HIGHLIGHTS
· MARKET TREND—Higher: CU: Up $.0025; SU: Up $.09; WU: Up $.04; KWU: Up $.0250
· MACRO: Ideas the Bank of England may announce a rate cut along with other stimulus measures is lifting some markets. ASIA: The Nikkei closed up 1.07%; the Hang Seng gained .43% & Shanghai, +.14%. EUROPE: Mixed. The FTSE is down .15%; DAX, up .60% and the CAC, +.23%. WALL STREET: Futures are mixed: DOW, +5; S&P, flat; NAS, -6.50. EXTERNALS: The $ Index is slightly firmer, +.075 @ 95.60; August Gold is off $6.60 @ $1,349.50; and Sep crude oil is $.31 lower @ $40.52. Deliveries: 0 SBM; 574 SBO;0 SB; 0 ETOH
· T-storm Weather: Very warm to hot weather breaks today-Friday. Seasonable to cool weather follow for several days as maximums in the 70s-80s coincide with minimums in the 50s-60s. The cool front that passes today triggers scattered thunderstorms in the Corn Belt, but heavy rain is not expected. Instead, only scattered 0.25” to 0.75” amounts are forecast. Better organized rain affects much of the central Plains when a tropical wave passes Saturday-Sunday; heavy amounts possible
· Corn: CU Up $.0025 @$3.2525; CZ Up $.0025 @ $3.3525. The funds bought 2 K on Wednesday
· SB: SU Up $.09 @ $9.8250; SX Up $.0950@ $9.65. Funds: Bot 2 K SB, 5 K SBO, sold 2 K SBM. Sep crush, +$.03, $.86; LY: $1.25
· Wheat: WU Up $.0425 @ $4.1450; WZ Up $.04 @ $4.4025. Fund buying totaled 7 K yesterday
CORN/SORGHUM         ;
· Export Sales to be released at 7:30 AM CDT. Trade expects 12-20 mbu for 15/16 corn; 20-28 for 16/17
· T-storm Weather: Another warm-up develops next week. Rain chances expand at that time with the best chance for above-normal totals in western areas. If an area is to be drier, it would most likely be in drier areas of Indiana-Ohio
· ATI Research: 5-year avg. shows approx. 17% U.S. corn matures to dough fromJuly 31-Aug. 7; would put 2016 at 47%
· Consultant: Brazil corn estimate lowered 3.0 MMT to 66.0 MMT due to additional declines in safrinha corn harvest
· Ethanol grind: 1,004,000 barrels/day for week end July 29—up 0.6% vs. last week and 4.5% higher vs. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 11-22 mbu for 15/16 soybeans; 29-44 for 16/17; soymeal, 40-200 K MT for old- crop and 25-100 new-crop; soyoil, 4-20 K MT for old crop and 0-10 for new-crop
· ATI Research: Combined U.S. old/new-crop unshipped soybean export sales as of July 21 of 598 mbu the 4th highest ever. Sept-Nov exports from the Gulf forecast to be 40 mbu greater than 2015, with shipments from PNW unchanged
· Export Sales report. Trade expects 13-24 mbu for 16/17 all wheat
· T-storm Weather: Above-normal rain forecast for U.S. hard red spring wheat over next 10 days may slow early harvest
ENERGY
· Lower: CLU16, -0.31, $40.52; EBV,-0.45; EBV-CLU, $2.15, -$.11; RBU, -.0210; NGU, -.003; HOU, -$.0125
· Cash ethanol markets were mixed on Wednesday: Chicago and Gulf added 1; New York up ¾; Tampa steady; Dallas eased 1; and LA was ½ higher at $1.52 per gallon
· Ethanol RINs down: 2014’s off 2 3/8 at 90 ¾-92 ¼; 2015’s slid 2 3/8 to 90 ¾-92 ¼; and 2016’s eased 2 3/8 to 90 ½-92
· The Sep RBOB/Aug ethanol inverse weakened further, losing $.0383 to -$.02510/gal yesterday
LIVESTOCK/POULTRY   ;
·   Choice boxed beef values were 80-cents higher on Wednesday at $199.20, & are up 12-cents compared to a week ago
· On Wednesday, choice boxed beef posted a week-to-week increase for the first time since July 8
· USDA mandatory pork carcass cutout value eased 83-cents on Wed. to $76.08, which $5.79 lower vs. last week
· CME Lean Hog Index eased $0.60 on Wed. to $71.61. August futures were $0.575 lower & are $3.26 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather