HIGHLIGHTS
· MARKET TREND: CORN: CU, down 5 ¼; SOYBEANS: SQ, down 5 ½; WHEAT: WU, down 6 ¼; KWU, down 7 ¼
· 2 surveys pointed to weakening Chinese manufacturing activity, particularly among the smaller, private companies. The results helped push Shanghai 1.11% lower and the Hang Seng finished down .91%. The Nikkei was also weaker, losing .18%. Europe seemed to pay scant attention to a 20% drop in the Greek stock market as it re-opened after a 5 week hiatus: the CAC 40 was up .39% at mid-day; the DAX, +.53% while the FTSE was off .08%. Greece seems to be having more of an impact in the U.S. pre-markets: DOW futures, off 4; NAS, -2 ½; S&P, down 1 ¼. Outside markets: $ Index, +.126 @97.565; gold, $2.80 lower @$1,092.10; Sep WTI is down $.77 at $46.35
· T-storm Weather: Temperatures generally average cooler to much-cooler than normal from the northern Plains through the Corn Belt over the next 7-10 days as a large upper-level system swirls in southeast Canada; maximums in the 70s-80s generally coincide with minimums in the 50s through at least Aug. 10. Warmer weather occurs to the south and west where seasonable to slightly above-normal weather dominates. The exact setup cannot be assessed, but 0.50" to 1.50" rainfall amounts are probable for most corn and soybeans over the next five days (wettest across the southwest half)
· Sep Corn Down $.0550 at $3.65506; Dec Down $.06 at $3.7525. The funds bought 3 K to close out the week
· Aug SB Down $.0550 at $9.7525; Nov Down $.0850 at $9.3175. Funds: sold 6 K SB; 5 K SBM and 3 K SBO. Dely: SBO, 1,206
· Sep Wheat Down $.0625 at $4.93; Dec Down $.07 at $4.8525. The funds ended Friday even
CORN/SORGHUM          
· USDA Crop Progress: Good/Excellent crop condition ratings for U.S. corn could be steady to one point higher vs. last week’s 70%. Ratings for same week last year were 73%. The 5-year average for corn silking is approximately 89%
· T-storm Weather—A seasonably -warmer pattern likely unfolds from early next week forward, but any heat is probable to stay limited to the Plains because the region will be nearer hot upper-level high pressure in the West
· December 2015 corn futures fell $0.73 in just 14 trading days from July 14 peak of $4.54 ¼ to July 31 close of $3.81 ¼
· Export Inspections released at 10 AM CDT; Corn, 53.5 needed; 43.5 last week. Milo—7.3 needed; 6.3 last week
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent crop condition ratings for U.S. soybeans could be steady vs. last week’s 62%. Ratings for same week last year were 71%. The 5-year average for soybeans setting pods is approximately 49%
· T-storm Weather: Topsoil dryness for U.S. soybeans remains lower for early August than over the last four years
· Export Inspections released at 10 AM CDT; Soybeans, 7.2 needed; 4.4 last week
· USDA Crop Progress: U.S. winter wheat harvest est. at 90% vs. approx. 89% last year and 85% for the 5-year avg.
· Export Inspections released at 10 AM CST; Wheat, 19.2 needed; 16.1 last week
ENERGY
· Mostly lower: CLU15, -0.77, $46.36; EBU, -$1.22; EBU-CLU, +4.60, -$.49, RBU, -$.0341; NGU, +$.049; HOU, -$.0272
· A mixed tone was seen in cash ethanol markets on Friday: Chicago down ¼; New York steady; Gulf added 1 ½; Dallas off 2; Tampa eased 3; and LA was ¼ lower at $1.64 ¾ per gallon
· Ethanol RINs for 2013 were down 1 at 38-39, while 2014 and 2015 eased ½ in a range from 38 ½-39 ½
· The Sep RBOB/Aug Ethanol spread gained nearly a penny on Friday to $.3360 per gallon
LIVESTOCK/POULTRY ;
· Choice boxed beef values decreased 9-cents on Friday to $233.25 but are up $2.55 vs. a week ago
· Cash cattle trading increased on Friday with prices in the South at $147, which is $2 higher than last week
· On Friday, the USDA mandatory pork carcass cutout gained $1.24 to $87.25—highest level since December 22, 2014
· CME Lean Hog Index $0.24 higher to $78.75. August futures down $1.175 at $78.50 and are $0.25 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather