HIGHLIGHTS
· MARKET TREND: CORN: CU, Up 1 ¾; SOYBEANS: SQ, Down ¼; WHEAT: WU, Up 6 ¼; KWU, Up 3 ¾
· World equity markets are mostly lower, biding time ahead of Friday’s U.S. employment data for a possible indication of when the Fed might raise interest rates. Regulatory concerns remain an element of the Shangahi market which closed .88% lower; the Hang Seng lost .57% with the Nikkei managing a .24% gain. Mid-day Europe is a touch weaker: CAC 40, -.02%; DAX, -.09% & FTSE, -.41%. U.S. pre-market barometers have the DOW off 18; the S&P is 1 lower and the NAS, up ½ point. Outside markets are weaker: $ Index, off .03 to 98.0; gold is 40 cents cheaper at $1,085.30 and energyies are lower with Sep WTI off $.46/barrel
· T-storm Weather: Temperatures vary within a seasonable range over the next 7 to 10 days, ultimately averaging near-normal across much of the central U.S. Waves of energy move along the dividing area between warmth and coolness through Monday, triggering pockets of rain and thunderstorms – especially in the southern Corn Belt and northern Delta into today, and in / near the northwest third of the Corn Belt through the period. A drier pattern follows / continues in all areas from around Monday forward as cool surface-level high pressure initially suppresses rainfall next week
· Sep Corn Up $.01725 at $3.7450; Dec Up $.0150 at $3.8475. The funds bought 5 K at mid-week. 51 ETOH delivered
· Aug SB Down $.0025 at $9.9150; Nov Down $.0275 at $9.5050. Funds: bought 5 K SB; 6 K SBM; sold 4 K SBO. Dely: SBO, 294
· Sep Wheat Up $.0625 at $5.0825; Dec Up $.0550 at $5.1275. The funds bought 3 KWednesday
CORN/SORGHUM     ;  
· Export Sales to be released at 7:30 AM CDT. Trade expects 10 to 18 mbu old-crop corn, 12-20 new-crop
· T-storm Weather: A warmer pattern begins around Aug. 14 as coolness retreats and a large or very large upper-level high assembles in the Plains or points west. This is probably more conducive to rain, but primarily in northern areas
· ATI Research: Accumulated rainfall from May 1-Aug. 4 in Bloomington, Illinois was approximately 24.26”, which is 57% above the 2014 total of 15.44” and 83% above the average for the period of 13.22”
· Ethanol grind: 961,000 barrels per day for week end July 31--down 4 thou v. last week but 6.5% higher vs. a year ago
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, 0 to 7 mbu old-crop, 13-26 new-crop; soymeal, 50-125 old-crop, 0-100 new-crop; soyoil, 5-35 old-crop, 0-5 new-crop
· T-storm Weather: Depending on how much precipitation is seen into Monday, some U.S. soybeanareas may be in need of rain by mid-month – mostly likely along / near the Interstate-80 corridor from Iowa through Ohio
· Export Sales to be released at 7:30 AM CDT. Trade expects 15 to 22 mbu for 15/16 all wheat
· T-storm Weather: Unusually have rainfall across Argentina wheat areas may eventually induce some field flooding
ENERGY
· Weaker; CLU15, -0.46, $46.69; EBU, -$0.20; EBU-CLU, +4.65, +$.21, RBU, -$.0089; NGU, -$.029; HOU, -$.0065
· Cash ethanol markets were steady to lower on Wednesday: Chicago down ½; New York off 2; Gulf eased ¾; Dallas slipped ½; Tampa was steady; and LA was unchanged at $1.66 per gallon
· Mixed trend in ethanol RINs: 2013’s unch at 40 ½-41 ½; 2014’s up ½ to 41 ½-42 ½; & and 2015’s eased 1/8 to 41-41 ¾
· The Sep RBOB/Sep Ethanol spread lost about 1 ½ cents, falling to $.1805 Wednesday; trading +.1873/gallon today
LIVESTOCK/POULTRY </wbr>
· On Wednesday, choice boxed beef values gained $1.73, and at $235.21 are $2.59 higher vs. last week
· No trade occurred in live cattle markets in the South due to wide gap between bids ($145) & asking prices ($151-152)
· On Wednesday, USDA mandatory pork carcass cutout firmed 47-cents to $88.59, which is up $3.33 vs. a week ago
· CME Lean Hog Index up $0.28 to $78.96. August futures declined $1.175 to $80.225 & are $1.265 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather