HIGHLIGHTS
· MARKET TREND—Higher: CU: Up $.0175; SU: Up $.09; WU: Up $.0475; KWU: Up $.0125
· MACRO: Looks like a solid start to the week for global equity markets, U.S. set to follow Asia/Europe higher; ignores weaker than expected Chinese trade data. ASIA: Shanghai, +.94%; the Hang Seng, +1.57%; and the Nikkei, +2.44%. EUROPE: Firmer at mid-day with the FTSE, +0.1%; CAC, +.43% and the DAX, +.86%. WALL STREET: Futures—DOW, +33; S&P, +3.75 NAS, +11.75. EXTERNALS: The $ Index is .114 higher @ 96.28; August Gold is off $7.90 @ $1,328.50 and Sep crude oil is $.61 higher @ $42.41 Deliveries: 0 SBM; 476 SBO; 0 SB; 0 ETOH
· T-storm Weather: Weekend rain coverage was less than expected with heavy amounts primarily limited to Kansas. Seasonable to cool weather breaks Tue.-Wed.; maximums return to mid-80s to mid-90s, minimums to 70s. Widely scattered thunderstorms accompany warm-up, but main storm track is likely to locate further north than anticipated Fri. Thus, rain amounts are reduced to 0.40”-0.80” across most of central U.S. this week, except within northern third of corn/soybeans where 1.00”-2.00” probable
· Corn: CU Up $.0175 @$3.26; CZ Up $.01 @ $3.352575. The funds bought an estimated 5 K on Friday
· SB: SU Up $.09 @ $9.97; SX Up $.0850 @ $9.83. Funds: Bot 8 K SB, 3 K SBM, even SBO. Sep crush, -$.01, $.84; LY: $1.21
· Wheat: WU Up $.0475 @ $4.2075; WZ Up $.0225 @ $4.4025. The funds bought 8 K to close out the week
CORN/SORGHUM ; ;    
·   USDA Crop Progress: Good/Excellent U.S. corn rating could be a point higher or a point lower compared to last week’s 76%, although that would still be above the 70% seen in 2015
· T-storm Weather: Temperatures remain very warm to hot for several days this week across the central U.S. before returning to seasonable to cool levels Fri.-Sat. Several days of dry weather accompany the cooler temperatures
· December 2016 corn futures closed at $3.34 ¼ on Friday; one year ago , December 2015 futures settled at $3.83 ¾
· Export Inspections released at 10 AM CDT; Corn, 49.2 mbu needed; 45.0 last week. Milo—2.0 needed; 7.0 last week
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent U.S. soybean rating could steady vs. last week’s 72% but still above 63% in ‘15
· Export Inspections released at 10 AM CDT; Soybeans, 8.1 needed; 24.7 last week
· T-storm Weather: U.S. soybeans that miss significant rain totals this week may need more next week—especially in western and eastern areas where subsoil dryness currently exists
· USDA Crop Progress: U.S. spring wheat harvest est. at 15-20% vs. approx. 22% last year and 27% for the 5-year avg.
· Export Inspections released at 10 AM CDT; Wheat, 17.4 needed; 24.3 last week
ENERGY
· Higher: CLU16, +$.061, $42.41; EBV,+0.62; EBV-CLU, $2.45, -$.02; RBU, +.086; NGU, -.028; HOU, +$.0198
· Cash ethanol markets were higher on Friday: Chicago added 5/8; New York gained 4 3/8; Gulf climbed ½; Tampa increased 2; Dallas firmed 1 ½; and LA was 2 ¾ higher at $1.56 ¾ per gallon
· Ethanol RINs declined: 2014’s down 3/8 to 87 ¼-90; 2015’s eased 3/8 to 87 ¼-90; & 2016’s off 3/8 to 87-89 ¾
· The Sep RBOB/Sep ethanol inverse was little changed on Friday, at -$.03670/gal
LIVESTOCK/POULTRY </wbr>
· Choice boxed beef values were 26-cents lower on Friday at $199.00, but are still $1.43 higher vs. a week ago
· Dressed steer weight week end July 23: 880 lbs., unchanged v. last week, 871.75 for the 4-week avg. & 884 last year
· USDA mandatory pork carcass cutout value was $1.15 lower on Fri. at $76.31, and is down $2.63 vs. last week
· CME Lean Hog Index declined $0.53 on Fri. to $70.48. August futures $0.25 lower and are $3.03 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather