HIGHLIGHTS

• TRENDS—Firm:  CZ, +$.0075; SX, -$.0875; WZ, +$.03; KWZ, +$.0275.  Grain Stocks, Small Grains Summary reports 11:00 am CDT
• What caught my eye:  Let’s see what the stocks report reveals; trade is looking for a slightly supportive corn number and likewise for soybeans. Revisions, if any, to last fall’s soybean crop will be a point to focus on as well

·       Not much news, U.S. futures are higher, however.  ASIA: Mostly lower--Nikkei, -0.56%; Shanghai, -0.92%; Hang Seng, +0.53%.  EUROPE: Mostly firm —DAX, +0.11%; FTSE, -0.19%; CAC, +0.19%.  WALL STREET—Futures are higher-- DOW, +79; S&P, +10.50; NAS, +40.75.  EXTERNALS: Nov crude: -$0.58 @ $55.53; Gold:  -$12.50 @ $1,494; $ Index: +.101 @ 99.21

• T-storm Weather®: unseasonable mildness breaks from northwest to southeast across the central U.S. over Tue.-Thu., producing more rain across much of the Plains and northwest two-thirds of the Corn Belt, but not the Delta.  The cooler period produces frost on corn and soybeans in the Dakotas and northwest Corn Belt Thu. and Fri., then within a wider area in a week or so, but unlikely killing freezes.  Argentina and Brazil turn wetter with time, but droughts continue within a wide area
• CZ, up $.0075 @ $3.7225; CH, up $.0075 @ $3.8450.  The funds sold 4 K to close out the week         
• SX, up $.0875 @ $8.9175; SF, up $.0850 @ $9.06.  Funds: Sold 3 SB, 1 SBM, & 5 K SBO.  Board Crush: $0.70, 0; LY, $1.42
• WZ, up $.03 @ $4.9025; WH, up $.0325 @ $4.97.  The funds were buyers of 2 K—Canada, Australia & Argentina issues 

CORN/SORGHUM

• USDA Grain Stocks report at 11:00 am CDT: Avg. trade est. for U.S. Sept. 1 corn stocks, 2.418 bbu (range 2.150-2.511)
• Consultant: USDA Crop Progress report to peg U.S. corn Good/Excellent at 56-58% v. 57% last week and 69% last year
• T-storm Weather®: heavy rain of 1.00”-3.00” affect northwest half of the Corn Belt and much of the Plains through Wed.-Thu. as a strong system and cool front slowly pass; wettest in a swath from eastern NE through IA and WI

·       ATI Research: U.S. corn harvest is likely to be 11-13%, versus 7% last week, 25% last year and the 5-year avg. of 19%

·       Export Inspections released at 10 am CDT; Corn, 40.9 mbu needed; 9.2 last week.  Milo—2.0 needed; 0.2 last week

SOYBEANS/WHEAT

• USDA Grain Stocks report: Avg. trade estimate for U.S. Sept. 1 soybean stocks, 0.981 bbu (range 0.940-1.035)
• Consultant: Crop Progress report to peg U.S. soybean Good/Excellent at 53-55% v. 54% last week and 68% last year

·       USDA Grain Stocks report: Avg. trade est. for U.S. Sept. 1 wheat stocks, 2.319 bbu (range 2.200-2.450)

• USDA Small Grains Summary report: Avg. est. U.S. all wheat crop, 1.970 bbu (range 1.940-2.011); 1.980 in Aug.
• T-storm Weather®: much drier than normal conditions are forecast over the next 7 to 10 days for Australian wheat, with little to no rain; drought worsens

ENERGY

·       Down: CLX19, -$0.58 @ $55.53; EBX, -$0.77 @ $61.14; EBX-QCLX, -.19; RBX, -.0100; NGX, -.033; HOX, -.0107

·       Chicago ethanol surged $.0575 on Friday to $1.5250; basis values were weaker:  NYC, -$.0125 @ $.0550; Gulf, -$.0375 @ $.0450; Dallas, -$.0375 @ $.0250; Tampa, -$.0375 @ $.1450; LA, -$.0375 @ $.1550

·       Ethanol RINs were firmer with 2018’s, +$1.00 @ 8 -10; 2019’s, up 1.25 @ 17 ½-19                                    ​                        &​nbsp;                        &​nbsp;           

·    ​   The October RBOB/October ethanol narrowed $.0428 to $.1744/gallon   

LIVESTOCK/POULTRY                &nbs​p;                      

• Choice boxed beef eased 93-cents on Friday to $212.58 and is $4.39 lower compared to a week ago   
• Hogs and Pigs report: All hogs & pigs, 103.4% (102.9% avg. est); breeding, 101.6% (101.3%); market, 103.5% (103.0%)

·       USDA mandatory pork carcass cutout value firmed 76-cents on Fri. to $72.30 and is $4.33 higher versus last week  

·         CME Lean Hog Index gained $0.62 on Fri. to $55.34.  October futures firmed $1.050 & are $9.935 above the index                           ​;

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