IGHLIGHTS
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TRENDS—Mixed: CU, +$.0150; SU, +$.0350; WU, -$.0350; KWU, -$.0125
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What caught my eye: No end at least for the time being to South American corn exports as Brazil followed up last week’s 53.5 mbu shipments with over 78 million in the latest week
· Weekly jobless & 2nd qtr GDP key metrics the market will watch today. ASIA: Mostly lower-Nikkei, -0.09; Shanghai, -0.10%; Hang Seng, +0.34%. EUROPE: Higher—DAX, +1.15%; FTSE, +1.04%; CAC, +1.35%. WALL STREET—Futures are Higher-- DOW, +263; S&P, +28.25; NAS, +99.25. EXTERNALS: Oct crude: +$0.33 @ $56.11; Gold: -$1.20 @ $1,548; $ Index: +.054 @ 98.264
· T-storm Weather®: Cooler temperatures will prevail over much of the next two weeks to lengthen the filling period, and there is no risk of a killing freeze. Soil moisture is adequate across a wide area, and more rain affects KS and NE Fri.-Sat., and at least some rain affects parts of IA, IL, and MO where coverage and totals will take another day to determine. Rainfall will be limited elsewhere over the next 10 days, likely followed by an uptick as a couple systems pass.
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CU, up $.0150 @ $3.6425; CZ, up $.0150 @ $3.7250. The funds bought 5 in anticipation of a positive RFS announcement
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SU, up $.0350 @ $8.5625; SX, up $.0350 @ $8.6925. Funds: Bot 4 K SB, 2 K SBM, & 1 K SBO. Board Crush: $1.03, 0; LY, $1.50
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WU, dn $.0225 @ $4.70; WZ, dn $.0150 @ $4.7375. The funds sold the 1 K the bought at mid-week
CORN/SORGHUM
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Export Sales released at 7:30 CDT: Old crop corn expected at 2-10 million (4.7 last week) and new crop in the 14-31 mbu range (11.9 LW)
· Ethanol production for the week of August 23rd at 1.038 mbp was 11 K bpd greater than a week earlier and while it exceeded the trade average by 11 K, it was down 32 K versus the corresponding week in 2018
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T-storm Weather®: Dryness persists for most U.S. corn into the weekend, except for a narrow area of substantial rainfall from the central and southern Plains eastward through the Corn Belt where 0.50” to 1.50” falls
SOYBEANS/WHEAT
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Export Sales released at 7:30 CDT: Old crop soybeans seen at (7) to +4 million (1.0 last week) and the new crop estimate is in the 13-33 mbu range (29.1 LW)
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T-storm Weather®: Unseasonable coolness impacts U.S. soybeans next 2 weeks, with temps -3°F to -6°F from normal
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Export Sales released at 7:30 CDT: Old crop SBM forecasted at 50-150 K MT (119 last week) and the new crop estimate is 50-200 (13 LW). SBO estimated at 0-10 for old crop (2.2 LW) and new crop, 0-15 (0 LW)
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Export Sales released at 7:30 CDT: wheat pegged at 9-26 (21.8 last week) with 14.4/week needed
ENERGY
· Firm: CLV19, +$0.33 @ $56.11; EBV, -$0.08 @ $60.41; EBV-QCLV, -.43; RBV,+.0093; NGV, +.021; HOV, +.0061
· Chicago ethanol rose $.0225 yesterda to $1.34875; basis values were mostly lower: NYC, -$.0050 @ $.13125; Gulf, -$.01250 @ $.09125; Dallas, +$.0025 @ $.10125; Tampa, -$.01250 @ $.18125; LA, -$.0025 @ $.19125
· Ethanol RINs were again firmer with 2018’s up 1.25 at @ 7 ½ -9 and 2019’s 0.625 higher at @ 14 ½ -16      
· The September RBOB/September ethanol spread eased $.0015 to $.3534/gallon
LIVESTOCK/POULTRY   </wbr></wbr></strong>
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Choice boxed beef plummeted $3.80 on Wednesday and is $8.78 lower compared to last week
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Light cash cattle trade developed on Wednesday in parts of Nebraska at $106 per cwt live basis
· USDA mandatory pork carcass cutout value was $2.42 lower on Wednesday at $71.08 & is down $8.65 v. a week ago
· CME Lean Hog Index eased $0.89 on Wed. to $72.63. August futures firmed $0.275 but are still $9.13 below the index ;
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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