HIGHLIGHTS

• TRENDS—Higher:  CZ, +$.0125; SX, +$.04; WZ, +$.07; KWZ, +$.0675 
• What caught my eye: Today’s soybean export sales may be closely watched to see if non-PRC interest is picking up . . . Non PRC/Unknown sales down 39% (128 mbu) to 201 million despite U.S. cheapest origin.  No sense of urgency or is usage slowing?

·       China says will buy “sizable” amounts of SB/pork from U.S.  ASIA: Mostly firm--Nikkei, +0.17%; Shanghai, -0.89%; Hang Seng, +0.37%.  EUROPE: Higher —DAX, +0.47%; FTSE, +1.20%; CAC, +0.72%.  WALL STREET—Futures are positive-- DOW, +60; S&P, +6.00; NAS, +10.50.  EXTERNALS: Nov crude: +$0.23 @ $56.72; Gold:  -$3.30 @ $1,537; $ Index: +.081 @ 99.118

·       T-storm Weather®: unseasonable mildness continues over the next week across the central U.S., followed by a cooler period that induces some frost in northern areas of Corn Belt & Plains.  Heavy rain affects northwest two-thirds of central U.S. until cooling arrives, turning wetter areas wetter, but leaving drier areas of SE Corn Belt & Delta fairly dry.  In South America, thunderstorms gradually become more frequent through next week, but drought continues in much of Argentina & southern Brazil

• CZ, up $.0125 @ $3.7550; CH, up $.0150 @ $3.87.  The funds were even in mid-week trading        
• SX, up $.04 @ $8.9324; SF, up $.04 @ $9.0725.  Funds: Sold 3 K SB, 3 SBM, & 4 K SBO.  Board Crush: $0.75, -2; LY, $1.40
• WZ, up $.07 @ $4.8425; WH, up $.0675 @ $4.9050.  The funds were sellers of an estimated 3 K yesterday      

CORN/SORGHUM

·       Ex​port Sales to be released at 7:30 am CDT.  Trade expects 24-43 mbu for 19/20 corn

• T-storm Weather®: several rounds of rain produce 1.00”-2.00” totals over Fri.-Wed. across the northwest two-thirds of the central U.S., only leaving a swath from the Delta through Ohio (and points southeast) dry
• USDA Grain Stocks report on Sep. 30: Avg. trade est. for U.S. Sept. 1 corn stocks, 2.418 bbu (range 2.150-2.511)
• Ethanol grind: Total of 943,000 barrels/day for week end Sep. 20—dn 60 thou v. prior week and dn 9.0% v. last year

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 29-48 for 19/20 soybeans; soymeal, 0 - 150 K MT for 18/19 and 200-400 for 19/20; soyoil, 0-25 K MT for 18/19 and 5-15 for 19/20 

• USDA Grain Stocks report on Sept. 30: Avg. trade est. for U.S. Sept. 1 soybean stocks, 0.981 bbu (range 0.940-1.035)

·       Export Sales report.  Trade expects 7-18 mbu for 19/20 all wheat

• T-storm Weather®: mainly dry conditions persist over the next 7-10 days for Australia wheat, with little to no rain

·       USDA Grain Stocks report on Sep. 30: Avg. trade est. for U.S. Sept. 1 wheat stocks, 2.319 bbu (range 2.200-2.450)

• USDA Small Grains Summary report Sep. 30: Avg. est U.S. all wheat crop, 1.970 bbu (range 1.940-2.011); 1.980 in Aug.

ENERGY

·       Firm: CLX19, +$0.23 @ $56.72; EBX, -$0.02 @ $62.37; EBX-QCLX, -.24; RBX, +.0092; NGX, +.039; HOX, +.0044

·       Chicago ethanol was $.04125 higher at $1.44875; basis values were lower:  NYC, -$.00625 @ $.12625; Gulf, -$.00625 @ $.10125; Dallas, -$.00625 @ $.11125; Tampa, -$.00625 @ $.22125; LA, -$.00625 @ $.21625

·       Ethanol RINs were steady/firm: 2018’s, +$0.10 @ 10 ¼-10 ½; 2019’s, unch @ 19 ¾ -20                           &n​bsp;                        &n​bsp;                       &nb​sp;                   

·       The October RBOB/October ethanol lost $.0891 on Wednesday to close at $.1902/gallon   

LIVESTOCK/POULTRY                               ​        

• ​ Choice boxed beef eased 76-cents on Wednesday to $214.63 and is $3.61 lower compared to a week ago   
• USDA Quarterly Hogs and Pigs report Sep. 27: avg. trade est. Sep. 1 All Hogs & Pigs, 102.9% (range: 101.4%-103.6%)

·       USDA mandatory pork carcass cutout value declined 35-cents on Wed. to $69.24 but is still $2.22 higher v. last week 

·       CME Lean Hog Index declined $0.15 on Wed. at $54.67.  October futures firmed $2.575 & are $9.905 above the index                            

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