HIGHLIGHTS
· Market Trend: Corn, CU down 2 ¾; Soybeans, SQ down 3; WU, down 9 ½; KWU, Down 8 ½
· Chinese government admonition for citizens to buy more stocks not working—Shanghai plunges 6.9% overnight and the Hang Seng drops 5.8%; almost 36% of the listed companies suspend trading. Nikkei falls 3.14%. U.S. 401-K values likely to shrink today—DOW futures off 137; S&P 500 expected to open 17 lower and the NAS, pre-markets 38 lower. Europe .28% (DAX) to .63% (FTSE) higher this morning on reports Greek PM has given reform proposals to creditors. Outside markets: Gold, up $1.20 at $1,153.80; energies higher with Aug WTI up $.30 and the $ Index, off 1/3rd of a point to 96.725
· T-storm Weather: Unseasonable coolness dominates areas in / adjacent the Corn Belt through Thursday-Friday. Heavy rain occurs along the edge of coolness, most notably including some of the wettest corn, soybeans & wheat across southeast third to half of the Corn Belt. A short-duration heat wave begins Friday-Saturday and ends Tuesday-Wednesday. Best rain chances from Saturday forward are along the edge of warmth, generally including the northern Plains and northern / eastern Corn Belt
· July Corn Down $.04 at $4.1175; Sep Down $.0275 at $4.2050. Funds sold 5 KTuesday. Dely: Corn, 1,003
· July SB Down $.03 at $9.99; Aug Down $.0275 at $9.8925. Funds: sold 12 K SB; 5 K SBM; 10 K SBO. Dely: SBO, 822
· Wheat Down $.0950 at $5.70; Sep Down $.0925 at $5.76. Funds sold 8 K yesterday. Dely: HRW, 6; SRW, 275
CORN/SORGHUM ;    
· July 10 USDA WASDE: Avg. trade guess for U.S. corn carryout--14/15, 1.809 bbu (1.876 in June); 15/16, 1.508 (1.771)
· T-storm Weather: By next weekend (July 18), the core of upper-level high pressure will become the driver of U.S. weather. Near- or above-normal temperatures with near- or below-normal rainfall are most probable
· Crop consultant: Nationwide condition of 2015 U.S. corn crop is now rated essentially equal to the long term average
· ATI Research: U.S. corn exports forecast at 37.5 mbu/week over the next month, 1.5 million below last year’s average
· Ethanol margins: $0.19 per gallon--down vs. $0.21 last week and below $0.92 last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· July 10 USDA WASDE: Avg. trade guess for U.S. soybean carryout--14/15, 292 mbu (330 in June); 15/16, 378 (475)
· ATI Research: Increasingly unlikely that U.S. Sept-Nov soybean exports will be within 75 mbu of last year’s 824 total
· Crop consultant: Wet weather delaying U.S. wheat harvest, which is delaying the planting of double crop soybeans
· July 10 USDA Crop Production report: Avg. trade guess all wheat, 2.149 bbu; HRW, 0.888; SRW, 0.399; White, 0.199
· ATI Research: U.S. al wheat exports likely to range from 10-15 mbu per week through the remainder of July
ENERGY
· Higher: CLQ15, +0.25, $52.58; EBQ, +0.45; EBQ-CLQ, +4.70, +$.18, RBQ, +$.0312; NGQ, +$.004; HOQ, +$.0080
· EIA estimates: crude, -1.0 (API: -0.95); Gasoline, unch (-2.0); Distillates, +1.0 (+4.2)
· Cash ethanol markets were mostly lower on Tuesday: Chicago and Gulf down 2 ¼; New York off ¼; Tampa eased 2 ½; Dallas declined 1; and LA was steady at $1.75 ½ per gallon
· Ethanol RINs for 2013, 2014 and 2015 all gained 3/8 to finish at 45 1/8 in a range from 44 ½-45 ¾
· The Aug RBOB/Aug Ethanol spread settled at $.3134, up $.0297; trading $.3446/gallon today
LIVESTOCK/POULTRY  
· Choice boxed beef values were $2.98 lower on Tuesday, are down $8.06 vs. last week & lowest since June 8
· Over the last 8 trading days, choice boxed beef cutout values have declined $11.45 (4.5%)
· On Tuesday, USDA mandatory pork carcass cutout was down 74-cents but at $80.96, is still up 52-cents vs. last week
· CME Lean Hog Index gained $0.30 to $77.43. July futures up $0.525 at $79.25, and are $1.82 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather