HIGHLIGHTS

·         Market Trend:   Corn, Up 2-3;  Soybeans, Up 6-10; Wheat,  Down 4-5

·         Profits in China’s industrial sector leaped 18% year to year in June which put 1^st half 2014 results up 11.4%, a new high. Asian markets took the news in a positive vein:  Shanghai, +2.41%; the Hang Seng, +.88% and the Nikkei, +.46%.  Europe is mostly higher at the start of the morning:  CAC 40, +.50%; FTSE, +.21% and the DAX, -.04%.  U.S. stock futures aren’t quite as enamored with the Asia #’s—the NAS is 1.5 to the plus side but the S&P is off a quarter point and the Dow, .1% lower.  The $ Index is .025 weaker; gold is $.60 higher at $1,303.90 and energy futures are weaker.

·         T-Storm Weather: A sharply cooler pattern dominates this week, likely breaking records for coolness today-Tuesday.  A few showers accompany coolness, but organized rainfall is not expected.  Temperatures moderate from late this week forward, eventually allowing a seasonably-mild pattern to return for August 4-10.  The alignment of temperatures allows waves of energy to flow through the central U.S. and trigger some thunderstorms, with near-average rainfall most probable for that time

·         Sep Corn Up $.0250 at $3.6550; December Up $.0225 at $3.74.  Fund selling totaled 2 K on Friday

·         August Up $.0625 at $12.1850; Sep Up $.10 at $11.2375. Funds bought 3 K SB; 2 K SBM; sold 1 K SBO

·         Sep Wheat Down $.0425 at $5.3375; December Down $.0425 at $5.5550.  The funds bought 3 K on Friday

CORN/SORGHUM

·         ATI Research: USDA Crop Progress likely to show U.S. corn crop Good/Excellent 74-76% vs. 76% last week, 63% last yr.

·         Export Inspections released at 10 AM CDT; Corn, 47.6 needed; 37.0 last week.  Milo—5.3 needed; 4.5 last week

·         Commitment of Traders report: Non-Commercial long corn futures only positions increase 3,068 contracts

·         T-storm Weather: Since June was #2 wettest for the Corn Belt in 120 years, June-July is on pace to have received 129% of its average rainfall and be #7 wettest since the modern agricultural era began in 1960

SOYBEANS/WHEAT

·         ATI Research: Crop Progress likely to show U.S. soybean crop Good/Excellent 71-73% vs. 73% last week, 63% last year

·         Crop Progress: U.S. soybeans blooming likely to be 75-80% compared to 62% last year and the 5-year avg. of 72%

·         Export Inspections released at 10 AM CDT; Soybeans, 7.2 needed; 3.6 last week

·         Commitment of Traders report: Non-Commercial long soybean futures only positions increase 1,089 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 increase 8,391 contracts

ENERGY

·         Futures are lower with QCLU14, -$.61 at $101.47; QRBU, -$0.0124; QNGU, -$.011; and QHOUQ, -$.0168

·         A mostly firmer trend was seen in cash ethanol markets on Friday: Chicago up 2 1/4; New York up 2 1/2; Gulf up 2 ¼; Dallas up 1 1/4; Tampa up 1/2; but LA was 1/2 lower at $2.26 per gallon

·         Higher trend in RINs: 2012’s up 1 ¾ at 52-53; 2013’s up 1 ¾ at 52-53; and 2014’s were 1 ½  higher at 52-53

·         The August RBOB/August ethanol spread lost nearly 3 cents Friday, to $.7203 per gallon

LIVESTOCK/POULTRY                   ​                        &​nbsp;               

·  ​       Choice boxed beef values gained $1.82 Friday to a second daily record high of $257.38

·         USDA Cattle on Feed Report:  June placements down 6% from last year and smallest since ‘09, July 1 on feed down 2%

·         After falling $6.05 over the previous four trading days, the USDA pork carcass cutout value firmed 25-cents Friday

·         CME Lean Hog Index down $0.86 to $130.33.  August future up $0.425 to $123.625, but are $6.705 below the index

Sources: Bloomberg, Dow Jones, AP, T-storm Weather