HIGHLIGHTS
· MARKET TREND—Higher: CU: up $.10; SQ: up $.1350; WU: up $.0975; KWU: up $.0950
· MACRO: Senate punts on ACA; dollar hits a post election low as uncertainty over implementation of Trump’s policies rises. ASIA—Mostly higher: Nikkei,-0.59%; Shanghai, +0.33%; Hang Seng, +0.21%. EUROPE: Mostly lower—DAX, -0.54%; FTSE, +0.06%; CAC, -0.27%. WALL STREET—Futures, firm—DOW, +17; S&P, +0.50 NAS,+4.25. EXTERNALS: $ Index: -.429 @ 94.475; Aug Gold:+$2.50 @ $1,238; Sep crude: +$.13@ $46.36/bl.
· T-storm Weather: Heat combined with energy will produce storm clusters central/north daily; wettest in /near MN with a steady southward drift into the weekend. Southern areas also receive some t-storms especially within Sun.-Tue. (July 23-25) when the cool front approaches and passes. Spring wheat also receives limited amounts.
· CU, up $.10 @ $3.85; CZ, up $.11 @ $3.9925 as conditions decline. The funds sold 6 K to open the week
· SQ, Up $.1350 @ $9.9850; SX, up $.1450 @ $10.12. Funds: sold @ of 3 K SB, SBM, SBO. Board Crush: $.86, -3; LY, $.83
· WU, up $.0975 @ $5.1575; WZ, Up $.0950 @ $5.3975. The funds were estimated to have sold 5 K on Monday
CORN/SORGHUM
· Crop Progress—Corn ratings fell 1 point to 64% G/E with the national figure now 12 points below the 2016 level
· Key corn producing states saw significant declines this week: IA, -6; NE, -3; ND, -7; SE, -7
· ATI corn production estimate declined 55 mbu to 13.822/165.5 bpa national average yield
· Corn inspections of 43.7 were nearly 12 mbu higher than the pace needed to reach USDA’s 2.225 bbu forecast
· Milo Export Inspections were light at 2.4; versus 2.9 needed to reach forecast
· T-storm Weather: Uncertainty remains very high fromJuly 25 as computer models conflict with each other. Bias is towards a warmer, drier scenario but confidence is low. 1-3” amounts likely from C MN southeast into IN/OH thru Sat
SOYBEANS/WHEAT
· SB Crop Progress—Ratings decline 1 to 61%; 10 below LY; IN, ND and SD rated 17 points or more BELOW 2016
· ATI soybean production estimate off .4 bpa to 46.2; production seen 30 mbu lower at 4.102 bbu (USDA; 4.260)
· Soybean Inspections-disappointing at 10.5; 20+ per week needed but China did take 5.2 mbu
· Wheat Harvest—up 8 points to 75% complete, same pace as last year, 2 ahead of average
· Wheat inspections of 21.3 were near the top end of the 15-22 range; 3 mbu more than the implied rate
· ¼ to ¾” rain amounts most probable for spring wheat areas for the balance of this week
ENERGY
· Up: CLU17, +$0.13 @ $46.36; EBU, +$0.15 @ $48.57;EBU-QCLU, +.02; RBU, +.0009; NGU, +.052; HOU, +.0011
· Cash ethanol markets were a little weaker on Monday: LA gave up 1 ½ cents at $1.79; NY was ¾ of cent lower at $1.61; Dallas and Tampa were both off a ½ cent; the Gulf eased ¼ and Chicago was down 5/8’s to $1.52
· Ethanol RINs opened the week higher, both 2016’s and 2017’s were up 1 ¼ @ 77 ¾ to 79
· The Aug RBOB/Aug ethanol spread again widenedMonday, up $.0032 to +$.02570/gallon, premium ETOH
LIVESTOCK/POULTRY  
·   Choice boxed beef values eased 30-cents on Mondayto $209.05 and are $8.49 lower compared to a week ago
· 5-Area Weekly Weighted Average Steer price up $1.93 v. last week at $119.51/cwt, and is $2.50 higher v. last year
· USDA mandatory pork carcass cutout eased 45-centson Monday to $103.52 and is down $1.04 vs. last week
· CME Lean Hog Index fell $0.28 on Mon. to $92.50. August futures increased $0.875, but are $11.725 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather