HIGHLIGHTS
· MARKET TREND—Weaker with CU: Down $.0075; SU: Down $.0250; WU: Down $.0025; KWU: Down $.0125
· MACRO: Global equity markets are mixed/little changed, awaiting Fed Chairwoman Yellen’s remarks. ASIA: Nikkei, down 1.18%; Shanghai, .07% higher; Hang Seng, up .41%. EUROPE: Mostly lower—DAX, -.20%; CAC, -.09%; FTSE, +.09%. WALL STREET: Futures are mostly lower—DOW, -1; S&P, +.25; NAS, -1.75. EXTERNALS: $ Index, -.083 @ 94.66; Gold is $4.10 higher @ $1,325.20
· T-storm Weather: Despite coolness in northern areas of the U.S. Corn Belt and Plains through today, temps average above-normal over the next 10 days—especially from Sunday forward when maximums in the 80s-90s coincide with minimums in the 60s-70s. Waves of energy flow along the dividing zone between coolest and warmest air through the weekend, producing 1.00” to 2.00” of rain from the central Plains through/adjacent Iowa and Missouri. Scattered amounts of 0.25”-0.75” outside this area
· Corn: CU Down $.0075 @ $3.2275; CZ Down $.0050 @ $3.3150. The funds sold 10 K Thursday
· SB: SU Dn $.02 @ $9.9625; SX Dn $.0150 @ $9.74. Funds: sold 15K SB; 9 SBM; and 8K SBO. Sep crush, -$.02, $.68; LY: $1.23
· Wheat: WU Down $.0050 @ $4.0075; WZ Down $.01 @ $4.2275. The funds again sold 3 K yesterday
CORN/SORGHUM
· December 2016 corn futures closed at $3.32 on Thu.—a penny above lowest settlement price for the life of contract
· T-storm Weather: Total of 20% of U.S. corn production received at least three-times the normal rainfall amount over the last 14 days, namely from Delta through the southeast Corn Belt, and in parts of Iowa, Minnesota and the Dakotas
· ATI Research: U.S. old-crop corn export sales for week ending Aug. 18 of 2.8 mbu were a marketing year low, outside the trade range of 4-10 and 82% below the 4-week avg. But new-crop sales of 41.7 were above trade range of 31-39
· ATI Research: U.S. corn dent for week ending Aug. 28 was approx. 54% in 2015 with the 5-year avg. at approx. 52%
· Consultant: Planting of full-season 2016/17 corn in Brazil has begun; full-season acreage is expected to increase 10%
SOYBEANS/WHEAT
· November 2016 soybean futures closed at $9.75 ½ on Thu.—the lowest settlement price since Aug. 5
· U.S. new-crop soybean export sales for week end Aug. 18: 71.3 mbu v. 58.7 last week and the trade range of 40-48
· T-storm Weather: Wild card for U.S. soybeans is probability for a tropical wave to be located near Florida Sun.-Mon., then either (1) move into Gulf of Mexico & intensify; or (2) stay disorganized as land interferes with its development
· Chicago Sept. 2016 wheat futures closed at $4.01 ¼ Thu., equaling the lowest settlement price for the life of contract
· ATI Research: U.S. wheat export sales week end Aug. 18: 14.0 mbu, down 22% v. last week & 21% from 4-week avg.
ENERGY
· Lower: CLV16, -$0.15, $47.19; EBV,-$0.26; EBV-CLV, $2.21, -$.13; RBV, -.0037; NGV, -.027; HOV, -$.0138
· A mixed trend was evident in cash ethanol markets on Thursday: Chicago eased 1 1/8; New York and Tampa up ½; Gulf down ¾; Dallas off ½; Tampa slipped 1; and LA was 1 ¼ higher at $1.59 per gallon
· Ethanol RINs higher: 2014’s up ½ to 91 ¾-93 ¼; 2015’s firmed ½ to 91 ¾-93 ¼; and 2016’s increased ½ to 91 ½-93
· The Sep RBOB/Sep ethanol spread moved up at $.0108 to $.0634/gallon on Thursday
LIVESTOCK/POULTRY ;
· Choice boxed beef values gained 4-cents on Thursday to $200.36, but and still 50-cents lower compared to last week
· Dressed steer weight week end Aug. 13: 887 lbs., up 1 pound v. last week, 882.25 for the 4-week avg. & 900 last year
· USDA mandatory pork carcass cutout value firmed 34-cents on Thu. to $75.50 and is $2.54 higher vs. a week ago
· CME Lean Hog Index was $0.05 higher on Thu. at $67.04. October futures slid $1.625 and are $8.34 below the index
: Bloomberg, Dow Jones, AP, T-storm Weather