HIGHLIGHTS
· Market Trend: Corn, 1-2 Lower; Soybeans, SQ, +6; SU, Steady; Wheat, ½-3/4 Higher
· Asian equity markets are less concerned about Portugal’s banking difficulties spreading to the rest of Europe and appear to be looking ahead to several data reports from the U.S., China and Europe during the week. The Far East posted nice gains with Shanghai plus .96%; the Nikkei moved up .88% and the Hang Seng rose .49%. European markets are up a similar amount—FTSE, +.62%; DAX, +.69% and the CAC-40, +.53%. U.S. futures are on track to follow, the S&P shows a .32% higher opening and the NAS, +.47%. Energy futures are mixed; gold is $15 lower at $1,322.30 and the $ Index, down .054 at 80.175
· T-Storm Weather: Most corn, soybeans and spring wheat stay dry into at least Saturday-Sunday as surface-level high pressure suppresses rainfall. The exception is across the southern Plains and Delta where multiple thunderstorm clusters result in 1.00”-3.00” of rain over the next week. Unseasonable coolness accompanies dryness through Friday-Saturday as maximums stay in the 60s-70s and minimums dip into the 40s-50s, which is around 10F-15F cooler than normal and gives July a chance to rank among the coolest on record
· Sep Corn Down $.0175 at $3.7650; December Down $.02 at $3.8275. Funds sold 15 K on Friday
· August SB Up $.0625 at $12.025; Sep SB Steady at $12.02. The funds sold 20 K SB; 10 K SBM and 7 K SBO
· Sep Wheat Up $.0050 at $5.2650; December Up $.0075 at $5.4850. The funds sold 8 K on Friday
CORN/SORGHUM
· ATI Research: USDA Crop Progress likely to show U.S. corn crop Good/Excellent 74-76% vs. 75% last week, 66% last yr.
· Crop Progress: U.S. corn silking progress likely to be near 30% compared to 15% last year and the 5-year avg. of 34%
· Export Inspections released at 10 AM CDT; Corn, 45.9 needed; 42.5 last week. Milo—4.9 needed; 0.2 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 14,167 contracts
· T-storm Weather: Temps are increasingly likely to turn warmer than usual July 21-25. Above-average warmth is unlikely to last because warming causes the jet stream to flow across the Midwest resulting in near-average rainfall
SOYBEANS/WHEAT
· ATI Research: Crop Progress likely to show U.S. soybean crop Good/Excellent 71-73% vs. 72% last week, 65% last year
· Crop Progress: U.S. soybeans blooming likely to be near 40% compared to 24% last year and the 5-year avg. of 37%
· Export Inspections released at 10 AM CDT; Soybeans, 6.6 needed; 2.2 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 4,936 contracts
· ATI Research: Crop Progress likely to show U.S. spring wheat Good/Excellent 69-71% vs. 70% last week, 70% last year
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions increase 78 contracts
ENERGY
· Futures are mixed: QCLQ14, -$.39 at $100.44; QRBQ, +$0.0118; QNGQ, -$.042; and QHOQ, +$.0142
· Cash ethanol markets were mostly weaker Friday: Chicago slipped 2 ¼; Gulf dipped 2; Tampa was off a penny; New York added ½; Dallas eased ½; and LA was 1 lower at $2.32 ½ per gallon
· RINs firmed slightly: 2012’s up ½ to 47 ½-51; 2013’s added ½ to 47 ½-51; and 2014’s gained ½ to 47 ½-49
· The August RBOB/August ethanol spread slid $.0311 per bushel on Friday, closing at $.8015/gallon
LIVESTOCK/POULTRY  
· After four days of record highs, Choice boxed beef values eased 38-cents Friday
· Cash cattle traded last week at mostly $156, down $2 from the previous week’s record high of $158
· After falling $1.03 on Thursday, the USDA mandatory pork carcass cutout value gained 77-centsFriday
· CME Lean Hog Index gained $0.75 to $132.38. July future unchanged at $132.80 and are $0.42 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather