HIGHLIGHTS
· Market Trend: Corn, Up ¼ to 1; Soybeans, SN, +8; SQ, +4-5; Wheat, ½ Lower
· Yesterday’s dour European performance had limited impact on Asia. The Nikkei closed .34% lower and the Hang Seng was .02% weaker. Shanghai, however managed a .42% gain. Today, Europe is bouncing back in early trading: the DAX, +.17%; the FTSE, +.23% and the CAC-40, +.52% as Portugal seems to be less of a concern, for the moment. U.S. futures indicate a positive opening: Dow, +36; S&P, +4 and the NAS, +10.75. Gold is $1.70 lower at $1,337.50; energy futures are mostly lower and the $ Index, -.040.
· T-Storm Weather: Waves of energy trigger a few thunderstorm clusters within a large area throughMonday. An unseasonably-cool and mainly dry air mass likely breaks coolness records early next week, then slowly warms over the following 5-7 days; temperatures average 5°F -9°F cooler than usual throughJuly 20. A seasonably-milder pattern begins around July 21, but heat is unlikely because the setup becomes favorable for thunderstorm clusters to recur, thereby: 1) preventing heat from expanding, and 2) keeping most crops moist
· July Corn Up $.0025 at $4.0075; September Up $.01 at $3.8725. Deliveries: Corn, 0; Ethanol, 0. Funds old 8 K Thursday
· July SB Up $.08 at $13.3775; Aug SB Up $.0475 at $12.3750. Del’ys: 3 SB; 129 SBO. Funds: sold 6 K SB; 6 K SBM, bot 2 K SBO
· Sep Wheat Down $.0050 at $5.3625; December Down $.0025 at $5.4825. Deliveries, 0 SRW; 55 HRW. The funds sold another 4 K
CORN/SORGHUM
· USDA WASDE at 11:00 CDT: Average trade guesses for U.S. corn carryout: 13/14, 1.233Bbu; 14/15, 1.807Bbu
· USDA WASDE at 11:00 CDT: Average trade guess for U.S. corn production: 14/15, 13.931Bbu vs. 13.935 in June
· T-storm Weather: Given recent/upcoming coolness, July 2014 has a chance to rank among the 10 coolest in 120 years
· ATI Research: U.S. export sales of new-crop corn (14/15) total 168mbu--8% below the 5-year average of 182 million
SOYBEANS/WHEAT
· USDA WASDE at 11:00 CDT: Average trade guesses for U.S. soybean carryout: 13/14, 128mbu; 14/15, 417mbu
· USDA WASDE at 11:00 CDT: Average trade guess for U.S. soybean production: 14/15, 3.787Bbu vs. 3.635 in June
· T-storm Weather: Scattered rainfall of 0.75”-1.50” affects northern half to two-thirds of Midwest soybeans tonight through Sunday
· USDA WASDE at 11:00 CDT: Average trade guess for U.S. all wheat carryout: 14/15, 590mbu
· USDA Crop Production at 11:00 CDT: Average trade guess for U.S. all wheat production: 1.964Bbuvs. 1.942 in June
ENERGY
· Futures are mostly lower: QCLQ14, -$.43 at $101.50; QRBQ, -$0.0105; QNGQ, +$.017; and QHOQ, -$.0021
· Downturn noted in cash ethanol markets were on Thursday: Chicago slid 3 ¼; Gulf off 2 ¼; Tampa and New York eased a nickel; Dallas backed off 4; and LA was 2 ½ lower at $2.33 ½ per gallon
· RINs slid further: 2012’s down 1 ¾ to 47 ½-50; 2013’s eased 1 ¾ to 47 ½-50; and 2014’s were 2 ¾ lower at 47 ½-48
· The August RBOB/August ethanol spread reversed course, gaining $.0489 to $.8326 per gallon
LIVESTOCK/POULTRY   ;
· Choice boxed beef values gained $1.60 yesterday to a fourth daily record high of $252.17
· Cash cattle traded yesterday at mostly $156, down $2 from last week’s record high of $158
· After setting new record highs for two days, the USDA pork carcass cutout value fell $1.03 yesterday to $133.41
· CME Lean Hog Index gained $0.70 to $131.63. July future down $0.50 to $132.80, but are $1.17 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather