HIGHLIGHTS
· TRENDS—Higher: CU, +$.0475; SU, +$.0675; WU, +$.0025; KWU, +$.02. Del’y: SBM, 214; SB, 220
· What caught my eye: FSA’s certified planted corn acres at what initially appeared to a very low 81.1 million figure generated some bullish sentiment initially, but is likely due to Covid-19 delays and a 30 day reporting extension
· Trade disputes and lack of progress on the U.S. coronavirus stimulus package contribute to weakness
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Asia—Mostly firm: Nikkei, +1.78%; Shanghai, +0.04%; Hang Seng, -0.05%
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EUROPE: Weaker—DAX, -0.29%; FTSE, -0.99%; CAC, -0.22%
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WALL STREET: Futures, weaker --DOW, -18; S&P, -3.5; NAS, -7.50
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EXTERNALS: Oct crude, -$0.03 @ $42.92; Gold: -$9.40 @ $1,940; Sep $ Index, -.343 @ 93.065
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T-storm Weather®: most U.S. corn and soybeans remain along the eastern fringe of very warm and hot upper-level high pressure through Saturday, leaving a wide area slightly warmer than normal. A slow-moving warm front triggers scattered thunderstorms within the western third of corn and soybeans through Fri.-Sat., producing scattered 1.00”-2.00” totals in western IA, western MN, eastern NE, and the eastern Dakotas. Scattered storms also produce 0.50”-1.00” in / near the Delta and far southeast Corn Belt
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CU, up $.0475 @ $3.1925; CZ, up $.0475 @ $3.32. The funds bought 6 K yesterday, IA derecho/yield worries rise
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SU, up $.0675 @ $8.8725; SX, up $.0725 @ $8.9025. Funds: bought 7 SB, 1 SBM, 7 BO. Board crush: $0.92 (U/U), +1; LY, $1.03
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WU, up $.0025 @ $4.9150; WZ, up $.0025 @ $5.0025. The funds sold 3 K wheat on report day with few, if any surprises
CORN/SORGHUM
· Export Sales to be released at 7:30 am CDT. Trade expects 4-16 mbu for 19/20 corn and 12-39 for 20/21
· T-storm Weather®: a fairly dry period begins early next week across U.S. Corn Belt & likely continues for at least 7-10 days as areas of high pressure block energy & limit humidity; likely further dries corn in & adjacent IL, IN, MI, MO, WI
· Ethanol grind: total of 918,000 barrels/day for the week ending Aug. 7—down 13 thousand (1.4%) versus last week and 12.2% lower compared to last year’s 1,045,000
· T-storm Weather®: drying continues over the near-term on corn in Ukraine, but a cool period dominates
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 am CDT. Trade expects 4-20 mbu for 19/20 soybeans and 40-66 for 20/21; soymeal, 150-450 K MT for 19/20 and 150-250 for 20/21; soyoil, 8-35 for 19/20 and 0-5 for 20/21
· T-storm Weather®: a fairly dry period begins early next week across U.S. Corn Belt & likely continues for at least 7-10 days as area of high pressure block energy & limit humidity; likely further dries beans in & adjacent IL, IN, MI, MO, WI
· Export Sales to be released at 7:30 am CDT. Trade expects 9-29 mbu for 20/21 wheat
· T-storm Weather®: light rains recur on wheat in Australia Fri.-Sat., but some dry pockets persist despite recent rain
ENERGY
· Weak: CLV20, -$0.03 @ $42.92; EBV, -$0.15 @ $45.28; EBV-QCLV, -0.11; RBV, -.0016; NGV, +.014; HOV, -.0056
· Chicago ethanol rose $.0250 to $1.2650; basis, mostly weaker: NYC, -$.01625 @ +$.0850; Gulf, -.01 @ +$.09; Dallas, -$.01250 @ +$.09; Tampa, -$.01 @ +$.2150; LA, +$.01 @ +$.18
· Ethanol RIN values, lower: 2019’s, -1.75 @ 34 ½ -35 ½; 2020’s: -1.25 @ 37 ½ -38 ½          
· The Sep RBOB/August ethanol spread is trading -$.0049 this morning, down $.0112, premium ethanol
LIVESTOCK/POULTRY   wbr>
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Choice boxed beef firmed $1.01 on Wednesday to $209.09, and is $5.52 higher compared to last week
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Light cash cattle trade occurred at $104 to $105 on Wed. in the South, which is $4.00 higher that last week’s avg.
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The mandatory pork carcass cutout value was $1.48 higher on Wed. at $71.25, and is up $4.78 versus a week ago
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CME Lean Hog Index was $0.03 higher on Wed. at $53.82. August futures eased $0.050 & are $0.920 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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