HIGHLIGHTS
· MARKET TREND: CORN: CU, Up 4; SOYBEANS: SQ, Up 15; WHEAT: WU, Up 2; KWU, Up 2¼
· Shanghai ignores weak July trade and price data, rises 4.9% on hopes the Central Government will continue its support for equity market “investment”; the Nikkei gained .4%; the Hang Seng retreated .13%. Europe began the day by following China higher only to reverse course after the country’s July exports were down 8.3% yr to yr & the PPI recorded its largest drop in nearly 6 years—indicative of slowing demand. U.S. futures are positive, however: DOW, +49; S&P, +7 ¼; NAS, +17 ½. Outside markets: gold, $.30 lower at $1,093.50; $ index, up 1/3rd of a point at 97.94; the energy complex is higher with Sep WTI up 12 cents
· T-storm Weather: Heavy rain in excess of 1.00” focused from the KS-NE border through the southern two-thirds of IA, much of MO, and much of central Illinois over the weekend, which was slightly below expectations but did leave most areas wet over the last 5 days. Mainly dry weather now occurs for around one week. Much of the central U.S. is forecast to be cooler than normal into late-week. Changes occur from west-to-east Thur--Sat as a large upper-level high temporarily develops in the Plains, sending maximums into the 80s-90s with minimums in the 60-s-70s for five consecutive warm to hot days; hottest across the Plains
· Sep Corn Up $.04 at $3.7675; Dec Up $.0375 at $3.8750. The funds closed out the week buying 5 K
· Aug SB Up $.15 at $10.24; Nov Up $.0650 at $9.6975. Funds: bought 6 K SB; 4K SBM; 4 K SBO. Dely: SBO, 21
· Sep Wheat Up $.02 at $5.1250; Dec Up $.02 at $5.1775. The funds bought 4 K on Friday
CORN/SORGHUM       ;
· USDA Crop Progress: Good/Excellent crop condition ratings for U.S. corn could be steady to one point lower vs. last week’s 70%. Ratings for same week last year were 73%. The 5-year average for corn dough is approximately 49%
· T-storm Weather—After a period of hot weather, seasonable temps are forecast for U.S. MidwestAug. 19 forward
· December 2015 corn futures closed at $3.83 ¾ Friday; one year ago, the December 2014 contract settled at $3.63 ½
· Export Inspections released at 10 AM CDT; Corn, 57.8 needed; 36.2 last week. Milo—6.9 needed; 9.3 last week
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent crop condition ratings for U.S. soybeans could be steady to one point lower vs. last week’s 63%. Ratings for same week last year were 70%. The 5-year avg. for soybeans setting pods is approx. 66%
· T-storm Weather: Increased rainfall chances for the U.S. Corn Belt are likely to begin around Aug. 17-18, likely leading to increasing thunderstorm coverage as next week progresses
· Export Inspections released at 10 AM CDT; Soybeans, 7.7 needed; 5.5 last week
· USDA Crop Progress: U.S. spring wheat harvest est. at 15-20% vs. approx. 5% last year and approx. 19% for 5-year avg.
· Export Inspections released at 10 AM CST; Wheat, 19.4 needed; 10.9 last week
ENERGY
· Firmer: CLU15, +0.12, $43.99; EBU,+$0.27; EBU-CLU, +4.5, +$.21, RBU, +$.0211; NGU, +$.043; HOU, +$.0251
· Cash ethanol markets were mixed on Friday: Chicago off ½; New York steady; Gulf up 1 ½; Dallas added ¾; Tampa climbed ¼; and LA was 2 higher at $1.65 per gallon
· Ethanol RINs were weaker: 2013’s off ¼ at 39-39 ½; 2014’s down 1 ¾ at 39 ½-40; and 2015’s eased 1 ¼ to 39-39 ½
· The Sep RBOB/Sep Ethanol spread ended Friday +$.1630, down $.0278 from Thursday and off $.1730/gal for the week
LIVESTOCK/POULTRY  
·   Choice boxed beef values firmed $1.15 on Friday, and at $236.34 are $3.09 higher vs. a week ago
· Over the past 10 trading days, boxed beef values have increased $5.64 (2.4%) and are the highest since July 10
· On Friday, USDA mandatory pork carcass cutout was up 69-cents, and at $89.16 is $1.91 firmer vs. the prior week
· CME Lean Hog Index gained $0.02 to $79.10. August futures declined $0.75 to $77.325 & are $1.775 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather