HIGHLIGHTS
· MARKET TREND: CORN: CU, Down 7 ¼; SOYBEANS: SQ, Down 11 ½; WHEAT: WU, Down 5 ¼; KWU, Down 5 ¾
· In a surprise move, China devalues the yuan 1.9% to improve its competitiveness in the world market: futures on Wall Street look to reverse some of yesterday’s gains: DOW, -114; S&P 500, -12 ¼; NAS, -12. Shanghai ends flat; the Nikkei lost .42% and the Hang Seng closed .09% lower. Europe is sharply lower at mid-day: FTSE, down .95%; CAC 40, off 1.38% and the DAX, down nearly 2%. The $ Index is little changed at .003; gold is up $6.70 at $1,110.90 and the energy markets are weaker.
· T-storm Weather: Below-normal temperatures affect most corn and soybeans throughWednesday-Thursday as a surface-level high slides across the Corn Belt. Sharply warmer weather unfolds from west to east within Thursday-Saturday as upper-level high pressure develops near the Plains, sending maximums in the 80s-90s across a large area. Mainly dry weather continues in most areas through at least Sunday as surface-level high pressure initially keeps humidity too low to support thunderstorms, after which the upper-level high blocks energy from triggering thunderstorms
· Sep Corn Down $.0725 at $3.83; Dec Down $.07 at $3.94. The funds began the week buying 20 K
· Aug SB Down $.1150 at $10.3325; Nov Down $.12 at $9.8250. Funds: bought 10 K SB; 8 K SBM; 6 K SBO. Dely: SBO, 136
· Sep Wheat Down $.0525 at $5.20200; Dec Down $.0550 at $5.24. The funds bought 8 K to begin the week
CORN/SORGHUM ;      
·  Aug. 12 USDA WASDE: Avg. trade guess for 2015 U.S. corn crop: 13.332 bbu (range 13.098-13.660) and 13.530 in July
· Aug. 12 USDA WASDE: Avg. trade guess for U.S. corn carryout--14/15, 1.783 bbu (1.779 in July); 15/16, 1.449 (1.599)
· ATI Research: U.S. corn balance sheet; 14/15 carryout up 3 mbu v. last week, 1.734 bbu; 15/16 down 60 to 1.505 bbu
· ATI Research: U.S. sorghum balance sheet; 14/15 carryout unchanged at 22 mbu; 15/16 steady at 92 mbu
· USDA Crop Progress pegs Good/Excellent corn crop ratings steady at 70% with ATI crop estimate at 13.407 bbu
SOYBEANS/WHEAT
· Aug. 12 USDA WASDE: Avg. trade guess for 2015 U.S. soybean crop: 3.742 bbu (range 3.570-3.885) & 3.885 in July
· Aug. 12 USDA WASDE: Avg. trade guess for U.S. soybean carryout--14/15, 247 mbu (255 in July); 15/16, 322 (425)
· ATI Research: U.S. soybean balance sheet; 14/15 carryout steady at 259 mbu; 15/16 down 57 million to 309 mbu
· Good/Excellent soybean ratings steady at 63% but ATI crop est at 3.715 bbu due to a reduction in harvested acreage
· T-storm Weather: Some thunderstorms return to the central U.S. Aug. 16-19 but heavy rain is not expected
· Aug. 12 USDA WASDE: Avg. trade guess for 2015 U.S. all wheat crop: 2.159 bbu (range 2.075-2.210) & 2.148 in July
· ATI Research: U.S. HRS wheat balance sheet, 15/16 carryout up 1 to 238 mbu vs. 213 million for 14/15
ENERGY
· Lower: CLU15, -0.71, $44.25; EBU,-$0.68; EBU-CLU, +5.49, +$.02, RBU, -$.0197; NGU, -$.031; HOU, -$.0200
· A firmer tone was noted in cash ethanol markets on Monday: Chicago up 2 ½; New York gained 3 ¼; Gulf climbed 1 ½; Dallas added 3; Tampa up 2; and LA was a penny higher at $1.66 per gallon
· Ethanol RINs were steady to higher: 2013’s up ¼ to 39-40; 2014’s unch at 39 ½-40; and 2015’s added ¼ to 39-40
· The Sep RBOB/Sep Ethanol spread gained $.0440 on Monday, settling at $.2070/gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values gained $2.18 on Monday, and at $238.52 are at the highest level sinceJuly 9
· 5-Area Weekly Weighted Average Steer price gained $3.76 last week to $151.13/cwt but is down $8.79 vs. last year
· On Monday, USDA mandatory pork carcass cutout was up 37-cents, and at $89.53 is at the highest level since Dec. 15
· CME Lean Hog Index down $0.20 to $78.90. August futures declined $0.675 to $76.65 & are $2.25 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather