·       TRENDS—Mostly firm: CZ, +$.0275; SX, +$.0150; WZ, -$.01; KWZ, unch.  Dalian Jan C & SB both off about $.04 

·       What caught my eye: The PNW vessel count jumped 7 to a 15-week high of 20 units, suggesting the soybean export program is ramping up with weekly corn, soybean and wheat exports likely going from 30 or so per week, to 40-45 K, possibly higher 

·       House Democrats prepare a $2.4 trillion relief package but far exceeds what the Republicans are prepared to pay, volatility

• Asia:  Mostly firm:  Nikkei, +0.58%; Shanghai, -0.12%; Hang Seng, -0.32%
• EUROPE: Weaker—DAX, -1.31%; FTSE, -0.36%; CAC, -1.34%
• WALL STREET: Lower-–DOW futures, -127; S&P, -14.75; NAS, -50
• EXTERNALS: Nov crude, -$0.11 @ $40.20; Gold: -$10.00 @ $1,867; Mar $ Index, +.162 @ 94.520
• Weather: the U.S. Midwest will see mostly dry conditions today, which will continue to benefit corn & soybean harvest, as well as winter wheat planting.  Isolated showers are possible on Sat. in northern areas of the western Midwest, while scattered rain may impact northern areas of the eastern Midwest.  Mainly dry conditions are forecast on Sun. for the western Midwest, while isolated showers are possible for the eastern Midwest.  Temps average above to well above normal for the entire Midwest through Sun.
• CZ, up $.0275 @ $3.6625; CH, up $.02 @ $3.7425.  Funds sell 7 K, harvest pressure, good weather and approaching stx report                 
• SX, up $.0150 @ $10.0125; SF, up $.0150 @ $10.0475. Funds sold 8 K SB; 7 BO; 7 SBM. Board crush: $0.90 (V/X), -8; LY, $0.75
• WX, dn $.01 @ $5.4875; WH, dn $.0075 @ $5.5625.  The funds were reported even in yesterday’s trading                    

CORN/SORGHUM

·       Unshipped U.S. corn export sales as of Sep. 17 were a record 811 mbu—up 158% from last year

·       ATI Research: combined U.S. corn export sales to Japan, Taiwan & South Korea only slightly above avg.  Argentina & Brazil not competitive beyond Dec. & Ukraine’s supply may be curtailed; thus, more U.S. sales to the region possible

·       Weather: a strong system early next week pushes across the U.S. Midwest; moderate rain, with isolated showers, lingers through the week across Northern Plains & Midwest.  Temps plummet to well below normal later in the week

·       U.S. corn harvest progress on average increases approx. 6% from Sep. 20 – 27 to approx. 16%

SOYBEANS/WHEAT

·       Unshipped U.S. soybean export sales as of Sep. 17 were a record 1.176 bbu—more than triple the level of a year ago

·       Weather: a strong system early next week pushes across the U.S. Midwest; moderate rain, with isolated showers, lingers through the week across Northern Plains & Midwest.  Temps plummet to well below normal later in the week

·       U.S. soybean harvest progress on average increases approx. 10% from Sep. 20 – 27 to approx. 16%

·       ATI Research: unshipped U.S. HRW wheat export sales as of Sep. 17 were 60 mbu—the 2^nd highest total since 2010

·       Weather: moderate/heavy rain is expected today through the weekend across wheat in central & south Argentina

ENERGY

·       Lower: CLX20, -$0.11 @ $40.20; EBX, -$0.06 @ $41.88; EBX-QCLX, +0.04; RBX, -.0013; NGX, -.046; HOX, +.0020

·       Chicago ethanol shed $.0175/gallon to $1.3850; basis, mixed: NYC, -$.0150 @ +$.0550; Gulf, +.0075 @ +$.09; Dallas, -$.0025 @ +$.035; Tampa, -$.0025 @ +$.13; LA, +$.0075 @ +$.11

·       Ethanol RIN values, down: 2019’s, -0.25 @ 44 ¼ - 45; 2020’s: -0.25 @ 46 ¼ -47                                 &nbs​p;                        &nbs​p;                        ​;                        ​                        &​nbsp;                       &n​bsp;         

·    ​   The Oct RBOB/Sept ethanol spread is +.0034 firmer at -$0.2159 today  

LIVESTOCK/POULTRY             ​                       &n​bsp;  

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• Choice boxed beef increased $1.61 on Thursday to $217.48, and is $2.43 higher compared to a week ago
• Est. for today’s USDA Cattle on Feed report: Sep. 1 on feed, 103.4%; Placed in Aug, 105.9%; Marketed in Aug, 96.6%
• The mandatory pork carcass cutout value firmed $3.36 on Thu. to $91.51, and is $5.03 higher versus last week 
• Hogs and Pigs: All hogs & pigs, 100.7% (100.1% avg. est); Kept for breeding, 98.5% (97.5%); Market, 100.8% (100.6%)

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