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NEW FEED RECCO FOR CORN DAY 1: Past advice had you covered on 50% of corn needs through yearend. Hedge the remaining half on this latest break in futures. On the Grains: Grains are soft overnight as position squaring ahead of 1st notice day for September contracts dominates light trade. Ethanol production stats weren’t helpful for corn, coming in the lowest in 13-weeks and with only a week left in the marketing year, nearly assure the next WASDE will cut corn use for ethanol about 25 million bushels. On a more positive note, ethanol stocks are the lowest in 41 weeks showing strong demand for blending and a likely pick-up in ethanol production during harvest with some plants already improving their basis offers on new crop commitments. The latest 8-14 day weather outlook extends the forecast for hot, dry conditions across the entire mid-section of the country to mid-September. It confirms the early end to the growing season that will speed dry-down but tilt odds towards further shrinkage in yields once combines roll, particularly for soybeans. Another downside to this forecast is falling water levels on the Mississippi. At Memphis, they’re already nearly 5 feet below normal and that doesn’t bode well…

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