HIGHLIGHTS

·       USDA Supply/Demand report at 11:00 am CDT

·       TRENDS—Mostly lower: CU, +$.0025; SU, +$.0050; WU, -$.0375; KWU, -$.0250.  Del’y: SBM, 182

·       What caught my eye:  Iowa’s Agriculture Secretary Mike Naig indicated yesterday afternoon that extensive damage occurred to about 10 million acres in the central part of the state; private analysts loss estimates range from 50 to 400 mbu

·       U.K.’s GDP falls 20% in Q2; pandemic cases accelerate in Europe but markets are mostly firm

• Asia—Mostly firm:  Nikkei, +0.41%; Shanghai, -0.63%; Hang Seng, +1.42%
• EUROPE: Mostly firmer—DAX, -0.13%; FTSE, +0.98%; CAC, +0.43%
• WALL STREET: Futures, higher again --DOW, +275; S&P, +27; NAS, +110.25
• EXTERNALS: Oct crude, +$0.68 @ $42.56; Gold: -$6.00 @ $1,940; Sep $ Index, -.065 @ 93.5400
• T-storm Weather®: a wide area of U.S. corn and soybeans is forecast to be slightly warmer than normal through Fri.-Sat.  A slow-moving warm front triggers thunderstorms within the western third to half of corn and soybeans today-Fri., followed by minor showers and thunderstorms within a wide area Sat.-Sun. when a cool front passes
• CU, up $.0025 @ $3.1175; CZ, unch @ $3.2350.  The funds bought 2 K yesterday                                          
• SU, up $.0050 @ $8.71; SX, dn $.0025 @ $8.7325.  Funds: bought 2 SB, 1 SBM, sold 1 BO.  Board crush: $0.91 (U/U), -4; LY, $1.05 WU, dn $.0375 @ $4.9125; WZ, dn $.0350 @ $5.0025.  Fund buying on Tuesday was estimated at 2 K                

CORN/SORGHUM

·       Supply/Demand report: avg. guess for 2020 U.S. corn crop is 15.177 bbu (range: 14.815-15.401) vs. 15.000 in July

·       Supply/Demand report: avg. guess for 2020 U.S. corn yield is 180.5 bpa (range: 177.5-183.3) vs. 178.5 in July

·       Supply/Demand report: avg. trade guess 19/20 U.S. corn carryout, 2.269 bbu; avg. guess 20/21, 2.824 bbu

·       T-storm Weather®: several days of unseasonable coolness are forecast early next week across the U.S. Corn Belt, but rains throughout next week will be limited by low humidities, which may leave some areas in need of rain with time

SOYBEANS/WHEAT

·       Supply/Demand report: avg. guess for 2020 U.S. soybean crop is 4.260 bbu (range: 4.150-4.399) vs. 4.135 in July

·       Supply/Demand report: avg. guess for 2020 U.S. soybean yield is 51.2 bpa (range: 50.0-53.0) vs. 49.8 in July

·       Supply/Demand report: avg. trade guess 19/20 U.S. soybean carryout, 0.618 bbu; avg. guess 20/21, 0.526 bbu

·       Supply/Demand report: avg. trade guess for 20/21 U.S. all wheat carryout, 0.948 bbu

·       Supply/Demand report: avg. trade guess for 2020 U.S. other spring wheat crop is 0.561 bbu (range: 0.550-0.574)

ENERGY

·       Firm:  CLV20, +$0.68 @ $42.56; EBV, +$0.71 @ $45.21; EBV-QCLV, +0.02; RBV, +.0217; NGV, -.027; HOV, +.0159

·       EIA Report Estimates (API): crude NA (-4.4); Gasoline NA (-1.3); Distillates NA (-2.9).  Estimates for ethanol production were not available

·       Chicago ethanol was again $.0125 higher at $1.24; basis, mixed: NYC, -$.00125 @ +$.10125; Gulf, -.0025 @ +$.10; Dallas, +$.0050 @ +$.10250; Tampa, +$.0075 @ +$.2250; LA, -$.0125 @ +$.17

·       Ethanol RIN values, lower: 2019’s, -2.75 @ 36 -37 1/2; 2020’s: -2.25 @ 38 ½ -40                           <​wbr>                      &nbs​p;                        ​;                        ​                                                  ​     

·       The Sep RBOB/August ethanol spread is trading $.0099 this morning, up $.0106, premium RBOB

LIVESTOCK/POULTRY                                    &nbs​p;  

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