HIGHLIGHTS

• TRENDS—A little weaker:  CZ, -$.0050; SX, -$.0225; WZ, -$.0050; KWZ, -$.0075. 
• What caught my eye: The USDA sees a 2.1 MMT smaller EU rapeseed crop in 19/20 @ 18.0; attache is 17.8. Friendly U.S. bean imports? Despite a $.75 +/- per bu cost advantage vs Brazil, apparently not.  More S AM SBM imports, more wheat/barley fed

·       Fed still in focus; future direction lacks clarity & markets don’t like uncertainty.  ASIA: Mostly higher--Nikkei, +0.38%; Shanghai, +0.46%; Hang Seng, -1.07%.  EUROPE: Up—DAX, +0.14%; FTSE, +0.45%; CAC, +0.42%.  WALL STREET—Futures are weaker-- DOW, -55; S&P, -6.25; NAS, -21.75.  EXTERNALS: Nov crude: +$1.00 @ $59.04; Gold:  -$11.90 @ $1,504; $ Index: -.231 @ 98.330

·       T-storm Weather®: Unseasonable mildness continues across the central U.S. into the weekend, followed by a seasonably-cooler pattern, but killing freezes are not expected for at least two more weeks.  Rain affects most corn and soybeans over Fri.-Mon. as a cool front links with the remnant of Tropical Depression Imelda, followed by more rain later next week.  In Brazil, thunderstorms slowly become more numerous through next weekend, but agricultural drought is expected to persist in southern areas

• CZ, dn $.0050 @ $3.7075; CH, dn $.0075 @ $3.8175.  The funds bought an estimated 7 K at mid-week     
• SX, dn $.0225 @ $8.8650; SF, dn $.02 @ $9.0025.  Funds: Sold 4 K SB, 3 K SBM, & bot 2 K SBO.  Board Crush: $0.81, -1; LY, $1.44
• WZ, dn $.0050 @ $4.89; WH, dn $.0050 @ $4.9525.  Fund buying totaled 3 K yesterday    

CORN/SORGHUM

·       Export​ Sales to be released at 7:30 am CDT.  Trade expects 35-51 mbu for 19/20 corn

• T-storm Weather®: temps much warmer than normal for U.S. corn through Fri.-Sat., before turning seasonable first half of next week; minor frost plausible later next week in northern areas, but setup not conducive to killing freeze
• ATI Research: Delayed development of 2019 U.S. corn crop highlighted by corn mature; U.S. corn mature on average increases approx. 17% over Sep. 15-22 to approx. 56%; however, corn mature as of Sep. 15 was only at 18%
• Ethanol grind: Total of 1,003,000 barrels/day for week end Sep. 13—dn 20 thou v. prior week & dn 4.6% v. last year

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 26-40 for 19/20 soybeans; soymeal, 0 to 200 K MT for 18/19 and 50-250 for 19/20; soyoil, 0-200 K MT for 18/19 and 0-10 for 19/20

• T-storm Weather®: temps much warmer than normal for U.S. soybeans through Fri.-Sat., before turning seasonable  first half of next week; minor frost plausible later next week in northern area, but setup not conducive to killing freeze

·       Export Sales report.  Trade expects 11-22 mbu for 17/18 all wheat

• T-storm Weather®: Light rainfall across eastern Australia wheat the next few days (0.20”-0.60”); drought continues

ENERGY

·       Higher: CLX19, +$1.00 @ $59.04; EBX, +$1.44 @ $65.04; EBX-QCLX, +.42; RBX, +.0386; NGX, -.020; HOX, +.0363

·       Chicago ethanol gained $.0130 on Wednesday to $1.4025; basis values were mixed:  NYC, -$.0005 @ $.1375; Gulf, +$.0070 @ $.1325; Dallas, -$.0030 @ $.11750; Tampa, -$.0030 @ $.2225; LA, +$.0520 @ $.26250

·       Ethanol RINs took a pause with 2018’s, -0.50 at @ 14 -15; 2019’s, -0.25 @ 24 ½ -25                                  &nbs​p;                        ​;                         ​;          

·     &nbs​p; The October RBOB/October ethanol spread was again tighter, narrowing in $.0188 to $.2717  

LIVESTOCK/POULTRY               &nb​sp;                       

• Choice boxed beef declined $1.53 on Wednesday to $218.24 and is $1.69 lower versus last week 
• Estimates for Sep. 20 USDA Cattle on Feed: Sep. 1 on feed, 99.4%; Placed in Aug, 94.5%; Marketed in Aug, 98.4%

·       USDA mandatory pork carcass cutout value eased 68-cents on Wed. to $67.02 and is $4.54 lower versus a week ago 

·       CME Lean Hog Index fell $0.73 on Wed. to $56.76.  October futures firmed $0.825 and are $6.165 above the index                           ​

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