HIGHLIGHTS

• TRENDS—Mostly lower:  CZ, -$.0075; SX, -$.02; WZ, -$.03; KWZ, unch. Dely: SM, 571; BO, 219; RR, 8; C, 373; HRW, 1,005; SB, 1,065; SRW, 332
• What caught my eye: Although down from the prior week’s 68 mbu total, combined Russia/Ukraine wheat exports of 59 million in the latest period marked the 6^th consecutive week of 50 or more shipped, double the rate of a year ago

·       New tariffs go into effect; U.S. stock futures sharply lower.  ASIA: Sort of firm-Nikkei, +0.02%; Shanghai, +0.21%; Hang Seng, -0.39%.  EUROPE: Lower—DAX, -0.46%; FTSE, -0.23%; CAC, -0.50%.  WALL STREET—Futures are not prettty-- DOW, -229; S&P, -25; NAS, -80.  EXTERNALS: Nov crude: -$0.950 @ $53.94; Gold:  +$11.80 @ $1,541; $ Index: +.384 @ 99.30

·       T-storm Weather®: Fairly quiet weather affects the central U.S. over the next two weeks as near- to below-normal rainfall and near- to above-normal temps dominate.  A killing freeze is not foreseen, and climatologically, killing freezes are only low possibilities in northern areas starting within Sep. 15-25.  Dryness is being monitored across South America because significant proportions of expected corn and soybean production were drier than normal in recent months

• CZ, dn $.0075 @ $3.69; CH, dn $.0025 @ $3.82.  The Funds were even in Friday trading      
• SX, dn $.02 @ $8.67; SF, dn $.0075 @ $8.8125.  Funds: Bot 4 K SB, 1 K SBO, sold 1 K SBM.  Board Crush: $0.95, -3; LY, $1.46
• WZ, dn $.03 @ $4.5950; WH, dn $.0175 @ $4.6825.  Active fund selling to close out the week, 6 K                     

CORN/SORGHUM

• Consultant: USDA Crop Progress report to peg U.S. corn Good/Excellent 57-58% v. 57% last week and 67% last year
• T-storm Weather®: cool fronts trigger a few showers/thunderstorms within northern third of half of central U.S. corn over the next week (esp. today & Thu.-Fri.), but only scattered 0.25”-0.75” totals expected; dry weather to the south

·       ATI Research: The 5-year avg. for U.S. corn dented increases ~17% from Aug. 25-Sep. 1 to 63%.  However, corn dented this year as of Aug. 25 was only 27%, confirming the likelihood of a significantly later-than-normal start to harvest

• Latest NWS forecast for September: below/much below normal temps & above normal precip for northern U.S. corn

SOYBEANS/WHEAT

• Consultant: USDA Crop Progress report to peg U.S. soybean Good/Excellent 55-56% v. 55% last week & 66% last year
• T-storm Weather®: a killing freeze (28°F / -2°C or colder) is not foreseen for U.S. soybeans over the next two weeks as the core of chilly air remains far to the north

·       Export Inspections released at 10 am CDT; Wheat, 18.9 mbu needed; 18.1 last week

• T-storm Weather®: cool fronts trigger some showers & thunderstorms this week across un-harvested U.S. HRS wheat

ENERGY

·       Lower: CLX19, -$0.95 @ $53.94; EBX, -$0.72 @ $57.94; EBX-QCLX, +.19; RBX,-.0486; NGV, +.0287; HOX, -.0401

·       Chicago ethanol lost $.03975 on Friday to $1.35375; basis values were higher:  NYC, +$.02475 @ $.13125; Gulf, +$.03725 @ $.09625; Dallas, +$.04475 @ $.11125; Tampa, +$.04975 @ $.20125; LA, +$.04975 @ $.20125

·       Ethanol RINs were weaker with 2018’s holding off .25 @ 7 -9 and 2019’s down .1250 @ 15 -15 ¼                                   ​                        &​nbsp;                        &​nbsp;     

·       The October RBOB/September ethanol collapsed $.0713 Friday to close at $.2734/gallon

LIVESTOCK/POULTRY                               &nbs​p;       

• Choice boxed beef eased 42-cents on Friday to $231.77 and is $5.75 lower compared to last week
• U.S. cattle slaughter for week end Aug. 31 est. down 0.2% v. 2018 but beef production dn 1.2% due to lighter weights

·       USDA mandatory pork carcass cutout value firmed 85-cents on Friday to $71.61 but is still down $7.06 vs. a week ago  

·       CME Lean Hog Index declined $1.79 on Friday to $69.45.  October futures fell $1.375 and are $5.925 below the index                                            

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

HIGHLIGHTS

• TRENDS—Mostly lower:  CZ, -$.0075; SX, -$.02; WZ, -$.03; KWZ, unch. Dely: SM, 571; BO, 219; RR, 8; C, 373; HRW, 1,005; SB, 1,065; SRW, 332
• What caught my eye: Although down from the prior week’s 68 mbu total, combined Russia/Ukraine wheat exports of 59 million in the latest period marked the 6^th consecutive week of 50 or more shipped, double the rate of a year ago

·       New tariffs go into effect; U.S. stock futures sharply lower.  ASIA: Sort of firm-Nikkei, +0.02%; Shanghai, +0.21%; Hang Seng, -0.39%.  EUROPE: Lower—DAX, -0.46%; FTSE, -0.23%; CAC, -0.50%.  WALL STREET—Futures are not prettty-- DOW, -229; S&P, -25; NAS, -80.  EXTERNALS: Nov crude: -$0.950 @ $53.94; Gold:  +$11.80 @ $1,541; $ Index: +.384 @ 99.30

·       T-storm Weather®: Fairly quiet weather affects the central U.S. over the next two weeks as near- to below-normal rainfall and near- to above-normal temps dominate.  A killing freeze is not foreseen, and climatologically, killing freezes are only low possibilities in northern areas starting within Sep. 15-25.  Dryness is being monitored across South America because significant proportions of expected corn and soybean production were drier than normal in recent months

• CZ, dn $.0075 @ $3.69; CH, dn $.0025 @ $3.82.  The Funds were even in Friday trading      
• SX, dn $.02 @ $8.67; SF, dn $.0075 @ $8.8125.  Funds: Bot 4 K SB, 1 K SBO, sold 1 K SBM.  Board Crush: $0.95, -3; LY, $1.46
• WZ, dn $.03 @ $4.5950; WH, dn $.0175 @ $4.6825.  Active fund selling to close out the week, 6 K                     

CORN/SORGHUM

• Consultant: USDA Crop Progress report to peg U.S. corn Good/Excellent 57-58% v. 57% last week and 67% last year
• T-storm Weather®: cool fronts trigger a few showers/thunderstorms within northern third of half of central U.S. corn over the next week (esp. today & Thu.-Fri.), but only scattered 0.25”-0.75” totals expected; dry weather to the south

·       ATI Research: The 5-year avg. for U.S. corn dented increases ~17% from Aug. 25-Sep. 1 to 63%.  However, corn dented this year as of Aug. 25 was only 27%, confirming the likelihood of a significantly later-than-normal start to harvest

• Latest NWS forecast for September: below/much below normal temps & above normal precip for northern U.S. corn

SOYBEANS/WHEAT

• Consultant: USDA Crop Progress report to peg U.S. soybean Good/Excellent 55-56% v. 55% last week & 66% last year
• T-storm Weather®: a killing freeze (28°F / -2°C or colder) is not foreseen for U.S. soybeans over the next two weeks as the core of chilly air remains far to the north

·       Export Inspections released at 10 am CDT; Wheat, 18.9 mbu needed; 18.1 last week

• T-storm Weather®: cool fronts trigger some showers & thunderstorms this week across un-harvested U.S. HRS wheat

ENERGY

·       Lower: CLX19, -$0.95 @ $53.94; EBX, -$0.72 @ $57.94; EBX-QCLX, +.19; RBX,-.0486; NGV, +.0287; HOX, -.0401

·       Chicago ethanol lost $.03975 on Friday to $1.35375; basis values were higher:  NYC, +$.02475 @ $.13125; Gulf, +$.03725 @ $.09625; Dallas, +$.04475 @ $.11125; Tampa, +$.04975 @ $.20125; LA, +$.04975 @ $.20125

·       Ethanol RINs were weaker with 2018’s holding off .25 @ 7 -9 and 2019’s down .1250 @ 15 -15 ¼                                  &​nbsp;                        <​wbr>                        &n​bsp;      

·       The October RBOB/September ethanol collapsed $.0713 Friday to close at $.2734/gallon

LIVESTOCK/POULTRY                       ​;                

• Choice boxed beef eased 42-cents on Friday to $231.77 and is $5.75 lower compared to last week
• U.S. cattle slaughter for week end Aug. 31 est. down 0.2% v. 2018 but beef production dn 1.2% due to lighter weights

·       USDA mandatory pork carcass cutout value firmed 85-cents on Friday to $71.61 but is still down $7.06 vs. a week ago  

·       CME Lean Hog Index declined $1.79 on Friday to $69.45.  October futures fell $1.375 and are $5.925 below the index                        &nbs​p;                   

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