HIGHLIGHTS
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MARKET TREND—weaker: CZ: down $.0125; SX: down $.0275; WZ: down $.0150; KWZ: down $.0075
· MACRO: Wires services brush off North Korea’s latest missile firing . . . but most markets are a bit lower. ASIA—Now mostly higher: Nikkei, +0.52%; Shanghai, -0.53%; Hang Seng, +0.11%. EUROPE: Lower: DAX, -0.18%; FTSE, -1.11%;CAC, -0.20%. WALL STREET—Futures are lower—DOW, -9; S&P, -3.75; NAS, -9.25. EXTERNALS: $ Index: -.2198 @ 91.670; Gold: -$1.40 @ $1,324; Oct crude:-$0.05 @ $49.84/bl. Deliveries: SBM, 56; SBO, 96; RR, 8; C, 59; HRW, 39; SB, 30; SRW, 1; EUW, 45
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T-storm Weather: In the U.S., a notably wetter period unfolds over the next 10 days, initially from widespread rain in the northern Plains today-Sat., then across the western the half of the Corn Belt (and eastern Plains) over the first half of next week. Temperatures will be much warmer than normal through at least next week with maximums in the 70s-80s north and 80s-90s south, marking an end to the cool pattern that began in late-July
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CZ, down $.0125 @ $3.53; CH, down $.0125 @ $3.6525. Fund buying was estimated at 5 K in Thursdaytrading activity
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SX, dn $.0275 @ $9.7325; SF, dn $.0250 @ $9.8350. Funds: Bought 7 SB, 7 SBM, even on SBO. Board crush: $.887, +1; LY, $.81
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WZ, down $.0150 @ $4.4150; WH, down $.01 @ $4.6150. The funds ended the trading day even
CORN/SORGHUM
· ATI Research: U.S. corn harvest on average increases approximately 5% over Sep. 10-17 to approximately 11%
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T-storm Weather: Additional weather systems spread rain further east into the U.S. Corn Belt and Delta next week with time, though unusual rainfall is not expected
· ATI Research: Unshipped 17/18 export sales of U.S. corn as of Sep. 7 stood at 385 mbu, which is down 37% from 615 mbu at this time a year ago
· Consultant: Wet weather in Argentina may delay corn planting, which usually begins in north-central & eastern areas
SOYBEANS/WHEAT
· ATI Research: The 5-year average for U.S. soybean harvest as of Sep. 17 is approximately 5%
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T-storm Weather: Above normal rain through Sep. 24 causes the western half of U.S. soybeans to turn notably wetter
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ATI Research: Unshipped 17/18 export sales of U.S. soybeans as of Sep. 7 stood at 582 mbu, which is down 29% from 820 mbu this time a year ago
· T-storm Weather: Upper-level high pressure next week limits eastward progression of rain; SRW wheat stays fairly dry
· ATI Research: Unshipped 17/18 export sales of U.S. all wheat as of Sep. 7 stood at 182 mbu, which is 7% lower from 196 mbu this time a year ago. Largest declines by class seen are for HRW (-23%) and HRS (-17%), while SRW is up 8%
ENERGY
· Mixed: CLV17, -$.05 @ $49.84; EBX, +$0.05 @ $54.52;EBX-QCLX, +$.10; RBV, +.0059; NGV, -.004; HOV, -.0010
· A mixed trend was note in cash ethanol markets on Thursday: Chicago fell 1 1/8; New York unchanged; Gulf down 1; Dallas up 1; Tampa gained 2; and LA was 1 ½ higher at $1.71 per gallon
· Ethanol RINs firmed modestly on Thursday: 2016’s and 2017’s increased ½ to 84 ¼-85 ¼
· The Oct RBOB/Oct ethanol spread tightened ever-so slightly, +$.006 to +$.08370/gallon yesterday
LIVESTOCK/POULTRY  
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Choice boxed beef values firmed 60-cents on Thursday to $191.00, but are still $1.13 lower vs. last week
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Dressed steer weight for week end Sep. 2: 890 lbs, up 3 lbs v. last week, 883.25 for 4-week avg. and 898 last year
· USDA mandatory pork carcass cutout value fell 53-cents on Thursday to $78.92, and is down $3.50 vs. a week ago
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CME Lean Hog Index declined $1.22 on Thu. to $65.15. October futures fell $0.55 and are $6.125 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather