· MARKET TREND—Lower: CU: Down $.0250; SQ: Down $.18; WU: Down $.0375; KWU: Down $.0150
· MACRO: Asia followed the U.S. lower & Europe is lower as well. ASIA: Lack of any change in the ECB’s policy stance was said to weigh on values with the Nikkei off 1.09%; Shanghai eased .87% and the Hang Seng was .16% lower. EUROPE: PMI’s were higher on the Continent; the UK came in lower—DAX off .06% at mi-day; CAC gains .13% and the FTSE, +.37. WALL STREET: Futures suggest a positive start to Friday with the DOW up 32; S&P futures are 4 ¾ higher and the NAS, +10. OUTSIDE MARKETS: CLU up $.15@ $44.90; the $ Index is .139 to the plus side & August Gold futures are off $5.70 @ $1,325.30
· T-storm Weather: A circulation is drifting across Nebraska & into a hot & unstable air mass to the east, while thunderstorms occurred Thu. across Michigan. Computer models did not detect either feature, but we are adding more rain to more of the Corn Belt (especially along/near Iowa-Minnesota border) through today. Otherwise, heat initially breaks Sun.-Mon. when the first in a series of stronger systems pass, though brunt of seasonably-cooler air holds until later next week when another system passes
· Corn: CU Down $.0250 @ $3.3175; CZ Down $.0250 @ $3.3825. The funds sold 2 K in Thursday’s trade
· SB: SQ DN $.18 @ $10.1450; SX DN $.1925 @ $9.9325. Funds: bought 2 K SB, 2 SBM; 3 SBO. Aug crush, -$.01, $.84 ¾; LY: $1.24
· Wheat: WU Down $.0375 @ $414; WZ Down $.0325 @ $4.38. The funds bought 3 K yesterday
CORN/SORGHUM   ;  
· September 2016 corn futures Thu. traded $3.32 ¾; last time nearby corn futures were below $3.33 was Oct. 13, 2014
· ATI Research: U.S. old-crop corn export sales for week ending July 14 of 13.6 mbu were below trade range of 14-22, down 48% from last week and 42% from the 4-week avg. The total was also the lowest since the week ending Dec. 31
· T-storm Weather: Beyond thunderstorms through today, areas of rain totaling 0.50”-1.50” unfold within Saturday-Monday from the central/northern Plains through the Corn Belt. Pockets of higher amounts north and east
· USDA Crop Progress: 1st est. of corn dough to be released Mon.; 2015 was approx. 12% and 5-year avg. is approx. 13%
· The USDA to begin conducting its survey next week for the Crop Production report set for release on August 12
SOYBEANS/WHEAT
· ATI Research: U.S. old-crop soybean export sales for week ending July 14 of 11.9 mbu were below trade range of 15-22, down 11% from last week & 46% from 4-week avg. The total was also the lowest since the week ending May 26
· T-storm Weather: Widespread rainfall affects most U.S. soybean production areas through 10 days. At least near-normal amounts are probable, including some areas of above-normal rain within key regions
· ATI Research: U.S. wheat export sales for week end July 14 of 17.6mbu down 15% v. 4-week avg. & 5% below last year
· Private production estimates suggest potential for significantly smaller France wheat crop vs. July USDA WASDE est.
ENERGY
· Firmer: CLU16, +0.15, $44.90; EBU, +$0.21; EBU-CLU, $1.56, +$.11; RBU, +.0108; NGU, +.020; HOU, +$.0002
· A steady to weaker trend was evident in cash ethanol markets on Thursday: Chicago off 1; New York down 2 ½; Gulf unchanged; Tampa eased 3; Dallas off 2 ½; and LA was 3 lower at $1.62 ½ per gallon
· Ethanol RINs firmer: 2014’s up ¼ at 94 ¼-95 ¼; 2015’s gained ¼ to 94 ¼-95 ¼; and 2016’s added ¼ to 94-95
· The Aug RBOB/Aug ethanol inverse eased $.0043 to -$.09600/gal in Thursday’strade  
LIVESTOCK/POULTRY   ;
· Choice boxed beef values were 61-cents lower on Thursday at $200.70, and are down $4.30 vs. last week
· Estimates for today’s USDA Cattle on Feed: July 1 on feed, 101.6%; June placement, 106.5%; Marketed in June 109.4%
· USDA mandatory pork carcass cutout value declined 62-cents on Thu. to $87.79 and is $1.89 lower vs. a week ago
· CME Lean Hog Index was $0.51 lower on Thu. at $77.87. August futures down $1.75 & are $3.42 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather