HIGHLIGHTS

• USDA Supply/Demand (WASDE) report at 11:00 am CDT
• TRENDS—Firmer tone:  CZ, +$.01; SX, +$.0750; WZ, +$.03; KWZ, +$.02.  Dely (09/11): SM, 54; BO, 45; RR, 15; C, 132; ETOH, 0: HRW, 3 SB, 508; SRW, 1. 
• What caught my eye: The largest Aug to Sep reduction in harvested corn acres since 1988 occurred back with the ’93 crop, 800,000 acres.  We’ll see what if anything, the USDA does this month. Yield? A 4.9 bpa cut in 2011.

·       WH delays additional tariffs on China two weeks; markets edge higher  ASIA: Mostly higher--Nikkei, +0.75%; Shanghai, +0.76%; Hang Seng, -0.26%.  EUROPE: Mostly lower—DAX, +0.10%; FTSE, -0.01%; CAC, -0.04%.  WALL STREET—Futures are higher-- DOW, +62; S&P, +4.75; NAS, +26.75.  EXTERNALS: Nov crude: -$0.34 @ $55.33; Gold:  +$7.80 @ $1,511; $ Index: -.122 @ 98.523

·       T-storm Weather®: Heavy rain affects the northern half of the central U.S. through today, followed by five to seven days of drying before scattered rains focus on the Corn Belt and Delta.  Temperatures remain unseasonably warm over the next 10 days, followed by a seasonably cooler period starting next weekend 

• CZ, up $.01 @ $3.61; CH, up $.0125 @ $3.7350.  The funds sold 4 K ahead of today’s report   
• SX, up $.0750 @ $8.74; SF, up $.0725 @ $8.8725.  Funds: sold 4 K SB, 4 K SBM, & bot 4 K SBO.  Board Crush: $0.89, +2; LY, $1.60
• WZ, up $.03 @ $4.8050; WH, uo $.03 @ $4.87.  The funds sold 3 K on Wednesday

CORN/SORGHUM

·       USDA WASDE report: Avg. trade guess 2019 U.S. corn crop: 13.551 bbu (range 12.620-14.003), 13.901 in Aug.

• USDA WASDE: Avg. trade guess for U.S. corn carryout--18/19, 2.402 bbu (2.360 in Aug.); 19/20, 1.930 (2.181 in Aug.)

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

• T-storm Weather®: while light frost is plausible for northern U.S. corn later this month, a killing freeze is not foreseen
• Ethanol grind: Total of 1,023,000 barrels/day for week end Sep. 6—up 10 thou v. prior week & up 0.3% v. last year

SOYBEANS/WHEAT

·       USDA WASDE report: Avg. trade guess 2019 U.S. soybean crop: 3.581 bbu (range 3.434-3.745), 3.680 in Aug.

• USDA WASDE: Avg. guess for U.S. soybean carryout--18/19, 1.046 bbu (1.070 in Aug.); 19/20, 0.655 bbu (0.755 in Aug)

·       Export Sales report.  Trade expects 22-40 mbu for 19/20 soybeans; soymeal, 25-75 K MT for 18/19 and 100-250 for 19/20; soyoil, 25-75 K MT for 18/19 and 5-25 for 19/20 

• USDA WASDE report: Avg. guess for U.S. all wheat carryout--19/20, 1.020 bbu (1.014 in Aug.)

·       Export Sales report.  Trade expects 11-22 mbu for 19/20 all wheat

• T-storm Weather®: heavy rain through today in/near MN and the Dakotas stops HRS wheat harvest & reduces quality

ENERGY

·       Down​: CLX19, -$0.34 @ $55.33; EBX, -$0.53 @ $60.28; EBX-QCLX, -.19; RBX, -.0163; NGX, -.037; HOX, -.0184

·       Chicago ethanol was up $.00725 to $1.34; basis values were mixed:  NYC, -$.00225 @ $.14; Gulf, +$.00275 @ $.11; Dallas, +$.0275 @ $.11; Tampa, -$.00225 @ $.2150; LA, -$.01725 @ $.21

·       Ethanol RINs were lower: 2018’s, -.3750 at @ 7 -8; 2019’s, off .50 @ 16 ½ -17 ½                         ​;                        ​                        &​nbsp;                    

·       The October RBOB/October ethanol spread narrowed $.0229 on Wednesday to $.23690

LIVESTOCK/POULTRY                                 &n​bsp;     

• Choice boxed beef plummeted $5.49 on Wednesday to $219.89 and is down $10.76 compared to a week ago
• Week-to-week declines in choice boxed beef have been seen for 13 consecutive trading days

·       USDA mandatory pork carcass cutout value gained 24-cents on Wed. to $71.54 but is still down $1.56 vs. last week  

·       CME Lean Hog Index fell $1.14 on Wed. to $61.85.  October futures declined $2.550 & are $1.675 below the index                          <​/wbr>

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