HIGHLIGHTS
· MARKET TREND—Higher: CU: Up $.0375; SQ: Up $.1325; WU: Up $.0350 KWU: Up $.0450
· MACRO: Mixed action overseas, Europe awaits ECB news conference on possible growth action; Japan government said to be considering a $186 billion stimulus package. ASIA: Nikkei, +.77%; Shanghai, +.37%; Hang Seng, +.54%. EUROPE: Lower in trading through the lunch hour—DAX, -.10%; CAC -.33%; FTSE, -.35%. WALL STREET: Data day—initial job claims, Philly Fed, home sales, earnings—Futures mixed: DOW,-15; NAS, +1/2; S&P, -1.30. OUTSIDE MARKETS:, CLU up $.06 @ $45.81; $ Index is .173 weaker @ 97.09; August Gold futures are up $0.70 @ $1,320.00
· T-storm Weather: A few thunderstorms dot the central U.S. through Fridaywith highest coverage and amounts within the northeast half of the Corn Belt as heat expands through today, especially parts of Illinois and Wisconsin. Heat breaks Sunday-Monday as a system and its cool front pass. The front and its system trigger scattered thunderstorms within Saturday-Wednesday, especially within the northeast half of the central U.S.
· Corn: CU Up $.0375 @ $3.4125; CZ Up $.0325 @ $3.4750. The funds sold 3 K at mid-week
· SB: SQ Up $.1325 @ $10.4025; SX Up $.14 @ $10.23. Funds: sold 8 K SB, 4 SBM; bot 2 SBO. Aug crush, +$.02, $.86 LY: $1.27
· Wheat: WU Up $.0350 @ $4.1650; WZ Up $.0350 @ $4.3950. The funds sold 1 K on Wednesday
CORN/SORGHUM     ;  
· Export Sales to be released at 7:30 AM CDT. Trade expects 16-24 mbu for 15/16 corn; 20-28 for 16/17
· T-storm Weather: From July 27-Aug. 2, a seasonable to warm pattern is probable to continue for the U.S. Midwest. Storm systems continue to pass, leading to occasional rain chances. Near-normal rain & temps are most probable
· ATI Research: The 5-year average shows that approximately 24% of the U.S. corn crop pollinates from July 17-24. With corn silking pegged at 56% as of July 17, this suggests the national total could approach 80% by this weekend
· Since closing at $3.69 ¾ on July 13, December 2016 corn futures have declined $0.25 ½ (6.9%) the past 5 trading days
· Ethanol grind: 1,029,000 barrels/day for week end July 15—up 2.5% vs. last week and 5.8% higher vs. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 11-18 mbu for 15/16 soybeans; 18-26 for 16/17; soymeal, 50-150 K MT for old- crop and 10-50 new-crop; soyoil, 5-45 K MT for old crop and 0-15 for new-crop
· ATI Research: The 5-year average shows approximately 13% of the U.S. soybean crop sets pods from July 17-24
· Since posting a contract high of $415.40 on June 13, August 2016 soybean meal futures have declined $63.00 (15.2%) Export Sales report. Trade expects 13-20 mbu for 16/17 all wheat
· T-storm Weather: At least 0.50” of rain is forecast for U.S. HRS wheat in E North Dakota/NW Minnesota July 24-27
ENERGY
· Mixed: CLU16, +0.06, $45.81; EBU, +$0.06; EBU-CLU, $1.40, -$.02; RBU, +.0122; NGU, -.009; HOU, -$.0022
· Cash ethanol markets were sharply lower on Wed. following EIA report showing record high ethanol output: Chicago down 5 ½; New York and Tampa off 4 ½; Gulf slid 6; Dallas eased 5; and LA was 6 ½ lower at $1.65 ½ per gallon
· Ethanol RINs weaker: 2014’s down 3/8 at 93 ¾-95 ¼; 2015’s off 3/8 at 93 ¾-95 ¼; and 2016’s declined 3/8 to 93 ½-95
· The Aug RBOB/Aug ethanol inverse lost 4 ½ cents, settling at -$.10030/galyesterday  
LIVESTOCK/POULTRY   <wbr> ;
· Choice boxed beef values declined 97-cents on Wednesday to $201.31, and are $3.88 lower compared to a week ago
· Over the past 9 trading days, choice boxed beef has plummeted $8.74 (4.2%) and is the lowest for calendar year 2016
· USDA mandatory pork carcass cutout value was $1.70 lower on Wed. at $88.41 and is down $1.53 vs. last week
· CME Lean Hog Index was down $0.75 on Wed. at $78.38. August futures $1.15 lower & are $2.18 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather