HIGHLIGHTS
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TRENDS—Mixed: CU, +$.0150; SU, +$.0450; WU, -$.0275; KWU, -$.0225
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What caught my eye: Pro Farmer Midwest Crop Tour reports IN corn yields at 161.5 bpa, against 182.3 LY and the average of 175.5; NE yields were 6.6 bpa lower than LY at 172.6 but above the 3-year average by nearly 5 bpa
· Market awaiting Fed’s Jackson Hole seminar comments. ASIA: Trying to firm-Nikkei, -0.28%; Shanghai, +0.01%; Hang Seng, +0.15%. EUROPE: Up—DAX, +1.02%; FTSE, +1.02%; CAC, +1.36%. WALL STREET—Futures are higher-- DOW, +155; S&P, +19.75; NAS, +61.75. EXTERNALS: Oct crude: +$0.56 @ $56.69; Gold: -$4.60 @$1,511; $ Index: +.028 @ 98.218
· T-storm Weather®: Today’s U.S. forecast is wetter because of expectations of new thunderstorms in southern corn and soybean areas through Friday, and the probability for scattered thunderstorms to affect a wide area next week as cool and hot air continue to battle. It is also more apparent that cool weather will win most battles, leaving a wide area near to slightly cooler than normal over the next two weeks (and slightly cooler than indicated yesterday)
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CU, up $.0150 @ $3.61; CZ, up $.01 @ $3.6975. More precipitation yesterday weighed on bullish sentiment, funds sell 7 K
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SU, up $.0450 @ $8.6025; SX, up $.0475 @ $8.73. Funds: Even SB, bot 2 K SBM, sold 4 K SBO. Board Crush: $1.02, -2; LY, $1.55
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WU, dn $.0275 @ $4.5725; WZ, dn $.0325 @ $4.6325. The funds were sellers of 5 K Tuesday
CORN/SORGHUM
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T-storm Weather®: Through Friday, several heavy thunderstorms affect the southwest half of U.S. corn, producing 0.75” to 1.50” and a few areas of higher amounts
· ATI Research: Continued weak export sales for both old and new crop corn have lowered the near-term liftings outlook to 15-25 mbu per week compared to 20-25 last week
· Ethanol margins: $0.05 per gallon—up vs. $0.04 last week but well below $0.23 in 2018. EIA report at 9:30 am CDT
SOYBEANS/WHEAT
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T-storm Weather®: Through Friday, several heavy thunderstorms affect the southwest half of U.S. soybeans, producing 0.75” to 1.50” and a few areas of higher amounts
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ATI Research: Bias on near-term U.S. soybean exports narrows from 30-39 mbu per week to 31-37
· Chicago September wheat futures on Tue. closed at $4.60—the lowest settlement price for the contract since May 15
· T-storm Weather®: Drought intensifies for eastern Australia wheat near-term; Western Australia stays drought-free
ENERGY
· Firm: CLV19, +$0.56 @ $56.69; EBV, +$0.92 @ $60.95; EBV-QCLV, +.38; RBV,+.0187; NGV, +.005; HOV, +.0094
· EIA Report Estimates (API): crude oil, -1.5 (-3.5); Gasoline, -0.2 (-0.4); Distillates, +0.2 (+1.8). Estimates for ethanol production and stocks were not available from the wire services
· Chicago ethanol was $.0045 weaker, slipping to $1.2900; basis values were mostly weaker: NYC, +$.0070 @ $.1275; Gulf, -$.0055 @ $.0750; Dallas, -$.0055 @ $.1250; Tampa, -$.0005 @ $.2400; LA, -$.0005 @ $.2350
· Ethanol RINs were firmer with 2018’s up 2.00 at @ 4 ½- 7 and 2019’s 3.00 higher @ 12 -15      
· The September RBOB/September ethanol spread gained $.0057 Tuesday to close at $.3781/gallon
LIVESTOCK/POULTRY  
· USDA mandatory pork carcass cutout value fell $1.20 on Tuesday to $82.09 and is down $5.83 versus last week
· CME Lean Hog Index fell $0.56 on Tue. to $77.99. October futures firmed $0.950 but are still $13.015 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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