HIGHLIGHTS
· Market Trend: Corn, Up 1+; Soybeans, Up 6-10+; Wheat, Up 6-7
· Most Asian markets were lower this morning in response to debt concerns with Argentina and Portugal. China moved higher on last week’s favorable economic and manufacturing reports. Shanghai gained 1.74% to begin the week and the Hang Seng, .28% while the Nikkei closed down .31%. The debt issue makes good press but all 3 major European equity markets are higher in early trading: FTSE, +.50%; the DAX, +.29% and the CAC 40, +.76%. U.S. futures suggest a positive start: the Dow is up 50; the S&P, +6.75 and the NAS, +11. Energy futures are mostly higher; gold is off $2.10 at $1,291.50 and the $ Index is up .063 at 81.44
· T-Storm Weather: Temperatures moderate through early this week as unseasonable coolness breaks, leading to a warmer period. A wave of energy originating from the southwest monsoon moves across the central U.S., resulting in scattered thunderstorms – most likely within Tuesday-Friday when 0.75” – 1.25” occurs. We believe it is most probable for near-average temperatures and rainfall to occur within Aug. 9-13
· Sep Corn Up $.0150 at $3.54; December Up $.0150 at $3.6375. The funds again sold 6 K on Friday
· August Up $.06 at $12.21; Sep Up $.1025 at $10.8375. Funds sold 15 K SB; 8 K SBM and 6 K SBO
· Sep Wheat Up $.07 at $5.4125; December Up $.0625 at $5.5950. The funds bought 3 K in closing out the week
CORN/SORGHUM
· ATI Research: USDA Crop Progress likely to show U.S. corn crop Good/Excellent 73-74% vs. 75% last week, 64% last yr.
· Export Inspections released at 10 AM CDT; Corn, 50.7 needed; 31.7 last week. Milo—5.0 needed; 7.0 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 8,211 contracts
· T-storm Weather: The proportion of U.S. corn that is drier than usual at the subsoil level is 63%, which is only 1 point less than last year, and around 15 points less than 2012
SOYBEANS/WHEAT
· ATI Research: Crop Progress likely to show U.S. soybean crop Good/Excellent 69-70% vs. 71% last week, 64% last year
· Crop Progress: U.S. soybeans setting pods likely to be 50-55% compared to 36% last year and the 5-year avg. of 48%
· Export Inspections released at 10 AM CDT; Soybeans, 7.8 needed; 4.1 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 4,107 contracts
· ATI Research: Crop Progress likely to show U.S. spring wheat Good/Excellent 68-70% vs. 70% last week, 68% last year
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions decrease 2,112 contracts
ENERGY
· Futures are mostly higher: QCLU14, +$.16 at $98.04; QRBU, -$0.0046; QNGU, +$.016; and QHOU, +$.0100
· A slight recovery in cash ethanol markets was seen on Friday: Chicago and Gulf up 1 ¼; New York added ½; Dallas gained 1; Tampa increased 1 ½; and LA was 1 ½ higher at $2.29 per gallon
· Mixed trend in RINs: 2012’s up ¼ at 52-53; 2013’s added ¼ to 52-53; but 2014’s were a ¼ lower at 51 ¾-52 ¼
· The September RBOB/August fell over 8 cents on Friday, settling at $.6553/gallon
LIVESTOCK/POULTRY    
·   After setting new record highs for six trading days, Choice boxed beef values eased 53-cents Friday
· Cash cattle lightly traded on Friday at $163 to $164, mostly steady with the week before
· The USDA pork carcass cutout value fell $1.16 Friday and has declined $3.66 over the last three trading days
· CME Lean Hog Index down $1.01 to $125.82. August future unchanged at $118.025 and are $7.795 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather