HIGHLIGHTS

·       TRENDS—Mostly lower: CU, +$.0125; SU, -$.02; WU, -$.0225; KWU, -$.0150.  Del’y: SBM, 286

·       What caught my eye:  Still a rather sizable soybean vessel line-up in Brazil, nearly 240 million bushels for a year to year increase of nearly 80%; the U.S. SON export program may not kick in quite as soon as expected

·       Markets react positively to latest executive order extending jobless benefits

• Asia—Mixed:  Nikkei, holiday; Shanghai, +0.75%; Hang Seng, -0.63%
• EUROPE: Firmer—DAX, +0.05%; FTSE, +0.31%; CAC, +0.36%
• WALL STREET: Futures, Mostly firm --DOW, +99; S&P, +4; NAS, -4
• EXTERNALS: Oct crude, +$0.56 @ $42.05; Gold: +$11.90 @ $2,040; Sep $ Index, +.108 @ 93.585

·       T-storm Weather®: scattered rains over the weekend affected the northwest half of U.S. Corn Belt (including IA), but were only heavy near IL-MO border.  Waves of energy flow along the edge of very warm and hot upper-level high pressure over the next week, causing temperatures to fluctuate within a near- to above-normal range on corn and soybeans, while triggering scattered thunderstorms and producing 100% to 200% of normal rainfall

• CU, up $.0125 @ $3.09; CZ, up $.0025 @ $3.21.  The funds sold 8 K—decent weather and no new demand interest                              &n​bsp;        
• SU, dn $.02 @ $8.6375; SX, dn $.02 @ $8.6550.  Funds: Sold 8 SB, 2 SBM, 5 SBO.  Board crush: $0.91 (U/U), +6; LY, $1.02
• WU, dn $.0225 @ $4.9325; WZ, dn $.02 @ $5.0150.  The funds sold 6 K               

CORN/SORGHUM

·       USDA WASDE report Aug. 12: avg. trade guess 20/21 US corn carryout, 2.824 bbu (range: 2.460-3.206) v. 2.648 in July

·       USDA WASDE report Aug. 12: avg. guess for 2020 US corn crop, 15.177 bbu (range: 14.815-15.401) vs. 15.000 in July

·       T-storm Weather®: rains will likely be less common in one to two weeks across the U.S. Corn Belt, as areas of surface-level high pressure in the eastern U.S. limit humidities

·       Crop Progress report: U.S. corn Good/Excellent crop ratings projected at 71-73% v. 72% last week & 57% last year

·       Export Inspections released at 10 am CDT; Corn, 33.8 mbu needed; 28.2 last week.  Milo—8.0 needed; 6.7 last week

SOYBEANS/WHEAT

·       USDA WASDE report Aug. 12: avg. trade guess 20/21 US bean carryout, 0.526 bbu (range: 0.430-0.689) v. 0.425 in July

·       USDA WASDE report Aug. 12: avg. guess for 2020 U.S. soybean crop, 4.260 bbu (range: 4.150-4.399) vs. 4.135 in July

·       Crop Progress report: U.S. soybean Good/Excellent crop ratings projected at 72-74% v. 73% last week & 54% last year

·       Export Inspections released at 10 am CDT; Soybeans, 30.1 mbu needed; 20.3 last week

·       USDA WASDE report Aug. 12: avg. trade guess 20/21 US wheat carryout, 0.948 bbu (range: 0.899-1.011), 0.942 in July

·       USDA WASDE report Aug. 12: avg. guess for 2020 U.S. wheat crop, 1.833 bbu (range: 1.814-1.856) vs. 1.824 in July 

ENERGY

·       Firm:  CLV20, +$0.56 @ $42.05; EBV, +$0.44 @ $44.84; EBV-QCLV, -0.12; RBV, +.0150; NGV, +.008; HOV, +.0124

·       Chicago ethanol rose $.0275 cent Friday to $1.2150; basis, mixed: NYC, -$.0175 @ +$.1050; Gulf, unch @ +$.10; Dallas, +$.00250 @ +$.08; Tampa, +$.0050 @ +$.1950; LA, -$.0175 @ +$.1850

·       Ethanol RIN values, steady/lower: 2019’s, unch @ 40-41; 2020’s: -0.25 @ 43 -44 ½                           &n​bsp;                     ​                        &​nbsp;                       &n​bsp;                       &nb​sp;                        &nb​sp;     

·     &n​bsp; The Sep RBOB/August ethanol spread is at $.0149, down $.0002 this morning, premium RBOB

LIVESTOCK/POULTRY             <​wbr>                   &n​bsp;      

• Choice boxed beef was $0.81 higher on Friday at $205.47, and is up $2.21 versus a week ago 
• Cattle traded for $163 to $164 on Friday in Iowa, while cattle sold for $163 in Nebraska
• The mandatory pork carcass cutout value firmed $1.46 on Friday to $71.42, and is $6.75 higher compared to last week
• CME Lean Hog Index eased $0.34 on Fri. to $52.44.  August futures gained $1.250 but remain $1.44 below the index

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