HIGHLIGHTS
· Market Trend: Corn, CU Down 10 ¾; Soybeans, SQ Down 10 ½; WU, Down 3 ¾; KWU, Down 2 ½
· The impact of weak July manufacturing results in China carried over to today with Shanghai plunging 8.48%. The negative sentiment spread to the Hang Seng which was off 3.09% and the Nikkei lost nearly a point. Europe responded as expected: CAC 40, off 1.40%; DAX, -.19% and the FTSE, .17% lower. Doubtful if Wall Street will fare any better: DOW futures are 62 lower; the NAS points to a 21 lower opening and the S&P is down 6 ¾. Traders will take note of June durable goods data and flash PMI. Out this morning. Externals: gold, up $10.40; $ Index, down .631 @ 96.715 and Sep crude is $.58/barrel weaker
· T-storm Weather: Very warm to hot weather occurs until a strong cool front passesTuesday-Wednesday, though the coverage and intensity of heat will be limited by cloudiness from thunderstorms. After the front passes, temperatures turn seasonable for several days as maximums in the low-80s to low-90s generally coincide within minimums in the 60s in most areas. Scattered thunderstorms precede and accompany the cool front, resulting in scattered 0.50” to 1.50” amounts across the central/southern Plains and northwest half to two-thirds of the Corn Belt through Wednesday; wettest areas of / near Ohio likely stay drier
· Sep Corn Down $.1075 at $3.8175; Dec Down $.1075 at $3.92. The funds liquidated 9,500 contracts Friday
· Aug SB Down $.1050 at $9.8075; Nov Down $.1275 at $9.5225 Funds: Sold 7,500 SB; sold 3 K SBM & 4 K SBO Friday
· Sep Wheat Down $.0375 at $5.08; Dec Down $.04 at $5.1525. The Funds sold 3 K yesterday
CORN/SORGHUM ;        
· USDA Crop Progress: Good/Excellent crop condition ratings for U.S. corn could be steady to up two points vs. last week’s 69%. Ratings for same week last year were 75%. The 5-year avg. for corn silking is approximately 77%
· T-storm Weather—Temps turn cooler from Sat.-Sun. forward, keeping highs in 70s-80s & lows in the 50s-60s for the first 5-10 days of August. A few thunderstorms occur Friday-Saturday across northern third to half of Corn Belt/Plains
· December 2015 corn futures on Sunday night traded below $4.00 for the first time since June 26
· Export Inspections released at 10 AM CDT; Corn, 51.9 needed; 45.7 last week. Milo—7.5 needed; 4.6 last week
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent crop condition ratings for U.S. soybeans could be steady to up two points vs. last week’s 62%. Ratings for same week last year were 71%. 5-year avg. for soybeans blooming approx. 72%
· Export Inspections released at 10 AM CDT; Soybeans, 6.8 needed; 11.3 last week
· USDA Crop Progress: U.S. winter wheat harvest est. at 80-85% vs. approx. 82% last year and 80% for the 5-year avg.
· Export Inspections released at 10 AM CST; Wheat, 19.2 needed; 18.0 last week
ENERGY
· Weaker: CLU15, -$0.58, $47.56; EBU, -$.892; EBU-CLU, +6.18, -$.30, RBU, -$.0103; NGU, -$.010; HOU, -$.0246
· Cash ethanol markets were weaker on Friday: Chicago down 2 3/8; New York off 2; Gulf eased 1 ¼; Dallas declined 3 ¼; Tampa dipped 3 ¾; and LA was a penny lower at $1.62 ½ per gallon
· Ethanol RINs for 2013 eased ¼ to 41-42; 2014 down 3/8 to 41 ½-42 ½; 2015 declined 5/8 to 41-42
· The Aug RBOB/Aug Ethanol spread gained $.0041 on Friday to $.3332 per gallon
LIVESTOCK/POULTRY    
· On Friday, choice boxed beef values were down $1.89, are $2.60 weaker vs. last week & at the lowest level of 2015
· Cattle on Feed: On Feed July 1, 101.9% (101.6% avg. est); Placed June, 100.9% (99.1%); Marketed June, 94.6% (94.6%)
· On Friday, USDA mandatory pork carcass cutout increased 28-cents and is up $2.33 vs. last week
· CME Lean Hog Index $0.21 lower at $78.72. August futures $0.60 lower at $77.675 and are $1.045 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather