HIGHLIGHTS
· Market Trend: Corn, CU up ¼; Soybeans, SQ up 3 ¼; WU, up 3; KWU, up 1 ¾
· Greece offers a broad range of financial changes; Chinese government efforts to prevent market melt-down seem to be working . . . Asia firms with Shanghai up 4.5%; Hang Seng gains 2.% but Nikkei slips .4%. Europe is trading in positive territory at mid-day: FTSE, +1.1%; DAX, +2.0% & CAC 40, +2.8%. U.S. pre-markets look favorable—DOW futures, +174; NAS, +52 and S&P 500, +24. Outside markets: $ Index off 1.013 to 95.775; gold is $2.40 higher at $1,161.60 & Aug crude is up 50 cents
· T-storm Weather: Coolness lingers into today and then breaks as upper-level high pressure retrogrades across the central U.S. resulting in several days of heat for the southwest half of the central U.S. Thunderstorms form along the expanding edge of heat through Saturday, then in northern and eastern areas as waves of energy ride the edge of heat Sunday-Wednesday, resulting in widespread coverage of at least near-normal rain. Heat breaks Tuesday-Wednesday in Corn Belt but generally continues in Plains
· July Corn Down $.0025 at $4.21; Sep Up $.0025 at $4.29. Funds bought 6 K Thursday. Dely: Corn, 679
· July SB Up $.03 at $10.4075; Aug Up $.0325 at $10.2950. Funds: Bought 9 K SB; 8 K SBM; 5 K SBO. Dely: SBO, 259
· Wheat Up $.0275 at $5.75; Sep Up $.03 at $5.81. Funds bought 1 K yesterday. Dely: HRW, 0; SRW, 70
CORN/SORGHUM   ;  
· USDA WASDE at 11:00 am CDT: Avg. trade guess for U.S. corn carryout--14/15, 1.809 bbu (1.876 in June); 15/16, 1.508 (1.771)
· USDA WASDE: Avg. trade guess for 2015 U.S. corn crop, 13.395 bbu (13.630 in June); avg. yield, 165.1 (166.8)
· T-storm Weather: By July 18, upper-level high pressure gradually re-establishes in the Plains keeping areas of central U.S. seasonable to warm. Rain occurs primarily from northern Plains through wettest areas of the eastern Corn Belt
· December 2015 corn futures traded $4.43 ½ Thurs.—highest since July 7, 2014—& settled at $4.39 (equal to Dec. 26)
SOYBEANS/WHEAT
· USDA WASDE: Avg. trade guess for U.S. soybean carryout--14/15, 292 mbu (330 in June); 15/16, 378 (475)
· USDA WASDE: Avg. trade guess for 2015 U.S. soybean crop, 3.794 bbu (3.850 in June); avg. yield, 45.1 (46.0)
· ATI Research: The 4-week avg. of 9.8 mbu for new-crop U.S. soybean export sales is 6 million below the 5-year avg.
· USDA WASDE: Avg. trade guess for U.S. all wheat carryout for 15/16 is 855 mbu (vs. 814 in June)
· USDA Crop Production report: Avg. trade guess all wheat, 2.149 bbu; HRW, 0.888; SRW, 0.399; White, 0.199
· ATI Research: Year-to-date export sales of U.S. HRW are down 28% from last year and 39% below the 5-year average
ENERGY
· Higher: CLQ15, +0.49, $53.27; EBQ, +0.54; EBQ-CLQ, +5.87, +$.06, RBQ, -$.0078; NGQ, +$.011; HOQ, +$.0114
· Cash ethanol markets were firmer on Thursday: Chicago up 2 1/8; New York added 2; Gulf tacked on 4; Tampa gained 1; Dallas climbed 1 ½; and LA was 4 ½ higher at $1.82 per gallon
· Ethanol RINs for 2013 and 2015 gained 1/8 to range from 45 ½-46 ¼, while 2014’s were up ¼ to 45 ½-46 ½
· The Aug RBOB/Aug Ethanol spread picked up nearly 2 ¾ cents, to $.3740/gallon yesterday
LIVESTOCK/POULTRY </wbr>
· Choice boxed beef values declined $2.31 on Thursday, and at $239.72, are down $10.40 compared to a week ago
· Choice boxed beef cutout values declined $16.40 (6.4%) the last 10 trading days and are the lowest since Feb. 17
· On Thursday, USDA mandatory pork carcass cutout was down 4-cents and at $80.53, is 8-cents lower vs. last week
· CME Lean Hog Index was up $0.59 to $78.66. July futures down $0.775 at $78.725, and are $0.065 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather