Information provided may include opinions of the author and is subject to disclosures found at the end of this document.

HIGHLIGHTS

• TRENDS—Mixed:  CZ, +$.0025; SX, -$.0225; WZ, +$.02; KWZ, +$.0125 
• What caught my eye: PNW corn demand (lack of) . . . rather strong corn sales yesterday though mostly to Mexico.  Worrisome but too much of a surprise is the fact outstanding sales to Asia/Mid-East down 75% yr to yr—31 year LOW, at just 41 mbu!!

·       Equity markets mostly higher, no real news, trade war lingers.  ASIA: Mostly higher--Nikkei, +0.16%; Shanghai, +0.24%; Hang Seng, -0.13%.  EUROPE: Firm, sort of —DAX, +0.04%; FTSE, +0.01%; CAC, +0.26%.  WALL STREET—Futures are up-- DOW, +54; S&P, +6.25; NAS, +22.  EXTERNALS: Nov crude: +$0.49 @ $58.68; Gold:  +$4.40 @ $1,504; $ Index: +.056 @ 98.328

·       T-storm Weather®: In the central U.S., temps remain warmer than normal over the next two weeks, despite a cooler period next week.  Rains affect varying areas at varying times as several systems pass into next month, leaving at least northern areas of the Corn Belt and Plains wet.  In Brazil, thunderstorms slowly become more common into next month, but more will likely be needed in southern areas (and Paraguay) to break drought.  Argentina remains dry over the next 10 days as wheat drought intensifies

• CZ, up $.0025 @ $3.73; CH, up $.0025 @ $3.8425.  The funds were buyers of 2 K Thursday     
• SX, dn $.0225 @ $8.89075; SF, dn $.0175 @ $9.0425.  Funds: Bot 2 K SB, 1 K SBM, sold 2 K SBO.  Board Crush: $0.78, -3; LY, $1.38
• WZ, up $.02 @ $4.90; WH, up $.02 @ $4.9625.  Fund selling yesterday—2 K    

CORN/SORGHUM

·       ATI Research: Unshipped 19/20 export sales of U.S. corn as of Sep. 12 were 306 mbu, which is down 47% from 581 mbu last year and 19% from 378 mbu at this time two years ago

• T-storm Weather®: high coverage of rain occurs Sat.-Mon. in the Corn Belt, Delta, & northern Plains as a large system, cool front, and the remnant of Imelda link up to produce 1.00” to 1.50” across the southeast half of the Corn Belt

·       Consultant: First look at 19/20 corn production in Argentina pegs output at 50.0 MMT, dn 2% from this year’s harvest

·       Updated NWS forecast for October: above normal temps, equal chance of above or below normal precip for Corn Belt

SOYBEANS/WHEAT

• ATI Research: Unshipped 19/20 export sales of U.S. soybeans as of Sep. 12 were 370 mbu, which is down 38% from 596 mbu last year and 42% from 633 mbu at this time two years ago
• T-storm Weather®:  a significant frost or freeze is not foreseen for at least two more weeks for U.S. soybeans

·       ATI Research: Unshipped 19/20 export sales of U.S. all wheat as of Sep. 11 were 181 mbu—up 9% vs. 166 mbu last year.  Largest increases by class are for HRS (25%) and SRW (13%).  Decreases noted for HRW (2%) and White (11%)

• T-storm Weather®: a few showers impact wheat in varying areas of Australia the next 7-10 days, but no heavy rain

ENERGY

·       Higher: CLX19, +$0.49 @ $56.68; EBX, +$0.37 @ $64.77; EBX-QCLX, -.11; RBX, +.0067; NGX, +.014; HOX, +.0069

·       Chicago ethanol slipped $.0110 to $1.3915; basis values were mixed:  NYC, -$.0150 @ $.1335; Gulf, -$.0090 @ $.1235; Dallas, +$.0060 @ $.1235; Tampa, +$.0110 @ $.2335; LA, +$.0160 @ $.2785

·       Ethanol RINs were again weaker with 2018’s, -0.75 0at @ 13 -14 ½; 2019’s, -1.375 @ 22 -24 ¾                                         &​nbsp;                       &n​bsp;                       &nb​sp;     

·       The October RBOB/October ethanol spread reversed its recent course, widening 5 ½ cents to $.3256/gallon  

LIVESTOCK/POULTRY                 &n​bsp;                     

• Choice boxed beef eased 7-cents on Thursday to $218.17 and is down $1.80 compared to a week ago 
• Estimates for 2:00 pm CDT USDA Cattle on Feed: Sep. 1 on feed, 99.4%; Placed in Aug, 94.5%; Marketed in Aug, 98.4%

·       USDA mandatory pork carcass cutout value firmed $1.26 on Thu. to $68.28 but is still down $1.75 versus last week 

·       CME Lean Hog Index declined $0.44 on Thu. to $56.32.  October futures fell $1.525 but are $5.08 above the index                           <​/wbr>

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