas, +$.0435 @ +$.1250; Tampa, +$.0185 @ +$.2050; LA, +$.0285 @ +$.15

·       Ethanol RIN values, firmer: 2019’s, +3.25 @ 41-44 ½; 2020’s: +2.00 @ 44 -47 ½                                                 &​nbsp;                       &n​bsp;                        &n​bsp;                       &nb​sp;                       &nbs​p;         

·      &n​bsp;The Sep RBOB/August ethanol spread is trading -$.0069 this morning, off .0099 and premium to ethanol

LIVESTOCK/POULTRY             &nbs​p;                        &nbs​p;

• Choice boxed beef increased $2.18 on Wednesday to $223.04, and is $13.95 higher compared to a week ago
• Cash cattle sold mostly for $106 on Wednesday in the South, easily $2.00 higher than last week's weighted average
• The mandatory pork carcass cutout value firmed $0.29 on Wed. to $73.79, & is $2.54 higher versus last week
• CME Lean Hog Index firmed $0.27 on Wed. to $55.08.  August futures gained $1.125 but are $2.530 below the index

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