HIGHLIGHTS

·       TRENDS—Mostly firm: CU, -$.0075; SU, +$.0275; WU, +$.0050; KWU, +$.01

·       What caught my eye: Wheat export demand is not so shabby either.  Sales the past month are averaging 21 per week, a 7-year high and shipments of 19.5/wk are a couple of million bushels above the seasonal average with O/S at a 5-year high    

·       Shinzo Abe, Japan’s longest-serving prime minister resigns due to health concerns, worries about possible political miscues

• Asia—Mostly firm:  Nikkei, -1.41%; Shanghai, +1.69%; Hang Seng, +0.56%
• EUROPE: Mostly lower—DAX, -0.44%; FTSE, +0.03%; CAC, -0.23%
• WALL STREET: Futures are mostly firm --DOW, +74; S&P, +4.50; NAS, -28.5
• EXTERNALS: Oct crude, -$0.01 @ $43.03; Gold: +$27.30 @ $1,950; Sep $ Index, -.586 @ 92.425
• T-storm Weather®: a severe thunderstorm cluster continues or re-generates in some fashion today in / near MN, WI, IN, MI, and OH; scattered 0.50"-1.00" amounts most likely, with highest totals in / near WI; some thunderstorms are likely along the northern fringe of driest crops in northern IA and far northern IL, as well.  These thunderstorms will also mark an end to the heat wave as a cool front passes.  Separately, the remnant of Hurricane Laura focuses heavy rain on the Delta, but not much of the Corn Belt
• CU, dn $.0075 @ $3.4350; CZ, dn $.01 @ $3.5750.  Active fund buying at 10 K, friendly supply and demand issues     
• SU, up $.0275 @ $9.40; SX, up $.0375 @ $9.4575.  Funds bot 17 K SB, 7 K SBM, 12 SBO. Board crush: $0.78 (U/U), +2; LY, $1.03
• WU, up $.0050 @ $5.43; WZ, up $.0075 @ $5.5150.  Funds bought 8 K, on HRW sales to China and rising Black Sea values    

CORN/SORGHUM

·       T-storm Weather®: thunderstorms develop Sun.-Mon across a wide U.S. crop area; highest coverage from / near KS through MO and the Delta.  Scattered rain over Mon.-Tue. also affects all other areas to the north; 0.50”-1.00” totals

·       Combined old and new-crop unshipped U.S. corn export sales as of Aug. 20 were 619 mbu, which is 121% higher compared to 280 mbu last year and is 5% higher versus 590 mbu two years ago

·       ATI Research: U.S. corn dented progress on average increases approximately 17% from Aug. 23-30 to 56%

·       The USDA is currently conducting its surveys for the September 11 Crop Production report

SOYBEANS/WHEAT

·       November 2020 soybean futures on Thu. closed at $9.42—the highest settlement price for the contract since Jan. 23

·       T-storm Weather®: thunderstorms develop Sun.-Mon across a wide U.S. crop area; highest coverage from / near KS through MO and the Delta.  Scattered rain over Mon.-Tue. also affects all other areas to the north; 0.50”-1.00” totals

·       Combined old/new-crop unshipped U.S. soybean export sales as of Aug. 20 were a record 982 mbu, up 186% v. 2019

·       ATI Research: unshipped U.S. HRW wheat export sales as of Aug. 20 were 68 mbu—the 2^nd highest total in 10 years

·       T-storm Weather®: only light rain impacts Australia wheat near-term, though rains were substantial earlier this month

ENERGY

·       Weaker:  CLV20, -$0.01 @ $43.03; EBV, -$0.06 @ $45.03; EBV-QCLV, -0.06; RBV, -.0014; NGV, +.014; HOV, -.0059

·       Chicago ethanol gained $.02875 on Thursday to $1.40/gallon; basis, mixed: NYC, +$.00625 @ +$.12; Gulf, +.00625 @ +$.0950; Dallas, -$.00375 @ +$.0850; Tampa, -$.00875 @ +$.16; LA, -$.01375 @ +$.1550

·       Ethanol RIN values, firmer: 2019’s, +1.25 @ 45 ¾-46 ½; 2020’s: +1.25 @ 47 ½ -48 ¾                                   &n​bsp;                       &nb​sp;                        &nb​sp;                       &nbs​p;                        ​;                        ​  

·       The Sep RBOB/August ethanol spread is trading -.0173, off $.0168, premium to Ethanol

LIVESTOCK/POULTRY                    &​nbsp;                  <​/wbr>

• Choice boxed beef increased $0.09 on Thursday to $231.54, and is $6.16 higher compared to a week ago 
• Week-to-week increases in choice boxed beef values have been seen for 20 consecutive trading days
• The mandatory pork carcass cutout value was $1.47 higher on Thu. at $72.35, but is down $3.14 versus last week 
• CME Lean Hog Index gained $0.26 on Thu. to $57.12.  October futures firmed $0.175 but are $1.395 below the index

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