HIGHLIGHTS
· TRENDS—Mostly firm: CU, -$.0225; SU, +$.0050; WU, +$.05; KWU, +$.0275
· What caught my eye: Chinese soybean buying expected to continue at a brisk pace through fall as reports indicate SBM inclusion in rations is up as much as 25% for the pork section as well as the poultry industry. Hence, the 5% gain in yr to yr crush
· Stock indices are slightly firmer with no real earth-shaking news out there this morning
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Asia—Mostly lower: Nikkei, +0.26%; Shanghai, -1.24%; Hang Seng, -0.74%
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EUROPE: A little firmer—DAX, +0.23%; FTSE, +0.06%; CAC, +0.10%
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WALL STREET: Futures, up --DOW, +39; S&P, +4.5; NAS, +12.25
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EXTERNALS: Oct crude, -$0.43 @ $42.69; Gold: -$17.10 @ $1,996; Sep $ Index, -.004 @ 92.255
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T-storm Weather®: areas of high pressure limit rainfall over the next five to seven days and increase the coverage of 14-day topsoil and 30-day subsoil dryness, despite isolated showers and thunderstorms, and some scattered thunderstorms in / near MN within Fri.-Sun. Temps turn much warmer from west to east through Fri. as highs return to the 80s-90s for several day. A cool front passes around Mon. to revert temps to near-normal levels, also triggering minor showers and thunderstorms
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CU, dn $.0225 @ $3.2475; CZ, dn $.02 @ $3.3975. Funds sold 7 K as Monday was perhaps overdone to the upside  
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SU, up $.0050 @ $9.1250; SX, up $.0050 @ $9.1425. Funds: Sold 2 K, 3 SBM, bot 3 BO. Board crush: $0.87(U/U), -1; LY, $1.04
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WU, up $.05 @ $5.1250; WZ, up $.0475 @ $5.23. In wheat, the funds were sellers of an estimated 5 K
CORN/SORGHUM
· T-storm Weather®: next week, at least one tropical storm or hurricane is expected to affect the Gulf of Mexico and / or Atlantic Ocean, which is initially unfavorable for central U.S. rainfall because it limits influxes of tropical humidity
· ATI Research: bias on near-term U.S. corn exports has moved up to a broad 35 to 45 mbu per week range
· U.S. Energy Information Administration (EIA) report scheduled to be released at 9:30 am CDT
· T-storm Weather®: little to no rain affects corn in Ukraine near-term, as drought continues & temps stay very warm
SOYBEANS/WHEAT
· T-storm Weather®: next week, at least one tropical storm or hurricane is expected to affect the Gulf of Mexico and / or Atlantic Ocean, which is initially unfavorable for central U.S. rainfall because it limits influxes of tropical humidity
· ATI Research: near-term exports of U.S. soybeans are projected to range from 30 to 40 mbu per week
· T-storm Weather®: some rains affect wheat in Australia near-term, but a drier period develops with time
· ATI Research: near-term exports of U.S. wheat are projected to range from 16-20 mbu per week
ENERGY
· Mixed: CLV20, -$0.43 @ $42.69; EBV, -$0.45 @ $45.01; EBV-QCLV, -0.02; RBV, -.0256; NGV, +.024; HOV, -.0186
· EIA Report Estimates (API): crude -2.7 (-4.3); Gasoline -1.2 (+1.1); Distillates -0.5 (-1.0). Estimates for ethanol production avg. 0.919 mbpd (range: 0.898-0.945). Avg. est. of ethanol stocks: 19.706 mb (range: 19.000-20.300)
· Chicago ethanol gained $.0285 to $1.3385 on Tuesday; basis, mixed: NYC, +$.0015 @ +$.1165; Gulf, +.0065 @ +$.1015; Dallas, -$.0160 @ +$.0815; Tampa, -$.006 @ +$.1865; LA, -$.0660 @ +$.1215
· Ethanol RIN values, unch to firmer: 2019’s, unch @ 38-41 ;2020’s: +1.50 @ 42 -45 ½          
· The Sep RBOB/August ethanol spread is trading -$.0309 this morning, off ,0314 and premium to ethanol
LIVESTOCK/POULTRY  
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Choice boxed beef was $3.60 higher on Tuesday at $220.86, and is up $12.78 versus last week
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Light cash cattle trading occurred on Tuesday at $106 in Texas and $106 to $107 in Kansas
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The mandatory pork carcass cutout value fell $0.32 on Tue. to $73.50, but is still up $3.73 compared to a week ago
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CME Lean Hog Index added $0.34 on Tue. to $54.81. August futures plummeted $2.100 & are $3.385 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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