HIGHLIGHTS
· MARKET TREND: CORN: CU, Up 3 ¼; SOYBEANS: SQ, Up 9; WHEAT: WU, Up 6 ½; KWU, Up 7
· Asia finished higher overnight after an announcement from the People’s Bank of China that there was no reason for further currency depreciation. Shanghai closed up 1.76%; the Hang Seng gained 1.76% and the Nikkei, .99%. PBOC comments lift Europe where a watchful eye is being kept on a 3rd Greek bail-out: CAC 40, +1.84%; DAX, +1.77% and FTSE, +.86%. Futures point to a positive start on Wall Street: DOW, +54; NAS, +16 ½; S&P, +5 ¾. Externals: $ Index, +.270 at 96.565; Gold, down $5.20 at $1,111.80 and Sep crude is up $.13 per barrel
· T-storm Weather: Coolness breaks from west to east over the next several days as surface-level high pressure exits and upper-level high pressure develops. Heat will primarily be limited to the Plains because a cool front quickly breaks warmth Sunday-Monday, and fluctuating temperatures follow for much of next week. Cooling causes the sharpest north-south temperature gradient to develop across the Corn Belt, likely resulting in a few thunderstorm clusters next week, which is why we are forecasting at least 0.50" of rain across the northwest half to two-thirds of corn and soybeans over Aug. 16-20
· Sep Corn Up $.0325 at $3.6050; Dec Up $.0350 at $3.7150. The funds sold 25 K; USDAS yield surprises trade
· Aug SB Up $.09at $9.60; Nov Up $.0950 at $9.28. Funds: sold 25 K SB; 15K SBM; 10 K SBO. Dely: SBO, 31
· Sep Wheat Up $.0650 at $4.9875; Dec Up $.07 at $5.0425. The funds sold 8 K on report day
CORN/SORGHUM     ;
· USDA WASDE: Both 2015 U.S. corn production (13.686 bbu v. avg. guess of 13.332) & 15/16 corn carryout (1.713 bbu v. avg. guess of 1.449) exceed expectations. National avg. corn yield of 168.8 bpa is 2nd only to last year’s 171.0
· ATI Research: U.S. corn supplies certainly look ample if yields hold through the balance of the growing season
· ATI Research: Huge boost to 2015 U.S. sorghum yield; USDA at a record 74.6—up 9.6 bpa v. prior trend est of 65.0
· Export Sales to be released at 7:30 AM CDT. Trade expects 2 to 10 mbu old-crop corn, 12-20 new-crop
SOYBEANS/WHEAT
· USDA WASDE: Both 2015 U.S. soybean production (3.916 bbu v. avg. guess of 3.742) & 15/16 soybean carryout (470 mbu v. avg. guess of 322) exceed expectations. National avg. soybean yield of 46.9 bpa is 2nd only to last year’s 47.8
· ATI Research: More competition for new-crop U.S. soybean exports as USDA boosts Brazil/Argentina export forecasts
· Export Sales: Soybeans, -6 to 9 mbu old, 17-28 new; soymeal, 25-75 old, 0-100 new; soyoil, 5-15 old, 0-5 new
· USDA WASDE: U.S. all wheat production slightly below expectations (2.136 bbu v. avg. guess of 2.159) 0
· ATI Research: Export competition for U.S. wheat strong, notably from FSU-12 where record shipments are forecast
· Export Sales: Trade expects 15 to 22 mbu for 15/16 all wheat
ENERGY
· Mixed: CLU15, +0.13, $43.43; EBU,+$0.58; EBU-CLU, $6.84, +$.48, RBU, -$.0085; NGU, -$.027; HOU, +$.0086
· A mixed trend was noted in cash ethanol markets on Wednesday: Chicago and New York down ½; Gulf, off 1; Dallas up 1 ½; Tampa steady; and LA was 2 higher at $1.66 per gallon
· Ethanol RINs steady to lower: 2013’s off 1/8 to 38 ¾-39 ¼; 2014’s down ¼ at 39-40; & 2015’s unch at 38 ¾-39 ¼
· The Sep RBOB/Sep Ethanol spread widened $.1008 per gallon to $.3315 yesterday
LIVESTOCK/POULTRY  
·  On Wednesday, choice boxed beef values gained $3.09, & at $244.02 have increased $8.83 the past four trading days
· Cash cattle trading remained quiet in the South on Wednesday, with bids at $147 and asking prices at $153
· On Wednesday, USDA mandatory pork carcass cutout was down 50-cents, but at $89.76 is still up $1.17 v. a week ago
· CME Lean Hog Index $0.12 lower at $78.67. August futures $1.125 higher at $77.85 but are $0.82 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather