Information provided may include opinions of the author and is subject to disclosures found at the end of this document.

HIGHLIGHTS

·       TRENDS—Mostly firm: CU, +$.0225; SU, -$.0075; WU, +$.0350; KWU, +$.03.  Del’y: SBM, 262

·       What caught my eye:  After much hand-wringing yesterday afternoon as a derecho swept across the Midwest, the market seems little affected with corn only slightly higher and soybeans, fractionally lower

·       Trump, Democrats seem to be inclined to restarting negotiations on a broad economic relief package

• Asia—Mostly firm:  Nikkei, +1.88%; Shanghai, -1.15%; Hang Seng, +2.11%
• EUROPE: Firmer—DAX, +2.71%; FTSE, +2.37%; CAC, +2.74%
• WALL STREET: Futures, Higher --DOW, +279; S&P, +23.25; NAS, +60.50
• EXTERNALS: Oct crude, +$0.59 @ $42.53; Gold: -$39.60 @ $2,000; Sep $ Index, -.290 @ 93.290

·       T-storm Weather®: a heavy thunderstorm cluster with pockets of wind damage from some gusts near 100 mph slid across eastern NE, IA, southern WI  & central / northern IL on Monday (esp. along & north of I-80).  Some thunderstorms follow today in southern corn & soybean areas as the associated cool front dissipates, followed by more rain on western corn & soybeans Wed.-Thu. when a warm-up unfolds, then within a wider area Fri.-Sat. in a cool-off.  Temps ultimately average slightly above-normal through then

• CU, up $.0225 @ $3.1275; CZ, up $.0225 @ $3.2525.  The funds bought 3 K to begin the week                                 &n​bsp;      
• SU, dn $.0075 @ $8.6925; SX, dn $.0150 @ $8.7175.  Funds: bought 5 SB, 3 SBM, 0 SBO.  Board crush: $0.95 (U/U), +4; LY, $1.03
• WU, up $.0350 @ $4.9450; WZ, up $.0350 @ $5.0325.  The funds sold 2 K on Monday as foreign supply potential increases                ]

CORN/SORGHUM

·       USDA estimates U.S. corn silking as of Aug. 9 at 97% vs. 87% last year & the 5-year avg. of 95%; corn dough at 59% vs. 34% last year & avg. of 52%.  Good/Excellent crop ratings pegged at 71% vs. 72% last week but above 57% last year

·       T-storm Weather®: after rain impacts the U.S. Corn Belt through Sat., a drier period follows next week.  Temperatures will initially be cool next week, but more of the same follows as temperatures alternate within a seasonable range

·       ATI Research: U.S. ending stocks of corn for 20/21 pegged at 2.704 bbu compared to the USDA forecast of 2.648 bbu

·       T-storm Weather®: a total of 93%, 63%, 55% of Ukraine corn was drier than normal over the last 14, 30 and 60 days

SOYBEANS/WHEAT

·       US soybeans setting pods: 75% v. 49% last year, 5-year avg. 68%; Good/Excellent, 74% v. 73% last week, 54% last year

·       T-storm Weather®: after rain impacts the U.S. Corn Belt through Sat., a drier period follows next week.  Temperatures will initially be cool next week, but more of the same follows as temperatures alternate within a seasonable range

·       ATI Research: U.S. soybean ending stocks for 20/21 pegged at 0.532 bbu compared to the USDA forecast of 0.425 bbu

·       T-storm Weather®: rains affect wheat in Australia every five days as a stormier period continues

·       ATI Research: adjusting for results from ATI HRS Crop Tour, U.S. HRS wheat crop is up 1 mbu v. last week at 563 mbu 

ENERGY

·       Firm:  CLV20, +$0.59 @ $42.53; EBV, +$0.49 @ $45.48; EBV-QCLV, -0.12; RBV, +.0142; NGV, +.018; HOV, +.0112

·       Chicago ethanol was $.0125 higher at $1.2275; basis, mixed: NYC, -$.0025 @ +$.1025; Gulf, +.0025 @ +$.1025; Dallas, +$.0175 @ +$.0975; Tampa, +$.02250 @ +$.2175; LA, -$.0025 @ +$.1825

·       Ethanol RIN values, lower: 2019’s, -1.00 @ 38 ½ -40 1/2; 2020’s: -1.75 @ 40-43                        &​nbsp;                     ​;                        ​                        &​nbsp;                       &n​bsp;                        &n​bsp;        

·  &​nbsp;    The Sep RBOB/August ethanol spread is at $.02, up $.0007, premium RBOB

LIVESTOCK/POULTRY                                ​       ​

• Choice boxed beef increased $1.73 on Monday to $207.20, and is $2.54 higher compared to last week  
• 5-Area Weekly Weighted Average Steer price was up $2.68 v. last week at $101.34/cwt, but is dn $11.03 v. last year
• The mandatory pork carcass cutout value fell $1.58 on Mon. to $69.84, but is still up $3.73 versus a week ago
• Current nearby board hog crush value is $34.42/cwt vs. last week’s $31.66, last month’s $30.77 & last year’s $38.06

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