HIGHLIGHTS
· MARKET TREND: CORN: CZ, Up $.0050; SOYBEANS: SX, Up $.0250; WHEAT: WZ, Up $.02; KWZ: Up $.01
· Employer job adds at a 15 year high; openings surge 8% in July and suggest the strong demand for labor may lead to a Fed interest rate hike next week. Good news is bad news—Asia closes weaker: Hang Seng, -2.57%; Nikkei, -2.51%; Shanghai, -1.45%. Europe is also somewhat weaker at mid-day: DAX, -.4%; CAC 40, -.6%; FTSE, -.7%. But futures suggest a glimmer of hope for Wall Street: DOW up 49; NAS, +15.3 and the S&P, +6 ½. Outside markets finds Oct WTI up $.55-$.60/barrel; gold is $3.90 higher at $1,105.90 and the $ Index is .070 higher at 96.080
· T-storm Weather: Two cool fronts move across the central U.S. through Friday, resulting in scattered showers and thunderstorms within the southeast two-thirds of the Corn Belt; wettest from the Delta through the far southeast Corn Belt. Temperatures turn unseasonably cool through Saturday, marking a dramatic end to the unusually warm period. A sharply warmer pattern returns Sunday-Monday and dominates next week. The pattern eventually breaks down when a system chugs eastward, likely resulting in some rain around next Friday-Saturday and a seasonably-cooler pattern thereafter
· Sep Corn Up $.0125 at $3.5775; Dec Up $.0050 at $3.6950. The funds were even inWednesday’s trade. Dely: 72
· Sep SB Up $.0025 at $8.83; Nov Up $.0250 at $8.7475. Funds: sold 4 K SB, 1 K SBM, 3 K SBO. Dely: SBM, 0; SBO, 99
· Sep Wheat Up $.02 at $4.64; Dec Up $.0175 at $4.74. The funds sold 2 K yesterday. Dely: 5 HRW; 79 SRW
CORN/SORGHUM       ;
· Sept. 11 USDA WASDE: Avg. trade guess of 2015 U.S. corn crop: 13.484 bbu (range 13.057-13.870) & 13.686 in August
· Sept. 11 USDA WASDE: Avg. trade guess U.S. corn carryout--14/15, 1.771 bbu (1.772 in August); 15/16, 1.609 (1.713)
· ATI Research: Near-term U.S. corn exports are forecast to average 34-35 mbu per week (+/- 3.5) and versus 30.3 per week last September but well above the 5-year average of 25
· U.S. corn mature for the week ending Sept. 13 was approx. 25% last year and the five-year average is approx. 40%
· Ethanol margins: $0.20 per gallon--up vs. $0.16 last week but below $0.97 last year. EIA report at 10:00 AM CDT
SOYBEANS/WHEAT
· Sept. 11 USDA WASDE: Avg. trade guess for 2015 U.S. soybean crop: 3.841 bbu (range 3.715-3.935) & 3.916 in August
· Sept. 11 USDA WASDE: Avg. trade guess for U.S. soybean carryout--14/15, 230 mbu (240 in August); 15/16, 424 (470)
· ATI Research: Expect near-term U.S. soymeal exports to average 130-135 K MT per week v. 5-year average of 94/week
· Sept. 11 USDA WASDE: Avg. trade guess for U.S. all wheat carryout--15/16, 868 mbu (850 in August)
· ATI Research: U.S. all wheat exports are forecast to average 15-20 mbu per week near-term
ENERGY
· Firmer: CLV15, +0.57, $44.72; EBV,+$0.50; EBV-CLV, $3.24, -$0.19, RBV, +$.0244; NGV, +$.027; HOV, +$.0192
· EIA estimates: crude, +1.0 (API: +2.1); Gasoline, -0.7 (+0.7); Distillates, +0.6 (+0.8)
· A mixed trend persisted in cash ethanol markets on Wednesday: Chicago added ¾; New York and Tampa steady; Gulf down 2; Dallas eased ¼; and LA was ½ lower at $1.63 ½ per gallon
· Ethanol RINs weaker: 2013’s down 7/8 at 33-33 ¾; 2014’s off 3/8 to 34-35 ¾; and 2015’s eased 7/8 to 33-33 ¾
· The Oct RBOB/Sep Ethanol spread had the latter’s premium increase over 4 ½ cents to -$.1083/gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values increased 31-cents on Wednesday, but at $239.47 are still down $1.50 vs. last week
· U.S. daily cattle slaughter for Wednesday was estimated at 114,000 head vs. 109,000 last week & 115,000 a year ago
· On Wednesday, USDA mandatory pork carcass cutout firmed 28-cents, but at $85.29 is 28-cents lower vs. a week ago
· CME Lean Hog Index $0.84 weaker at $73.92. October futures up $0.20 at $68.975 and are $4.945 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather