HIGHLIGHTS

• TRENDS—Easier:  CZ, -$.0075; SX, -$.0425; WZ, -$.0125; KWZ, -$.0075.  Dely (09/13): SM, 48; BO, 9; RR, 7; C, 116; ETOH, 0: HRW, 2; SB, 94; SRW, 11. 
• What caught my eye: USDA nudges Non U.S./Non Chinese expected soybean meal consumption in 19/20 higher, up 5 MMT/3.7% year to year but down slightly from 18/19’s 4.3%/5.5 MMT growth

·       Drone strike in Saudi Arabia cuts world oil supply 4%.  ASIA: Lower--Nikkei, Holiday; Shanghai, -.02%; Hang Seng, -0.83%.  EUROPE: Lower—DAX, -0.65%; FTSE, -0.18%; CAC, -0.63%.  WALL STREET—Futures are weaker-- DOW, -99; S&P, -11.00; NAS, -48.00.  EXTERNALS: Nov crude: +$4.31 @ $59.11; Gold:  +$12.000 @ $1,512; $ Index: +.060 @ 98.317

·       T-storm Weather®: Unseasonable mildness continues into next weekend across the central U.S., followed by a seasonably-cooler pattern, but killing freezes remain unlikely for at least two more weeks.  Pockets of rain affect the Corn Belt this week, followed by scattered thunderstorms across much of the central U.S. as a large system passes over Sat.-Mon. (Sep. 21-23).  Otherwise, some thunderstorms gradually return to Brazil, but the exact setup is unclear and most rain is more than one week out.

• CZ, dn $.0075 @ $3.68; CH, dn $.0125 @ $3.8025.  Fund buying at 5 K on Friday, possible raising of RSF mandates    
• SX, dn $.0425 @ $8.9450; SF, dn $.0425 @ $9.08.  Funds: Bought 3K SB, 1 K SBM, & 4 K SBO.  Board Crush: $0.80, +2; LY, $1.45
• WZ, dn $.0125 @ $4.8225; WH, dn $.0050 @ $4.89.  The funds were even in Friday’s trading 

CORN/SORGHUM

• Consultant: USDA Crop Progress report to peg U.S. corn Good/Excellent 53-55% v. 55% last week and 68% last year
• T-storm Weather®: some light frost is plausible in northern U.S. corn areas at some point(s) next week, but 1) wet soils, 2) warm soils, & 3) only marginally-cool air masses greatly limit the potential for killing freezes

·       Export Inspections released at 10 am CDT; Corn, 39.8 mbu needed; 23.2 last week.  Milo—1.9 needed; 1.3 last week

• ATI Research: Lagging development of the 2019 U.S. corn crop is reflected in the percentage of corn dented.  On average corn dented as of Sep. 15 increases 10% to 87%; however, as of Sep. 8, only 55% of the 2019 crop was dented

SOYBEANS/WHEAT

• Consultant: USDA Crop Progress report to peg U.S. soybean Good/Excellent 53-55% v. 55% last week & 67% last year
• T-storm Weather®: some light frost is plausible in northern U.S. soybean areas at some point(s) next week, but 1) wet soils, 2) warm soils, & 3) only marginally-cool air masses greatly limit the potential for killing freezes

·       Export Inspections released at 10 am CDT; Soybeans, 34.4 mbu needed; 33.3 last week

·       Export Inspections released at 10 am CDT; Wheat, 18.9 mbu needed; 14.8 last week

• T-storm Weather®: Argentina remains much drier than normal over the next two weeks, including driest wheat

ENERGY

·       UP!!: CLX19, +$4.31 @ $59.11; EBX, +$5.12 @ $65.34; EBX-QCLX, +.85; RBX, +.1128; NGX, +.042; HOX, +.1195

·       Chicago ethanol was $.0150 higher at $1.36625 Friday; basis values were mostly firmer:  NYC, -$.00250 @ $.14125; Gulf, unch @ $.10875; Dallas, +$.0150 @ $.12375; Tampa, +$.0250 @ $.23375; LA, +$.0350 @ $.23875

·       Ethanol RINs were noticeably higher: 2018’s, +1725 at @ 7 ½ -12; 2019’s, +2.375 @ 18 ¼ -21                                               &nb​sp;                       &nbs​p;                      

·       The October RBOB/October ethanol spread shed $.0099 on Friday to close at $.1971

LIVESTOCK/POULTRY                               &nbs​p;       

• ​ Choice boxed beef was 91-cents higher on Friday at $220.88 but is still down $6.43 compared to a week ago
• October live cattle futures posted a Friday-to-Friday gain of $3.20 for the period ending Sep. 13

·       USDA mandatory pork carcass cutout value declined $2.75 on Fri. to $67.28 and is down $5.30 versus last week  

·       CME Lean Hog Index fell $0.98 on Fri. to $59.71.  October futures firmed $3.300 & are $6.765 above the index                          <​/wbr>

<​em>Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather