HIGHLIGHTS

·       TRENDS—Weak: CZ, -$.0150; SX, +$.0525; WZ, -$.025; KWZ, -$.0025. Del: SM, 57; BO, 33; R, 3; HRW, 6; Corn, 276; S, 11; SRW, 60

·       What caught my eye: Both SBO and PO are again sharply higher on the Dalian Futures Exchange with the former up 59 points and following a near $.01 per pound rise on Monday 

·       U.S. stocks futures are again higher as AstraZeneca resumes its clinical trials on the Covid-19 vaccine

• Asia—Mostly higher:  Nikkei, -0.44%; Shanghai, +0.51%; Hang Seng, +0.38%
• EUROPE: Firmer—DAX, +0.19%; FTSE, +0.83%; CAC, +0.22%
• WALL STREET: Futures are higher --DOW, +161; S&P, +20.75; NAS, +91.5
• EXTERNALS: Oct crude, +$0.66 @ $39.72; Gold: +$11.50 @ $1,975; Sep $ Index, -.180 @ 92.910
• T-storm Weather®: seasonable to mild and dry weather dominate over the next few days for most of the central U.S., as upper-level high pressure allows maximums to reach the 70s-80s.  A strong cool front breaks mildness Wed.-Thu. to keep maximums in the 60s-70s for several days, but minimums stay in the upper-30s to upper-40s to limit frost to the northeastern fringe of corn and soybeans in / near WI
• CZ, dn $.0150 @ $3.68; CH, dn $.0150 @ $3.7750.  Limited fund buying on Monday, 2 K              
• SX, up $.0525 @ $10.0475; SF, up $.0575 @ $10.0.  Funds bot 4 K SB, 7 K SBO & sold 3 SBM. Board crush: $0.73 (V/X), -4; LY, $0.80
• WX, dn $.025 @ $5.4350; WH, dn $.0250 @ $5.52.  The funds began the week buying 3 K               

CORN/SORGHUM

·       December corn futures on Monday closed at $3.69 ½--highest settlement price for the contract since March 13

·       USDA pegs Good/Excellent corn crop ratings at 60% vs. 61% last week and 55% last year.  Corn mature as of Sep. 13 was 41% vs. 16% last year & 5-year avg. of 32%; corn harvested is pegged at 5% vs. 3% last year & the avg. of 5% 

·       T-storm Weather®: mainly dry & seasonable to mild weather aid corn harvesting in central U.S. the next 10 to 14 days

·       ATI Research: U.S. ending stocks of corn for 20/21 pegged at 2.452 bbu compared to the USDA forecast of 2.503 bbu

·       T-storm Weather®: limited rainfall near-term aids corn harvesting across much of the EU, Ukraine and Russia

SOYBEANS/WHEAT

·       November soybean futures on Monday closed at $9.99 ½--highest settlement price for the contract since Dec. 6, 2017

·       USDA pegs Good/Excellent soybean crop ratings at 63% vs. 65% last week and 54% last year.  Soybeans dropping leaves estimated at 37% vs. 13% last year & the 5-year avg. of 31%

·       ATI Research: U.S. soybean ending stocks for 20/21 pegged at 0.328 bbu compared to the USDA forecast of 0.460 bbu

·       T-storm Weather®: rain Thu.-Sun. impacts wheat in much of eastern Australia, but Western Australia stays fairly dry

·       U.S. spring wheat harvest: 92% v. 75% last year & avg. of 92%; winter wheat planting: 10% v. 6% last year & avg. of 8%

ENERGY

·       Firm:  CLV20, +$0.66 @ $39.72; EBX, +$0.57 @ $40.18; EBX-QCLV, -0.10; RBV, +.0130; NGV, -.008; HOV, +.0023

·       Chicago ethanol eased $.00125 on Monday to $1.4350; basis, mostly weaker: NYC, +$.00125 @ +$.10875; Gulf, -.0050 @ +$.09; Dallas, -$.01875 @ +$.04; Tampa, -$.01375 @ +$.1350; LA, -$.00875 @ +$.1050

·       Ethanol RIN values, much firmer: 2019’s, +4.00 @ 49 –51; 2020’s: +2.00 @ 49 -51 ½                       &nbs​p;                        ​;                        ​                        &​nbsp;                       &n​bsp;                        &n​bsp;               

​ ·       The Oct RBOB/Sept ethanol spread is trading -.2833 this morning, up $.0049

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

• Choice boxed beef plummeted $2.68 on Mon.—the largest decline since June 18—& is down $7.61 versus a week ago
• 5-Area Weekly Weighted Average Steer price was dn $1.91 v. last week at $101.21/cwt, but is up $1.14 v. last year
• The mandatory pork carcass cutout value fell $1.80 on Monday to $78.76, and is $1.81 lower compared to last week
• Current nearby board hog crush value is $35.65/cwt vs. last week’s $30.16, last month’s $25.22 & last year’s $36.78

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