HIGHLIGHTS
· Market Trend: Corn, CU up 2; Soybeans, SQ up 13; WU, up 2 ¾; KWU, up 1 ¾
· Chinese jaw-boning seemingly helping equity markets there: Shanghai rebounds 5.79%; Nikkei closes up .6% and the Hang Seng gain 3.73%. One sage makes the perhaps prudent observation that movements in PRC equity markets don’t necessarily correlate to economic activity. Hoping for some substance in Greece’s reform proposals, Europe higher with FTSE, +1.07%; DAX, +1.61% and the CACA 40, +1.70%. China, Europe lead U.S. futures higher: DOW, +154; NAS, +51; S&P, +21.5. Energy is higher with CLQ up $.75; gold is $2.10 cheaper at $1,161.40 and the $ index is up .218 at 96.69
· T-storm Weather: Unseasonable coolness continues into Friday across the Corn Belt. A sharply warmer pattern begins Friday-Saturday and continues into Tuesday-Wednesday; hottest in Kansas-Nebraska. Temperatures revert to near-average levels in at least the Corn Belt for several days later next week. Areas of rain and thunderstorms precede and accompany the upcoming period of heat with the best chance for heavy rainfall across wettest corn and soybeans in the southeast half of the Corn Belt
· July Corn Up $.0275 at $4.19; Sep Up $.02 at $4.2650. Funds bought 2 K at mid-week. Dely: Corn, 982
· July SB Up $.1425 at $10.2050; Aug Up $.1325 at $10.10. Funds: Bought 3 K SB; 1 K SBM; 1 K SBO. Dely: SBO, 717
· Wheat Up $.0275 at $5.75; Sep Up $.0375 at $5.8125. Funds sold 5 K on Wednesday. Dely: HRW, 9; SRW, 23
CORN/SORGHUM   ;   </wbr>
· Export Sales to be released at 7:30 AM CDT. Trade expects 16 to 24 mbu old-crop corn, 8-14 new-crop
· T-storm Weather: By next weekend (July 18), it appears most probable for heat in the Plains to gradually taper to near-normal temperatures in the eastern Corn Belt; driest in the Plains, wettest in the eastern Corn Belt
· ATI Research: Accumulated rainfall from May 1-July 7 in Bloomington, Illinois was approximately 16.81”, which is 34% above the 2014 total of 12.53” and 77% above the average for the period of 9.50”
· Ethanol grind: 987,000 barrels per day for week end July 3--up 19 thou v. last week and 6.5% higher vs. last year
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, -1 to 7 mbu old-crop, 4-11 new-crop; soymeal, 50-150 old-crop, 50-150 new-crop; soyoil, 0-12 old-crop, 0-5 new-crop
· ATI Research: U.S. soybean ending stocks for 14/15 are projected at 261 mbu, which includes (1) a 10 mbu higher crush estimate vs. the USDA; (2) exports 15 greater; and (3) seed/residual use 44 mbu above the June WASDE
· July 10 USDA WASDE: Avg. trade guess for U.S. all wheat carryout for 15/16 is 855 mbu (vs. 814 in June)
· Export Sales to be released at 7:30 AM CDT. Trade expects 11 to 18 mbu for 15/16 all wheat
ENERGY
· Mostly Higher: CLQ15, +0.75, $52.40; EBQ, +0.68; EBQ-CLQ, +5.33, -$.07, RBQ, 0$.0142;NGQ, +$.008; HOQ, +$.0136
· A mostly weaker tone was evident in cash ethanol markets on Wednesday: Chicago eased 1/8; New York off ¾; Gulf slipped 3 ¾; Tampa and Dallas down 1; but LA was 2 higher at $1.77 ½ per gallon
· Ethanol RINs for 2013, 2014 and 2015 were all 5/8 higher at 45 ¾ in a range from 45 ½-46
· The Aug RBOB/Aug Ethanol spread widened $.0606 Wednesday, settling at $.3740; trading $.3537/gal this morning
LIVESTOCK/POULTRY    
· On Wednesday, choice boxed beef values were down $2.64, and at $242.03, are $10.26 lower vs. last week
· Choice boxed beef cutout values have declined $14.09 (5.5%) the last 9 trading days and are the lowest since Feb. 23
· On Wednesday, USDA mandatory pork carcass cutout was 39-cents lower but at $80.57, is up 35-cents vs. a week ago
· CME Lean Hog Index was $0.64 higher to $78.07. July futures gained $0.25 at $79.50, and are $1.43 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather