HIGHLIGHTS
· Market Trend: Corn, CU down 4-5; Soybeans, SQ down 1 ½; WU, down 4 ¼; KWU, down 2 ¾
· Shanghai managed to rally late in the day, posting a 3.47% gain as trading remains still somewhat volatile. The Hang Seng moved up .47% while the Nikkei eased .13%. Europe’s CAC 40 and the FTSE are up .21% and .43%, respectively on some favorable earnings reports with the DAX marginally lower, off .02%. Wall Street is marking time ahead of today’s Fed statement at 2 PM EDT with ideas that September could bring a rate hike, but only there is by no means a strong consensus on this. Pre-markets have the DOW up 38; the S&P, +4.25 and the NAS, +10. Outside markets: $ Index, -.163 at 96.700; gold, -$.60; Sep CL, -$.25/gal
· T-storm Weather: Scattered thunderstorms focus along the Interstate-80 corridor from eastern Iowa through northern Indiana into today as a cool front passes. A seasonable to warm pattern follows into early next week, but will ultimately be followed by cool to unseasonably cool weather for much of next week as a large upper-level system swirls across southeast Canada; maximums in the 70s-80s coincide with minimums in the 50s across the Corn Belt. The rainfall setup beyond the next few days is somewhat unclear, but near- to below-normal rainfall is most probable as the cooler pattern suppresses humidity
· Sep Corn Down $.0450 at $3.7050; Dec Down $.0450 at $3.81. The funds bought 2 K yesterday
· Aug SB Down $.0150 at $9.7325; Nov Down $.0175 at $9.43. Funds: bought 5 K SB; even on SBM & bought 3 K SBO
· Sep Wheat Down $.0450 at $5.625; Dec Down $.0450 at $5.1575. The Funds bought 2.5 K on Tuesday
CORN/SORGHUM       ;   </wbr>
· T-storm Weather: Dryness is not a significant issue now, but may become more notable across the southeast third of the Corn Belt with time (though this is the area that was very wet from June into mid-July)
· ATI Research: U.S. corn exports for the remainder of July and August are expected to average 37-40 mbu per week
· Crop consultant: The condition of the 2015 U.S. corn crop has stabilized for the time being at a lower level than last year, but a little better than the long-term average
· Ethanol margins: $0.29 per gallon--up vs. $0.16 last week but below $1.00 last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· ATI Research: U.S. new-crop soybean export sales still very anemic; Sept-Nov exports est. at 650 mbu vs. 824 last year
· Crop consultant: Concerns for 2015 U.S. soybean crop include potential dryness developing in the northwestern Corn Belt; hot, dry conditions in the Delta/Southeast; and the possibility of the eastern Corn Belt drying out too quickly
· ATI Research: Near-term exports of U.S. all wheat are forecast to remain 15-20 mbu per week through late August
· T-storm Weather: Weather outlook for wheat in Australia and Argentina is neutral for the next 7-10 days
ENERGY
· Weaker: CLU15, -$0.25, $47.73; EBU, -$.27; EBU-CLU, +5.30, -$.02, RBU, -$.0106; NGU, +$.039; HOU, -$.0092
· EIA estimates: crude, unch (API: -1.9); Gasoline, unchanged (+1.3); Distillates, +1.3 (+4.3)
· Cash ethanol markets rebounded slightly on Tuesday: Chicago up 1 7/8; New York gained 3 ¾; Gulf added ¼; Dallas climbed ½; Tampa up 1; and LA was 4 higher at $1.63 per gallon
· Ethanol RINs for 2013, 2014 and 2015 were all 1 lower at 39 ¼ ranging from 39-39 ½
· The Aug RBOB/Aug Ethanol spread lost $.0512/gallon to close at $.3620 yesterday
LIVESTOCK/POULTRY      
·   Choice boxed beef values declined 12-cents on Tuesday to $232.15, and are $1.17 lower vs. last week
· Daily choice boxed beef values have been lower than the previous week for 20 consecutive days
· On Tuesday, USDA mandatory pork carcass cutout was $1.95 higher—largest gain since May 29; up $2.04 v. last week
· CME Lean Hog Index $0.17 lower at $78.36. August futures gained $1.95 to $79.475 and are $1.115 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather