HIGHLIGHTS

·       TRENDS—Weaker: CZ, -$.0250; SX, +$.0025; WZ, -$.0225; KWU, -$.0150.  Del: SBM, 39; SBO, 453; Corn, 207; SB, 15; SRW, 7

·       What caught my eye: Saw where another consulting group came in with a 33.5 MMT Ukraine corn crop figure.  What the USDA’s says on Friday for Ukraine’s production/exports and Chinese imports will be among the variables garnering the most attention

·       Stocks attempt to rebound after wide-spread tech sell-off the past few sessions

• Asia—Lower:  Nikkei, -1.04%; Shanghai, -1.86%; Hang Seng, -0.63%
• EUROPE: Firm—DAX, +0.95%; FTSE, +0.90%; CAC, +0.59%
• WALL STREET: feline bounce? --DOW, +180; S&P, +30; NAS, +207.75
• EXTERNALS: Oct crude, +$0.85 @ $37.60; Gold: -$8.60 @ $1,935; Sep $ Index, +.149 @ 93.590
• T-storm Weather®: a hard frost and light freeze affect the northwest ~10% of U.S. corn and soybean production this morning as minimums reach 30F to 36F (-1C to +2C).   Separately, periods of rain focus on the Corn Belt into the weekend with highest totals in / near IA, MO, and northern IL.  Heavy rain focuses to the southwest through Thursday, turning most of the HRW wheat belt wet in advance of planting.  A much drier period follows the exit of the associated system from late-week forward
• CZ, dn $.0250 @ $3.5925; CH, dn $.0225 @ $3.6975.  Fund buying totaled 10 K, extreme weather in key China producing areas          
• SX, up $.0025 @ $9.7325; SF, dn $.0050 @ $9.7775.  Funds bot 4 SB, 6 K SBO, sold 3 SBM. Board crush: $0.74 (V/X), -4; LY, $0.92
• WX, dn $.0225 @ $5.42; WH, dn $.0225 @ $5.5075.  Fund selling was another 2 K on continued correction          

CORN/SORGHUM

·       December 2020 corn futures on Tue. closed $3.61 ¾—the highest settlement price for the contract since March 27

·       USDA pegs Good/Excellent corn crop ratings at 61% vs. 62% last week and 55% last year.  Corn dented as of Sep. 6 was 79% vs. 51% last year & 5-year avg. of 71%; corn mature is pegged at 25% vs. 10% last year & the avg. of 19% 

·       ATI Research: U.S. ending stocks of corn for 20/21 pegged at 2.447 bbu compared to the USDA forecast of 2.756 bbu

·       T-storm Weather®: scattered rains from remnant of super typhoon Haishen occur over the next few days in northeast corn producing areas of China      

SOYBEANS/WHEAT

·       November 2020 soybean futures on Tue. closed at $9.73—the highest settlement price for the contract since Jan. 10

·       USDA pegs Good/Excellent soybean crop ratings at 65% vs. 66% last week and 55% last year.  Soybeans dropping leaves estimated at 20% vs. 7% last year & the avg. of 16%

·       ATI Research: U.S. soybean ending stocks for 20/21 pegged at 0.331 bbu compared to the USDA forecast of 0.610 bbu

·       T-storm Weather®: rain only on fringe of Argentina wheat next 10 days keeps crops fairly dry; temps turn very warm

·       U.S. spring wheat harvest: 82% v. 66% last year & avg. of 87%; winter wheat planting: 5% v. 1% last year & avg. of 3%

ENERGY

·       Firm:  CLV20, +$0.85 @ $37.60; EBX, +$0.55 @ $40.33; EBX-QCLV, -0.24; RBV, +.0179; NGV, -.007; HOV, +.0153

·       Chicago ethanol was off $.02150 yesterday; basis, mixed: NYC, +$.0140 @ +$.11275; Gulf, +.0090 @ +$.10525; Dallas, +$.00150 @ +$.06275; Tampa, -$.00350 @ +$.15775; LA, -$.0035 @ +$.12275

·       Ethanol RIN values, firmer: 2019’s, +0.75 @ 44 – 46 ½; 2020’s: +0.875 @ 46 -48 ½                                                  &​nbsp;                       &n​bsp;                                                &nb​sp;                       &nbs​p;             

·&nb​sp;      The Oct RBOB/Sept ethanol spread is trading -.2700, $.0316 firmer with the premium to ethanol

LIVESTOCK/POULTRY             <​wbr>                  &nb​sp;       ​

• Choice boxed beef was $1.03 lower on Tuesday, and is down $3.52 versus the previous week
• 5-Area Weekly Weighted Average Steer price was dn $1.97 v. last week at $103.12/cwt, but is up $1.39 v. last year
• The mandatory pork carcass cutout value firmed $0.76 on Tue. to 80.57, and is $7.21 higher compared to a week ago 
• Current nearby board hog crush value is $30.16/cwt vs. last week’s $24.34, last month’s $24.42 & last year’s $34.89

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