HIGHLIGHTS
· Market Trend: Corn, Down 1-2; Soybeans, 5-7 lower; Wheat, Up 1
· Asian markets liked the U.S. unemployment claims data from yesterday: Shanghai surged 1.02% overnight; the Nikkei moved even higher, up 1.13% while the Hang Seng posted a more modest .31% increase. Europe was not quite as smitten, with the CAC 40 off .67%; the DAX .50% lower and the FTSE, down .1% this morning. Today the U.S. markets will peruse durable goods data. Early calls (futures) show the Dow 26 lower; the S&P, down 3 ½ and the NAS, 13.75 in the red. U.S. energy markets are again mixed; the $ Index has moved past the 81.0 barrier, up .073 this morning and gold is $4.90 to the plus side at $1,295.70
· T-Storm Weather: Warm and cool air battle for position through Sunday, resulting in scattered (not widespread) thunderstorms in corn and soybean areas. A sharply cooler pattern follows and dominates next week. A few showers accompany coolness, but well-organized rainfall is not expected. Coolness retreats next weekend, likely allowing August 4-10 average near-usual as a warm-up occurs. A few thunderstorms also accompany the pattern with near-average totals most probable
· Sep Corn Down $.0150 at $3.60; December Down $.0150 at $3.6775. The funds were even inThursday’s trade
· August SB Down $.05 at $12.0250; Sep Down $.0625 at $11.10525. Funds again bought 6 K SB; 4 K SBM but were even on SBO
· Sep Wheat Up $.01 at $5.2975; December Up $.0025 at $5.5050. The funds sold 1 K yesterday
CORN/SORGHUM
· T-storm Weather: Thus far in July, the Corn Belt has received 88% of its average rainfall, which is near average and would only rank it #46 driest of the last 120 years
· ATI Research: U.S. corn silking for week end July 27 est to be 75-80% vs. 67% in 2013 & 75% for the 5-year avg.
· December 2014 corn futures settled $3.69 ½ Thurs.; December 2013 futures closed at $4.80 ¼ on same date in 2013
· U.S. new-crop corn export sales as of July 17 were 232mbu compared to 315 last year and the 5-year avg. of 228
SOYBEANS/WHEAT
· T-storm Weather: Total of 62% of U.S. soybean production is drier than average at the topsoil level, which is 35 points higher than two weeks ago
· ATI Research: U.S. soybeans setting pods for week end July 27 est to be 45-50% vs. 18% in 2013 & 44% for 5-year avg.
· U.S. new-crop soybean export sales as of July 17 were 541mbu compared to 513 last year and the 5-year avg. of 376
· ATI Research: U.S. al wheat export sales past weeks totaled 61mbu—a 4-year low and 27% below the 11—year avg.
· Australia Bureau of Meteorology long-term forecast: Below-average rainfall for some eastern wheat areas in Aug-Oct
ENERGY
· Futures are again mixed: QCLU14, -$.05 at $102.02; QRBU, +$0.0043; QNGU, -$.013; andQHOUQ, +$.0075
· A steady to weaker trend was seen in cash ethanol markets on Thursday: Chicago down ½; New York steady; Gulf up 1 ¼; Dallas eased 5; Tampa lost 10; and LA was 6 lower at $2.26 ½ per gallon
· Weaker trend in RINs: 2012’s off 1 at 50-51 ½; 2013’s down 1 at 50-51 ½; and 2014’s were ¾ lower at 50 ¼-51 ¾
· The August RBOB/August ethanol spread narrowed again, in $.0213 to $.7298/gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values gained $2.97 yesterday to a record high $255.56
· Plains cash cattle traded yesterday at a record high $162, up $6 from last week
· The USDA pork carcass cutout value eased 8-cents yesterday and has declined $6.05 over the last four days
· CME Lean Hog Index down $0.85 to $131.19. August future down $1.375 to $123.20 and are $7.99 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather