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TRENDS Lower CZ, Unchanged, SX, Down 2, WZ, Down 2

September 11, 2019 07:53 AM

HIGHLIGHTS

  • TRENDS—Lower:  CZ, -$.01; SX, -$.0225; WZ, -$.03; KWZ, -$.0350.  Dely (09/10): SM, 96; BO, 60; RR, 63; C, 241; ETOH, 0: HRW, 3 SB, 226; SRW, 23
  • What caught my eye: China will allow soybean meal imports from Argentina, the world’s largest exporter of meal. The latter typically crushes 43 +/- MMT annually, subject to crop size and exports 25-30 million.  Key ? will be what this does to SBO imports

·       China:  no tariff increases on some U.S. goods for a year.  ASIA: Mostly higher--Nikkei, +0.96%; Shanghai, -0.41%; Hang Seng, +1.78%.  EUROPE: Higher—DAX, +0.76%; FTSE, +0.87%; CAC, +0.41%.  WALL STREET—Futures are mostly firm-- DOW, +37; S&P, +1; NAS, -1.  EXTERNALS: Nov crude: +$0.64 @ $57.93; Gold:  +$1.40 @ $1,501; $ Index: +.192 @ 98.518

·       T-storm Weather®: In the central U.S., heavy rain affects the northern half through Thursday, followed by 5-7 consecutive days of drying before some rains return & affect a wider area; temps remain unseasonably warm over the next 10 days, followed by a cooler period.  In Brazil, significant rainfall is not foreseen away from Rio Grande do Sul over the next 10-14 days, limiting planting because widespread agricultural drought already exists.  Rains will also remain limited on dry Argentina sunflower & wheat areas

  • CZ, dn $.015 @ $3.6050; CH, dn $.015 @ $3.7350.  The funds bought 15 K on Tuesday   
  • SX, dn $.0225 @ $8.6975; SF, dn $.0250 @ $8.8325.  Funds: Bot 7 K SB, 5 K SBM, & 4 2 K SBO.  Board Crush: $0.87, -5; LY, $1.66
  • WZ, dn $.03 @ $4.7925; WH, dn $.03 @ $4.8450.  The funds bought 4

CORN/SORGHUM

  • T-storm Weather®: temps fluctuate but average much warmer than normal for U.S. corn the next 10 days as upper-level high pressure leaves highs in 70s-80s and lows in 50s most days, except for cooler reading in & adjacent ND 

·       ATI Research: Combined export sales of old- and new-crop U.S. corn over the past month are averaging a miniscule 18.6 per week, which is about half of the 5-year avg.  Only one year in the past 20 has been that low—17.9 in 2012

·       Ethanol margins: $0.14 per gallon—up vs. $0.08 last week but below $0.18 in 2018.  EIA report at 9:30 am CDT

SOYBEANS/WHEAT

  • T-storm Weather®: a killing freeze with lows of 28°F/-2°C or colder is not foreseen for U.S. soybeans the next 2 weeks
  • ATI Research: Bias on near-term U.S. soybean exports remains 30-40 mbu per week 
  • T-storm Weather®: heavy rain (1.25”-2.50”) across northern half of central U.S. through Thu. stops HRS wheat harvest
  • ATI Research: Bias on near-term U.S. all wheat exports remains 17-23 mbu per week

ENERGY

·       Firm: CLX19, +$0.64 @ $57.93; EBX, +$0.57 @ $62.95; EBX-QCLX, -.04; RBX, +.0186; NGX, +.015; HOX, +.0138

·       EIA Report Estimates (API): crude oil, -2.4 (-7.2); Gasoline, -0.9 (-4.5); Distillates, -0.1 (+0.6).  Estimates for ethanol production avg. 1.019 mbpd (range: 1.015-1.023).  Avg. est. of ethanol stocks: 23.479 mb (range 23.000-23.739)

·       Chicago ethanol was up $.02275 to $1.33275; basis values were firmer:  NYC, +$.02875 @ $.1650; Gulf, +$.02250 @ $.13; Dallas, +$.0150 @ $.13; Tampa, +$.01 @ $.24; LA, +$.0150 @ $.25

·       Ethanol RINs were lower: 2018’s, -.3750 at @ 8 -8 ¼; 2019’s off .6250 @ 17 -18                                                &n​bsp;                       &nb​sp;                    

​

·       The October RBOB/October ethanol spread tugged in $.0148 to $.25980 Tuesday

LIVESTOCK/POULTRY                                  &n​bsp;    

  • Choice boxed beef declined $1.57 on Tuesday to $225.38 and is $5.28 lower versus last week  
  • Week-to-week declines in choice boxed beef have been seen for 12 consecutive trading days

·       USDA mandatory pork carcass cutout value firmed 58-cents on Tue. to $71.30 but is still $1.80 lower vs. a week ago  

·       CME Lean Hog Index fell $0.76 on Tue. to $62.99.  October futures gained $0.125 but are still $0.265 below the index                               ​             <​/wbr>

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

 



The risk of trading futures and options can be substantial. All information, publications, and material used and distributed by Advance Trading Inc. shall be construed as a solicitation. ATI does not maintain an independent research department as defined in CFTC Regulation 1.71. Information obtained from third-party sources is believed to be reliable, but its accuracy is not guaranteed by Advance Trading Inc. Past performance is not necessarily indicative of future results.
...

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HIGHLIGHTS

  • TRENDS—Lower:  CZ, -$.01; SX, -$.0225; WZ, -$.03; KWZ, -$.0350.  Dely (09/10): SM, 96; BO, 60; RR, 63; C, 241; ETOH, 0: HRW, 3 SB, 226; SRW, 23
  • What caught my eye: China will allow soybean meal imports from Argentina, the world’s largest exporter of meal. The latter typically crushes 43 +/- MMT annually, subject to crop size and exports 25-30 million.  Key ? will be what this does to SBO imports

·       China:  no tariff increases on some U.S. goods for a year.  ASIA: Mostly higher--Nikkei, +0.96%; Shanghai, -0.41%; Hang Seng, +1.78%.  EUROPE: Higher—DAX, +0.76%; FTSE, +0.87%; CAC, +0.41%.  WALL STREET—Futures are mostly firm-- DOW, +37; S&P, +1; NAS, -1.  EXTERNALS: Nov crude: +$0.64 @ $57.93; Gold:  +$1.40 @ $1,501; $ Index: +.192 @ 98.518

·       T-storm Weather®: In the central U.S., heavy rain affects the northern half through Thursday, followed by 5-7 consecutive days of drying before some rains return & affect a wider area; temps remain unseasonably warm over the next 10 days, followed by a cooler period.  In Brazil, significant rainfall is not foreseen away from Rio Grande do Sul over the next 10-14 days, limiting planting because widespread agricultural drought already exists.  Rains will also remain limited on dry Argentina sunflower & wheat areas

  • CZ, dn $.015 @ $3.6050; CH, dn $.015 @ $3.7350.  The funds bought 15 K on Tuesday   
  • SX, dn $.0225 @ $8.6975; SF, dn $.0250 @ $8.8325.  Funds: Bot 7 K SB, 5 K SBM, & 4 2 K SBO.  Board Crush: $0.87, -5; LY, $1.66
  • WZ, dn $.03 @ $4.7925; WH, dn $.03 @ $4.8450.  The funds bought 4

CORN/SORGHUM

  • T-storm Weather®: temps fluctuate but average much warmer than normal for U.S. corn the next 10 days as upper-level high pressure leaves highs in 70s-80s and lows in 50s most days, except for cooler reading in & adjacent ND 

·       ATI Research: Combined export sales of old- and new-crop U.S. corn over the past month are averaging a miniscule 18.6 per week, which is about half of the 5-year avg.  Only one year in the past 20 has been that low—17.9 in 2012

·       Ethanol margins: $0.14 per gallon—up vs. $0.08 last week but below $0.18 in 2018.  EIA report at 9:30 am CDT

SOYBEANS/WHEAT

  • T-storm Weather®: a killing freeze with lows of 28°F/-2°C or colder is not foreseen for U.S. soybeans the next 2 weeks
  • ATI Research: Bias on near-term U.S. soybean exports remains 30-40 mbu per week 
  • T-storm Weather®: heavy rain (1.25”-2.50”) across northern half of central U.S. through Thu. stops HRS wheat harvest
  • ATI Research: Bias on near-term U.S. all wheat exports remains 17-23 mbu per week

ENERGY

·       Firm: CLX19, +$0.64 @ $57.93; EBX, +$0.57 @ $62.95; EBX-QCLX, -.04; RBX, +.0186; NGX, +.015; HOX, +.0138

·       EIA Report Estimates (API): crude oil, -2.4 (-7.2); Gasoline, -0.9 (-4.5); Distillates, -0.1 (+0.6).  Estimates for ethanol production avg. 1.019 mbpd (range: 1.015-1.023).  Avg. est. of ethanol stocks: 23.479 mb (range 23.000-23.739)

·       Chicago ethanol was up $.02275 to $1.33275; basis values were firmer:  NYC, +$.02875 @ $.1650; Gulf, +$.02250 @ $.13; Dallas, +$.0150 @ $.13; Tampa, +$.01 @ $.24; LA, +$.0150 @ $.25

·       Ethanol RINs were lower: 2018’s, -.3750 at @ 8 -8 ¼; 2019’s off .6250 @ 17 -18                                      &n​bsp;                       &nb​sp;                              

​

·       The October RBOB/October ethanol spread tugged in $.0148 to $.25980 Tuesday

LIVESTOCK/POULTRY             <​wbr><​wbr><​wbr>                 ​;         

  • Choice boxed beef declined $1.57 on Tuesday to $225.38 and is $5.28 lower versus last week  
  • Week-to-week declines in choice boxed beef have been seen for 12 consecutive trading days

·       USDA mandatory pork carcass cutout value firmed 58-cents on Tue. to $71.30 but is still $1.80 lower vs. a week ago  

·       CME Lean Hog Index fell $0.76 on Tue. to $62.99.  October futures gained $0.125 but are still $0.265 below the index                                            

​

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

 



The risk of trading futures and options can be substantial. All information, publications, and material used and distributed by Advance Trading Inc. shall be construed as a solicitation. ATI does not maintain an independent research department as defined in CFTC Regulation 1.71. Information obtained from third-party sources is believed to be reliable, but its accuracy is not guaranteed by Advance Trading Inc. Past performance is not necessarily indicative of future results.
...

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HIGHLIGHTS

  • TRENDS—Lower:  CZ, -$.01; SX, -$.0225; WZ, -$.03; KWZ, -$.0350.  Dely (09/10): SM, 96; BO, 60; RR, 63; C, 241; ETOH, 0: HRW, 3 SB, 226; SRW, 23
  • What caught my eye: China will allow soybean meal imports from Argentina, the world’s largest exporter of meal. The latter typically crushes 43 +/- MMT annually, subject to crop size and exports 25-30 million.  Key ? will be what this does to SBO imports

·       China:  no tariff increases on some U.S. goods for a year.  ASIA: Mostly higher--Nikkei, +0.96%; Shanghai, -0.41%; Hang Seng, +1.78%.  EUROPE: Higher—DAX, +0.76%; FTSE, +0.87%; CAC, +0.41%.  WALL STREET—Futures are mostly firm-- DOW, +37; S&P, +1; NAS, -1.  EXTERNALS: Nov crude: +$0.64 @ $57.93; Gold:  +$1.40 @ $1,501; $ Index: +.192 @ 98.518

·       T-storm Weather®: In the central U.S., heavy rain affects the northern half through Thursday, followed by 5-7 consecutive days of drying before some rains return & affect a wider area; temps remain unseasonably warm over the next 10 days, followed by a cooler period.  In Brazil, significant rainfall is not foreseen away from Rio Grande do Sul over the next 10-14 days, limiting planting because widespread agricultural drought already exists.  Rains will also remain limited on dry Argentina sunflower & wheat areas

  • CZ, dn $.015 @ $3.6050; CH, dn $.015 @ $3.7350.  The funds bought 15 K on Tuesday   
  • SX, dn $.0225 @ $8.6975; SF, dn $.0250 @ $8.8325.  Funds: Bot 7 K SB, 5 K SBM, & 4 2 K SBO.  Board Crush: $0.87, -5; LY, $1.66
  • WZ, dn $.03 @ $4.7925; WH, dn $.03 @ $4.8450.  The funds bought 4

CORN/SORGHUM

  • T-storm Weather®: temps fluctuate but average much warmer than normal for U.S. corn the next 10 days as upper-level high pressure leaves highs in 70s-80s and lows in 50s most days, except for cooler reading in & adjacent ND 

·       ATI Research: Combined export sales of old- and new-crop U.S. corn over the past month are averaging a miniscule 18.6 per week, which is about half of the 5-year avg.  Only one year in the past 20 has been that low—17.9 in 2012

·       Ethanol margins: $0.14 per gallon—up vs. $0.08 last week but below $0.18 in 2018.  EIA report at 9:30 am CDT

SOYBEANS/WHEAT

  • T-storm Weather®: a killing freeze with lows of 28°F/-2°C or colder is not foreseen for U.S. soybeans the next 2 weeks
  • ATI Research: Bias on near-term U.S. soybean exports remains 30-40 mbu per week 
  • T-storm Weather®: heavy rain (1.25”-2.50”) across northern half of central U.S. through Thu. stops HRS wheat harvest
  • ATI Research: Bias on near-term U.S. all wheat exports remains 17-23 mbu per week

ENERGY

·       Firm: CLX19, +$0.64 @ $57.93; EBX, +$0.57 @ $62.95; EBX-QCLX, -.04; RBX, +.0186; NGX, +.015; HOX, +.0138

·       EIA Report Estimates (API): crude oil, -2.4 (-7.2); Gasoline, -0.9 (-4.5); Distillates, -0.1 (+0.6).  Estimates for ethanol production avg. 1.019 mbpd (range: 1.015-1.023).  Avg. est. of ethanol stocks: 23.479 mb (range 23.000-23.739)

·       Chicago ethanol was up $.02275 to $1.33275; basis values were firmer:  NYC, +$.02875 @ $.1650; Gulf, +$.02250 @ $.13; Dallas, +$.0150 @ $.13; Tampa, +$.01 @ $.24; LA, +$.0150 @ $.25

·       Ethanol RINs were lower: 2018’s, -.3750 at @ 8 -8 ¼; 2019’s off .6250 @ 17 -18                           ​​​​​​                        &​nbsp;                       &n​bsp;                 

·       The October RBOB/October ethanol spread tugged in $.0148 to $.25980 Tuesday

LIVESTOCK/POULTRY             ​​​​​​​​                        &​nbsp; <​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr>

  • Choice boxed beef declined $1.57 on Tuesday to $225.38 and is $5.28 lower versus last week  
  • Week-to-week declines in choice boxed beef have been seen for 12 consecutive trading days

·       USDA mandatory pork carcass cutout value firmed 58-cents on Tue. to $71.30 but is still $1.80 lower vs. a week ago  

·       CME Lean Hog Index fell $0.76 on Tue. to $62.99.  October futures gained $0.125 but are still $0.265 below the index                                            

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

 



The risk of trading futures and options can be substantial. All information, publications, and material used and distributed by Advance Trading Inc. shall be construed as a solicitation. ATI does not maintain an independent research department as defined in CFTC Regulation 1.71. Information obtained from third-party sources is believed to be reliable, but its accuracy is not guaranteed by Advance Trading Inc. Past performance is not necessarily indicative of future results.
...

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HIGHLIGHTS

    ​
  • TRENDS—Lower:  CZ, -$.01; SX, -$.0225; WZ, -$.03; KWZ, -$.0350.  Dely (09/10): SM, 96; BO, 60; RR, 63; C, 241; ETOH, 0: HRW, 3 SB, 226; SRW, 23
  • What caught my eye: China will allow soybean meal imports from Argentina, the world’s largest exporter of meal. The latter typically crushes 43 +/- MMT annually, subject to crop size and exports 25-30 million.  Key ? will be what this does to SBO imports

·       China:  no tariff increases on some U.S. goods for a year.  ASIA: Mostly higher--Nikkei, +0.96%; Shanghai, -0.41%; Hang Seng, +1.78%.  EUROPE: Higher—DAX, +0.76%; FTSE, +0.87%; CAC, +0.41%.  WALL STREET—Futures are mostly firm-- DOW, +37; S&P, +1; NAS, -1.  EXTERNALS: Nov crude: +$0.64 @ $57.93; Gold:  +$1.40 @ $1,501; $ Index: +.192 @ 98.518

·       T-storm Weather®: In the central U.S., heavy rain affects the northern half through Thursday, followed by 5-7 consecutive days of drying before some rains return & affect a wider area; temps remain unseasonably warm over the next 10 days, followed by a cooler period.  In Brazil, significant rainfall is not foreseen away from Rio Grande do Sul over the next 10-14 days, limiting planting because widespread agricultural drought already exists.  Rains will also remain limited on dry Argentina sunflower & wheat areas

  • CZ, dn $.015 @ $3.6050; CH, dn $.015 @ $3.7350.  The funds bought 15 K on Tuesday   
  • SX, dn $.0225 @ $8.6975; SF, dn $.0250 @ $8.8325.  Funds: Bot 7 K SB, 5 K SBM, & 4 2 K SBO.  Board Crush: $0.87, -5; LY, $1.66
  • WZ, dn $.03 @ $4.7925; WH, dn $.03 @ $4.8450.  The funds bought 4

CORN/SORGHUM

​
  • T-storm Weather®: temps fluctuate but average much warmer than normal for U.S. corn the next 10 days as upper-level high pressure leaves highs in 70s-80s and lows in 50s most days, except for cooler reading in & adjacent ND 

·      ​ ATI Research: Combined export sales of old- and new-crop U.S. corn over the past month are averaging a miniscule 18.6 per week, which is about half of the 5-year avg.  Only one year in the past 20 has been that low—17.9 in 2012

·       Ethanol margins: $0.14 per gallon—up vs. $0.08 last week but below $0.18 in 2018.  EIA report at 9:30 am CDT

SOYBEANS/WHEAT

  • T-storm Weather®: a killing freeze with lows of 28°F/-2°C or colder is not foreseen for U.S. soybeans the next 2 weeks
  • ATI Research: Bias on near-term U.S. soybean exports remains 30-40 mbu per week 
  • T-storm Weather®: heavy rain (1.25”-2.50”) across northern half of central U.S. through Thu. stops HRS wheat harvest
  • ATI Research: Bias on near-term U.S. all wheat exports remains 17-23 mbu per week

ENERGY

​

·       Firm: CLX19, +$0.64 @ $57.93; EBX, +$0.57 @ $62.95; EBX-QCLX, -.04; RBX, +.0186; NGX, +.015; HOX, +.0138

·       EIA Report Estimates (API): crude oil, -2.4 (-7.2); Gasoline, -0.9 (-4.5); Distillates, -0.1 (+0.6).  Estimates for ethanol production avg. 1.019 mbpd (range: 1.015-1.023).  Avg. est. of ethanol stocks: 23.479 mb (range 23.000-23.739)

·       Chicago ethanol was up $.02275 to $1.33275; basis values were firmer:  NYC, +$.02875 @ $.1650; Gulf, +$.02250 @ $.13; Dallas, +$.0150 @ $.13; Tampa, +$.01 @ $.24; LA, +$.0150 @ $.25

·       Ethanol RINs were lower: 2018’s, -.3750 at @ 8 -8 ¼; 2019’s off .6250 @ 17 -18                           <​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr>                   &n​bsp;                       &nb​sp;                      

·      &n​bsp;The October RBOB/October ethanol spread tugged in $.0148 to $.25980 Tuesday

LIVESTOCK/POULTRY                                 &n​bsp;     

  • ​ Choice boxed beef declined $1.57 on Tuesday to $225.38 and is $5.28 lower versus last week  
  • Week-to-week declines in choice boxed beef have been seen for 12 consecutive trading days

·       USDA mandatory pork carcass cutout value firmed 58-cents on Tue. to $71.30 but is still $1.80 lower vs. a week ago  

·       CME Lean Hog Index fell $0.76 on Tue. to $62.99.  October futures gained $0.125 but are still $0.265 below the index                                           &​nbsp;<​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr>

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

 



The risk of trading futures and options can be substantial. All information, publications, and material used and distributed by Advance Trading Inc. shall be construed as a solicitation. ATI does not maintain an independent research department as defined in CFTC Regulation 1.71. Information obtained from third-party sources is believed to be reliable, but its accuracy is not guaranteed by Advance Trading Inc. Past performance is not necessarily indicative of future results.
...

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<​div aria-disabled="false" aria-label="Save all to Drive" data-tooltip="Save all to Drive" id=":uc" role="button" style="margin-left:20px;" tabindex="0">
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HIGHLIGHTS

​
  • TRENDS—Lower:  CZ, -$.01; SX, -$.0225; WZ, -$.03; KWZ, -$.0350.  Dely (09/10): SM, 96; BO, 60; RR, 63; C, 241; ETOH, 0: HRW, 3 SB, 226; SRW, 23
  • What caught my eye: China will allow soybean meal imports from Argentina, the world’s largest exporter of meal. The latter typically crushes 43 +/- MMT annually, subject to crop size and exports 25-30 million.  Key ? will be what this does to SBO imports

·       China:  no tariff increases on some U.S. goods for a year.  ASIA: Mostly higher--Nikkei, +0.96%; Shanghai, -0.41%; Hang Seng, +1.78%.  EUROPE: Higher—DAX, +0.76%; FTSE, +0.87%; CAC, +0.41%.  WALL STREET—Futures are mostly firm-- DOW, +37; S&P, +1; NAS, -1.  EXTERNALS: Nov crude: +$0.64 @ $57.93; Gold:  +$1.40 @ $1,501; $ Index: +.192 @ 98.518

·       T-storm Weather®: In the central U.S., heavy rain affects the northern half through Thursday, followed by 5-7 consecutive days of drying before some rains return & affect a wider area; temps remain unseasonably warm over the next 10 days, followed by a cooler period.  In Brazil, significant rainfall is not foreseen away from Rio Grande do Sul over the next 10-14 days, limiting planting because widespread agricultural drought already exists.  Rains will also remain limited on dry Argentina sunflower & wheat areas

  • CZ, dn $.015 @ $3.6050; CH, dn $.015 @ $3.7350.  The funds bought 15 K on Tuesday   
  • SX, dn $.0225 @ $8.6975; SF, dn $.0250 @ $8.8325.  Funds: Bot 7 K SB, 5 K SBM, & 4 2 K SBO.  Board Crush: $0.87, -5; LY, $1.66
  • WZ, dn $.03 @ $4.7925; WH, dn $.03 @ $4.8450.  The funds bought 4

CORN/SORGHUM

​
  • T-storm Weather®: temps fluctuate but average much warmer than normal for U.S. corn the next 10 days as upper-level high pressure leaves highs in 70s-80s and lows in 50s most days, except for cooler reading in & adjacent ND 

·       ATI Research: Combined export sales of old- and new-crop U.S. corn over the past month are averaging a miniscule 18.6 per week, which is about half of the 5-year avg.  Only one year in the past 20 has been that low—17.9 in 2012

·       Ethanol margins: $0.14 per gallon—up vs. $0.08 last week but below $0.18 in 2018.  EIA report at 9:30 am CDT

SOYBEANS/WHEAT

    ​
  • T-storm Weather®: a killing freeze with lows of 28°F/-2°C or colder is not foreseen for U.S. soybeans the next 2 weeks
  • ATI Research: Bias on near-term U.S. soybean exports remains 30-40 mbu per week 
  • T-storm Weather®: heavy rain (1.25”-2.50”) across northern half of central U.S. through Thu. stops HRS wheat harvest
  • ATI Research: Bias on near-term U.S. all wheat exports remains 17-23 mbu per week

ENERGY<​/p>

·       Firm: CLX19, +$0.64 @ $57.93; EBX, +$0.57 @ $62.95; EBX-QCLX, -.04; RBX, +.0186; NGX, +.015; HOX, +.0138

·       EIA Report Estimates (API): crude oil, -2.4 (-7.2); Gasoline, -0.9 (-4.5); Distillates, -0.1 (+0.6).  Estimates for ethanol production avg. 1.019 mbpd (range: 1.015-1.023).  Avg. est. of ethanol stocks: 23.479 mb (range 23.000-23.739)

·       Chicago ethanol was up $.02275 to $1.33275; basis values were firmer:  NYC, +$.02875 @ $.1650; Gulf, +$.02250 @ $.13; Dallas, +$.0150 @ $.13; Tampa, +$.01 @ $.24; LA, +$.0150 @ $.25

·       Ethanol RINs were lower: 2018’s, -.3750 at @ 8 -8 ¼; 2019’s off .6250 @ 17 -18                                    ​;                        ​                         ​        <​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr><​/wbr>

· &nb​sp;     The October RBOB/October ethanol spread tugged in $.0148 to $.25980 Tuesday

LIVESTOCK/POULTRY                       ​;                

  • Choice boxed beef declined $1.57 on Tuesday to $225.38 and is $5.28 lower versus last week  
  • Week-to-week declines in choice boxed beef have been seen for 12 consecutive trading days

·       USDA mandatory pork carcass cutout value firmed 58-cents on Tue. to $71.30 but is still $1.80 lower vs. a week ago  

·       CME Lean Hog Index fell $0.76 on Tue. to $62.99.  October futures gained $0.125 but are still $0.265 below the index                               <​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr><​wbr>             

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

 



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