HIGHLIGHTS
· MARKET TREND—Firmer-CZ: Up $.01; SX: Up $.0275; WZ: Up $.01; KWZ: Up $.0050
· MACRO: Markets vary from mixed overseas to U.S. futures being firmer—data day—initial unemployment claims, PPI, retail sales; Philly Fed. ASIA: lower—Nikkei, -1.26%; Hang Seng, +.63%; Shanghai, -.69%. EUROPE: Mostly Higher --CAC, -.11%; DAX, +.15%; FTSE, +.08%. WALL STREET: Futures—DOW, +57; S&P, +6.75; NAS, +16.25. EXTERNALS: $ Index, +.078 @ 95.400; Gold, -$1.40 @ $1,320.60; Oct Crude, +$.42 @ $44.00/barrel. Del’y: Corn—35; SRW—1; HRW—22; SBO—21; SBM--48; SB--0
· T-Storm Weather: Better-organized rain of 0.50” to 1.50” affects most U.S. corn, soybean and winter wheat areas within today-Sunday. Highest coverage and amounts affect the central/southern Plains and parts of the Corn Belt. At least three to five days of drying follow the exit of rain as surface-level high pressure passes. Temperatures fluctuate within a seasonable to mild range over the next 10 days; maximums most-often in the 70s-80s with minimums in the 50s
· Corn: CZ Up $.01 @ $3.3275; CH Up $.0075 @ $3.4325. The funds bought 2 K at mid-week
· SB: SX Up $.0275 @ $9.4550; SF Up $.0125 @ $9.4925. Funds: sold 1 SB, 1 SBM; bot 1 SBO. Oct crush, $.69, -$.11; LY: $1.03
· Wheat: WZ Up $.01 @ $4.04; WH Up $.0175 @ $4.2625. The funds bought 2 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 31-43 for 16/17 corn
· T-storm Weather: Rain chances increase again next week. The most likely scenario for a round of seasonably-heavy rain (0.33”-0.67”) to unfold is Sep. 21-22, thereby slowing corn harvest but not producing a particularly heavy event
· ATI Research: 5-year avg. shows additional 5% of U.S. corn is harvested from Sep. 11-Sep. 18; would put 2016 at 10%
· Consultant:Full-season corn being planted in southern Brazil; germination/stands said to be good in Rio Grande do Sul
· Ethanol grind: 1,004,000 barrels/day for week end Sep. 9—up 0.6% vs. last week and 4.5% higher vs. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 33-44 mbu for 16/17 soybeans; soymeal, 30-60 K MT for old- crop and 50-125 new-crop; soyoil, 0-10 K MT for old crop and 0-30 for new-crop
· T-storm Weather: The potential for a cooler period for U.S. soybeans is being monitored for late next week and weekend (Sep. 23-25), but a significant frost or freeze is not expected as minimums mostly stay in the 40s or warmer
· Export Sales report. Trade expects 13-20 mbu for 16/17 all wheat
· T-storm Weather: Organized rain aided the southeast two-thirds of wheat in Argentina over the last week, as well as most wheat in Brazil. Dry weather occurs in most areas over the next 10 days, with temps near to above-normal
ENERGY
· Lower: CLV16, +$.42, $44.00; EBX,+$0.52; EBX-CLV, $2.364, +$.09; RBV, +.0252; NGV, -.005; HOV, +$.0196
· A mixed trend was noted in cash ethanol markets on Wednesday: Chicago up ¼; New York off 1; Gulf declined ½; Tampa and Dallas gained ½; and LA was 3 ½ higher at $1.69 ½ per gallon
· Ethanol RINs higher: 2014’s up 5/8 to 87 ¾-89; 2015’s added 5/8 to 87 ¾-89; and 2016’s increased 5/8 to 87 ½-88 ¾
· The Oct RBOB/Oct ethanol spread inverted further, up $.0150 to -.14350/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values declined 82-cents on Wednesday to $185.80, and are $4.85 lower compared to a week ago
· Week-to-week declines have been posted in choice boxed beef values for 19 consecutive trading days
· USDA mandatory pork carcass cutout value was 53-cents lower on Wed. at $80.34, but is $1.12 higher vs. last week
· CME Lean Hog Index down $0.12 on Wed. at $63.83. October futures eased $1.825 and are $8.905 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather