HIGHLIGHTS

• MARKET TREND—Lower:  CU, -$.0250; SU, -$.0550; WU, -$.0550; KWU, -$.04
• MACRO:  Turkish economic issues remain at the forefront; Shanghai falls for 3^rdconsecutive day as consumer goods/healthy care stocks slide. Asia—Lower:Nikkei, -0.68%; Shanghai, -2.07%; Hang Seng, -1.55%.  EUROPE:  Lower:  DAX,-0.18%; FTSE, -0.63%; CAC, -0.35%.  WALL STREET: Futures are lower: DOW, -63;S&P, -6.75; NAS, -17.75.  EXTERNALS: Sep crude: -$0.80 @ $66.24; Aug Gold: -$7.10 @ $1,186; Dec $ Index, +0.120 @ 96.320. DEL’Y: SBM, 50; SBO, 95; SB, 47

·        T-storm Weather: Three systems move across the central U.S. over the next week, producing widespread rain.  The first two systems pass from today through Friday, generating 0.75" to 1.50" for the southeast ~65% of corn and soybean production.  The third system passes over Sat.-Mon. and produces 0.50" to 1.50" across a wide area.  Temperatures turn much cooler after the third system exits, leaving most of the central U.S. cooler than normal next week

·       CU, dn $.0250 @ $3.5975; CZ, dn $.0225 @ $3.7425.  Fund buying was estimated at 8 K    

• SU, dn $.0550 @ $8.6275; SX, dn $.0650 @ $8.7325.  Funds: Bot 5 SB, 6 SBM, sold 2 SBO.  Board Crush: $1.82, +$.03, LY: $.89
• WU, dn $.0550 @ $5.3625; WZ, dn $.0450 @ $5.5675.  Managed money accounts  bought 3 K Tuesday   

 CORN/SORGHUM

• T-storm Weather: Temperatures for the U.S. Corn Belt average near to below normal over the next two weeks; coolest in 7 to 10 days.  A warmer period eventually follows, which should lead to new rain chances in 10 to 14 days
• ATI Research: Continued strong export sales for both old and new crop corn have boosted the near-term liftings outlook to 57.8 mbu per week with a range of 54.5-61.1; bias remains at 45-55 per week

·       Consultant: Brazil corn crop est. is unchanged at 81.0 MMT; Argentina production is also unchanged at 31.0 MMT

·       Ethanol margins: $0.11 per gallon—unchanged vs. last week but below $0.45 in 2017.  EIA report at 9:30 am CDT

SOYBEANS/WHEAT

• ATI Research: Bias on near-term U.S. soybean exports remains at 25-30 mbu per week 

·       T-storm Weather: A total of 31% of U.S. soybean production was drier than normal over the last 30 days, which is not unusual compared to recent years, especially because only 12% received less than half of normal

·       T-storm Weather: Drought worsens next 7-10 days in Queensland, New South Wales (~30%  Australia’s wheat crop)

·       ATI Research: Bias on near-term U.S. all wheat exports remains at 10-15 mbu per week

ENERGY

·       Lower: CLU18, -$0.80 @ $66.24; EBV, -$0.68 @ $71.78; EBV-QCLV, +$0.07; RBU,0.0049; NGU, -.011; ​HOU, -.0148

·       EIA Report Estimates (API): crude oil, -2.4 (+3.7); Gasoline, -0.5 (-1.6); Distillates, +0.7 (+1.9).  Estimates for ethanol prod. avg. 1.086 mil barrel/day (range: 1.060-1.110).  Avg. est. of ethanol stocks: 22.98 mil barrels (range 22.69-23.30)

·       On Tuesday, cash ethanol markets remained mixed: Chicago was quoted at $1.36875, up $0.01125; Basis to Chicago—New York, +$0.10625; Gulf, +$0.10625; Dallas, +$0.05625; Tampa, +$0.19125; and LA, +$0.27875

·       Ethanol RINs were slightly firmer on Tuesday: 2017’s up 3/8 at 16-16 ¾; and 2018’s increased ¾ to 19 ½-20 ¼

·       The September RBOB/September ethanol spread widened slightly, +$.0034 to $.66510/gallon 

 LIVESTOCK/POULTRY                          &​nbsp;           

• Choice boxed beef values were $1.21 higher on Tuesday at $209.64, and are $4.15 higher vs. last week
• Since Aug. 1, choice boxed beef values have increased $5.89 (2.9%) and are at their highest level since July 3
• USDA mandatory pork carcass fell 61-cents on Tuesday to $69.07, and is down $2.25 compared to a week ago 
• CME Lean Hog Index was $1.47 lower on Tue. at $56.81.  October futures gained $0.20, but are $4.96 below the index

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