HIGHLIGHTS
· Market Trend: Corn, CU up 2 ¾; Soybeans, SQ up 3 ¾; WU, up 4 ¾; KWU, up 4
· Most of Asia crept higher with the Nikkei up .30% and the Hang Seng, +.56%; Shanghai’s volatile ways continued, losing 1.13%. Europe started off firmer but eased somewhat on earnings reports: at mid-day—FTSE, off .23%; DAX, +.08% and CAC 40, +.27%. U.S. data to be released today include the Chicago PMI, the July U of MI consumer sentiment report and the employment cost index. Pre-markets are negative: DOW futures, off 20; NAS, down 4 ½ and theS&P, -2 ½. Outside markets find Sep WTI down $.91 per barrel; gold continues to be out of favor, off $8.70 at $1,079.70 and the $ Index is down 1/3rd of a point to 97.35
· T-storm Weather: Temperatures fluctuate with a seasonable range across much of the central U.S. through Monday. A notably cooler pattern follows as a large upper-level system assembles in southeast Canada, keeping heat limited to the western U.S. over August 4-9 and potentially longer. Waves of energy flow along the edge of coolness throughout the next 10 days, resulting in thunderstorm clusters in varying areas from Saturday-Sunday forward. Based on an array of possibilities, it is most probable for near-normal rainfall of 0.50" to 1.50" to occur over August 1-9 with highest amounts around Iowa
· Sep Corn Up $.0275 at $3.76; Dec Up $.0275 at $3.8650. The funds bought 4 K on Thursday
· Aug SB Up $.0375 at $9.94; Nov steady at $9.50. Funds: bought 3 K SB; bought 3 K SBM and 2 K SBO. Dely: 1,242 SBO
· Sep Wheat Up $.0475 at $5.0125; Dec Up $.0375 at $5.08. The funds sold 2 K yesterday
CORN/SORGHUM        
·   T-storm Weather: The coverage of topsoil (and subsoil) dryness for U.S. corn remains sharply lower than late-July in each of the last four years with only 14% having received less than 1.00” over the last two weeks
· December 2015 corn futures closed at $3.83 ¾ on Thursday—one year ago, December 2014 corn settled at $3.67
· ATI Research: Total growing degree days for Central Illinois corn since May 1: 1871 vs. 1660 last year & avg. of 1728
· ATI Research: U.S. combined old/new-crop unshipped corn export sales: 428 mbu, which is 110 mbu decline vs. 2014
· Year-to-date 14/15 U.S. sorghum export sales: 335.1 mbu (95.7% of USDA est). Outstanding sales: 50 mbu v. 47 in ‘14
SOYBEANS/WHEAT
· November 2015 soybean futures closed at $9.50 Thursday—one year ago, November 2014 futures settled at $10.82
· ATI Research: U.S. combined old/new-crop unshipped soybean export sales: 390 mbu v. 664 in ‘14 & lowest since ‘09
· T-storm Weather: Near-normal rainfall is most probable for central U.S. soybeans beyond August 9
· CBT September 2015 wheat futures closed at $4.96 ½ Thurs.—one year ago, Sept. 2014 futures settled at $5.30 ¼
· ATI Research: U.S. HRW year-to-date export sales of 77 mbu are down 31% vs. last year & 41% below the 5-year avg.
ENERGY
· Mostly lower: CLU15, -0.91, $47.60; EBU, -$.65; EBU-CLU, +5.06, +$.28, RBU, -$.0033; NGU, +$.003; HOU, -$.0094
· Cash ethanol markets posted gains on Thursday: Chicago climbed 3; New York added 3 ½; Gulf up 2 ¼; Dallas and Tampa firmed 4; and LA was 3/8 higher at $1.65 per gallon
· Ethanol RINs for 2013, 2014 were all ½ lower at 39 ½ ranging from 39-40
· The Aug RBOB/Aug Ethanol spread lost $.0135/gallon yesterday to settle at $.3269
LIVESTOCK/POULTRY  
·  Choice boxed beef values gained 72-cents on Thursday to $233.34 and are 75-cents higher compared to last week
· Dressed steer weight for week end July 18: 884 lbs, down 1 pound v. last week, 876 for 4-week avg. & 869 last year
· On Thursday, USDA mandatory pork carcass cutout was up 76-cents to $86.02, and is $1.97 higher vs. a week ago
· CME Lean Hog Index up $0.18 to $78.51. August futures $0.175 lower at $79.675 but are $1.165 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather