HIGHLIGHTS

·       TRENDS—Mixed: CZ, -$.0425; SX, +$.0050; WZ, unch; KWU, +$.0250.  Del’y: SBM, 83; HRW, 31; SB, 2; SRW, 11

·       What caught my eye: Corn is being pressured as ratings for the week ending August 30^th fell a less than expected 2 points to 62% G/E.  The trade was anticipating a 3-point decline and notable reductions of 5 points each were reported for KS and IA      

·       Equity markets are mostly firmer with concerns over when and if Congress can agree to a Covid relief package

• Asia—Mostly firm:  Nikkei, -0.01%; Shanghai, +0.44%; Hang Seng, +0.03%
• EUROPE: Mostly firm—DAX, +0.63%; FTSE, -1.30%; CAC, +0.19%
• WALL STREET: Futures are mostly firm --DOW, -9; S&P, +9.75; NAS, +120.25
• EXTERNALS: Oct crude, +$0.47 @ $43.08; Gold: +$17.50 @ $1,996; Sep $ Index, -.225 @ 91.910
• T-storm Weather®: a cool front triggers scattered showers and thunderstorms across the southeast half of corn and soybeans through Wednesday, especially today when a wave of energy slides along the front; scattered 0.25" to 0.75" totals most common, except for higher totals from OK-TX through / near AR-MO and the southern Corn Belt.  Mainly dry weather follows / continues for the rest of the week with near-normal temperatures
• CZ, dn $.0425 @ $3.5350; CH, dn $.0425 @ $3.6325.  Fund buying totaled 10 K yesterday      
• SX, up $.0050 @ $9.54; SF, up $.0075 @ $9.6050.  Funds bot 15 K SB, 7 K SBM, 12 BO. Board crush: $0.81 (U/U), +1; LY, $0.95
• WX, unch @ $5.5225; WH, dn $.0025 @ $5.6025.  The funds opened the week buying 8 K      

CORN/SORGHUM

·       December 2020 corn futures on Mon. traded $3.64 ¼—highest price since 3/30—but closed $0.01 ½ lower at $3.57 ¾

·       USDA pegs Good/Excellent corn crop ratings at 62% vs. 64% last week and 58% last year.  Corn dented as of Aug. 30 was 63% vs. 37% last year & 5-year avg. of 56%; corn mature is pegged at 12% vs. 5% last year & the avg. of 10% 

·       T-storm Weather®: below-normal temps for central U.S. over Sep. 7-12; widespread rain of 0.25”-0.75” over Sep. 8-9

·       ATI Research: U.S. ending stocks of corn for 20/21 pegged at 2.369 bbu compared to the USDA forecast of 2.756 bbu

·       T-storm Weather®: much warmer than normal temps impact corn near-term across Ukraine, the eastern EU & Russia

SOYBEANS/WHEAT

·       November 2020 soybean futures on Monday closed $9.53 ½—highest settlement price for the contract since Jan. 17

·       USDA pegs Good/Excellent soybean crop ratings at 66% vs. 69% last week and 55% last year.  Soybeans setting pods at 95% v. 84% last year & the 5-year avg. of 93%; soybeans dropping leaves est. at 8% vs. 3% last year & the avg. of 8%

·       ATI Research: U.S. soybean ending stocks for 20/21 pegged at 0.321 bbu compared to the USDA forecast of 0.610 bbu

·       T-storm Weather®: limited rain forecast near-term for Argentina wheat; drought is widespread & key periods nearing

·       USDA has discontinued U.S. spring wheat ratings; harvest at 69% v. 49% last week, 50% last year & 5-year avg. of 77%

ENERGY

·       Higher:  CLV20, +$0.47 @ $43.08; EBX, +$0.56 @ $45.84; EBX-QCLV, +0.09; RBV, +.0148; NGV, +.017; HOV, +.0112

·       Chicago ethanol was again lower, off $.00875 to $1.3850/gallon; basis, mixed: NYC, -$.00875 @ +$.1125; Gulf, +.00875 @ +$.11; Dallas, +$.00875 @ +$.0950; Tampa, +$.01875 @ +$.1850; LA, -$.01125 @ +$.1650

·       Ethanol RIN values, weaker: 2019’s, -0.125 @ 44 ¾ - 46; 2020’s: -0.125 @ 46 ¾-48                         ​                        &​nbsp;                       &n​bsp;                       &nb​sp;                       &nbs​p;                                     

· &nb​sp;     The Oct RBOB/Sept ethanol spread is trading -.1343, up $.0245, premium to ethanol

LIVESTOCK/POULTRY                                  &nb​sp;    

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• Choice boxed beef was $1.45 lower on Monday, but is still $0.48 higher compared to a week ago
• 5-Area Weekly Weighted Average Steer price was dn $1.50 v. last week at $105.09/cwt, and is dn $0.50 v. last year
• The mandatory pork carcass cutout value firmed $1.39 on Mon. to $72.03, but is still down $1.90 versus last week 
• Current nearby board hog crush value is $24.34/cwt vs. last week’s $26.37, last month’s $22.30 & last year’s $34.01

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