HIGHLIGHTS
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RKETMAS—Mixed: CZ, steady; SX, up $.02; WZU, dn $.0350; KWZ, dn $.02. USDACrop Progress delayed to 11:00 am CDT
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MACRO: Market wary of U.S. 25% tariff hike on $200 billion in PRC good, with another $267 B likely. ASIA: Mostly lower: Nikkei, +1.30%; Shanghai, -0.18%; Hang Seng, -0.72%. EUROPE: Weaker: DAX, -0.50%; FTSE, -0.67%; CAC, -0.16%. WALL STREET: Futures are weaker: DOW, -78; S&P, -4.50; NAS, -14.50. EXTERNALS: Oct crude: +$0.21 @ $67.75; Dec Gold: -$0.70 @ $1,199; Dec $ Index, +0.055 @ 94.775. DELY: SBM, 20; SBO, 357; C, 220: SB, 139; SRW, 3
· T-storm Weather: Dry and mild weather dominate the central U.S. over the next week. Some changes follow as next week progresses and cooler air expands, producing some rain and thunderstorms in the Plains and western Corn Belt where 0.50" to 1.50" totals are probable over Sep. 18-24. We are currently forecasting 0.25" to 0.75" across the Delta and southeast half of the Corn Belt over the period, but such amounts may be too high given the upper-level high will attempt to linger in some fashion
· CZ, unch @ $3.6725; CH, down $.0050 @ $3.7875. The funds began the week buying 3 K
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SX, up $.02 @ $8.4725; SF, up $.0225 @ $8.6125. Funds: 0 SB, bot 2 SBM & 3 SBO. Board Crush: $1.60, +2, LY: $.85
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WZ, dn $.0375 @ $5.2450; WH, dn $.0325 @ $5.4350. The funds bought 6 K on Monday, smaller Australian crop
CORN/SORGHUM
·   T-storm Weather: Conditions for corn harvesting improve over the short-term until rains arrive in the central U.S. in one to two weeks
· USDA WASDE report Sep. 12: Avg. trade guess 2018 U.S. corn crop: 14.506 bbu (range 14.397-14.607), 14.586 in Aug.
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USDA WASDE: Avg. trade guess for U.S. corn carryout--17/18, 2.014 bbu (2.027 in Aug.); 18/19, 1.590 (1.684 in Aug.)
· USDA export inspections of corn for week ended Sep. 6 pegged at 30.1 mbu vs. 52.6 last week and 26.7 last year
· Consultant: Brazil’s safrinha (double crop) corn harvest nearly complete; 17/18 Brazil corn est. is steady at 81.0 MMT
SOYBEANS/WHEAT
· T-storm Weather: Hurricane Florence remains a formidable threat, but its path is unclear, which will determine where damage and flooding occur. The highest risk for soybeans is across North Carolina starting Thursday-Friday
· USDA WASDE report Sep. 12: Avg. trade guess 2018 U.S. soybean crop: 4.659 bbu (range 4.528-4.781), 4.586 in Aug.
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USDA WASDE: Avg. guess for U.S. soybean carryout--17/18, 0.418 bbu (0.430 in Aug.); 18/19, 0.836 (0.785 in Aug.)
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T-storm Weather: Widespread rain is forthcoming to Argentina over the next 1-2 weeks. Upcoming rain is expected to quickly improve soil moisture, including the 80% of wheat production that was drier than normal the last 30 days
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USDA WASDE: Avg. guess for U.S. all wheat carryout--18/19, 0.938 bbu (0.935 in Aug.)
ENERGY
· Firm: CLV18, +$0.21 @ $67.75; EBX, +$0.52 @ $77.89; EBX-QCLX, +$0.31; RBV, +0.0194; NGV, +.005; HOV, +.0127
· On Monday, cash ethanol markets were slightly higher: Chicago was quoted at $1.28875, unchanged; Basis to Chicago—New York, +$0.08625; Gulf, +$0.09375; Dallas, +$0.04625; Tampa, +$0.16625; and LA, +$0.24125
· Ethanol RINs posted gains on Monday: 2017’s firmed 3/8 to 15 ¾-16 ½; and 2018’s increased 7/8 to 22 ¼-23
· The Oct RBOB/Oct ethanol spread narrowed $.0088 yesterday to $.6692 per gallon
LIVESTOCK/POULTRY   </p>
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Choice boxed beef values declined 26-cents on Monday to $206.30 and are down $4.52 vs. last week
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5-Area Weekly Weighted Average Steer price gained $0.49 last week to $107.67/cwt and is $2.75 higher v. last year
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USDA mandatory pork carcass cutout value eased 46-cents on Mon. to $66.63 and is 82-cents lower vs. a week ago
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CME Lean Hog Index firmed $0.99 on Mon. to $47.00. October futures gained $0.30 & are $8.95 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather