HIGHLIGHTS

·       ​;  Market Trend--Continued dryness: Corn,  8-9 Higher; Soybeans, Up 40-45; Wheat, 5-6 Higher   

·         Lessened fears over a U.S. attack on Syria and improved manufacturing numbers out of China and some parts of the EU have global markets mostly higher this morning. U.S. lawmakers are skeptical about the intelligence information pertaining to the purported chemical attack and the long-term benefits from intervention.  The Nikkei was up 3%; the Hang Seng, 1% and S Korea, a ½%.  U.S. futures are up 98 for the Dow; the S&P is 14 higher and the Nasdaq, up 22 ½. Outside markets have gold off $2.70; the $ Index is a ¼ point higher at 82.385; crude is down 40 cents but the remainder of the energy complex is slightly higher  

·         Rains the past 24 hours were limited to very light amounts in Central IL with mostly 1/10” amounts across KY, TN and the South. Most of the Central Corn Belt will remain dry this week with seasonable daily highs in the 70-80’s.  Readings in the Plains will be in the 90’s and will push eastward late in the week.  An active cool front will move through the region early next week, resulting in low to moderate chances for widespread rain amounts Mon-Tue, possibly in the ½ to 1” range

·         Sep Corn Up $.00875 at $5.0375; Dec Corn Up $.0850 at $4.9050. Funds sold 2 K on Friday; Net short 134 K

·         Sep Soybeans Up $.40 at $14.64; Nov SB Up $.4525 at $14.0275.  Funds:  sold 4 K SB, 4 K SBM and were even on SBO.  Funds are long 97,300 soybeans

·         Sep Wheat Up $.0525 at $6.4850; Dec Wheat Up $.05 at $6.59.  Funds were even Friday, short nearly 74 K   

CORN/SORGHUM

·         USDA likely to show a 2-3 point decline in Good/Excellent crop ratings for corn in Crop Progressreport

·         Corn dough for week ending Sept. 1 likely to be 80-85%, which is well below last year’s 99% & behind the avg. of 90%

·         Corn dent for week ending Sept. 1 likely to be 35-40%, which is well below last year’s 85% and the average of 62%

·         Export Inspections released at 10 AM; Corn, 37.1 needed; 12.0 last week.  Milo—4.7 needed; 2.3 last week

·         Commitment of Traders report: Non-Commercial long corn futures positions decrease 35,606 contracts

SOYBEANS/WHEAT

·         USDA likely to show a 3-5 point decline in Good/Excellent crop ratings for soybeans in Crop Progressreport

·         Soybeans setting pods for week end Sept. 1 likely to be 90-95%, below last year’s 99% & behind 96% avg.

·         USDA to conclude survey for Sept. 12 Crop Production report this week

·         Export Inspections released at 10 AM CDT; Soybeans, 4.3 needed; 2.5 last week

·         Commitment of Traders report: Non-Commercial long soybean futures positions increase 18,365 contracts

·         Export Inspections released at 10 AM CDT; Wheat, 19.9 needed; 31.2 last week

·         Commitment of Traders: CBT Non-Commercial long wheat futures positions decrease 2,003 contracts

ENERGY

·         En​ergy markets are up slightly with the exception of crude: QCLV13 down $.31 at $107.34; QRBV, +.0008; QNGV,+$.096 and QHOV, +$.0193

·         Spot ethanol markets were mixed on Friday with NY down ½ cent to $2.70 ½; LA lost 3 ½; Dallas, Tampa and Chicago were all a ½ cent higher and the Gulf finished the day unchanged

·         RINs: 2012’s gained 4 cents to 66-69;  2013’s posted a nickel gain to 69-71  and 2014’s moved 4 ½ cents higher a 69-72 cent range

·         Ideas for higher ethanol output pushed the RBOB/ethanol spread $.0242 wider to $.6256 per gallon

LIVESTOCK/POULTRY                                   &nb​sp;                       

·         Choice boxed beef values eased 4-cents Friday and have lost 61-cents during the last two trading days

·         Cash cattle traded Friday at mostly $123, steady with the week before

·         The USDA pork carcass cutout value fell $1.87 Friday and has declined $4.20 over the last three trading days

·         The USDA’s Iowa/Minnesota average cash lean hog price gained $1.07 Friday to $88.34

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