HIGHLIGHTS
· MARKET TREND—Lower: CU: down $.0525; SQ: down $.1175; WU: down $.0450; KWU: down $.0425
· MACRO: Market remains focused on earnings, which are generally favorable; Chicago Fed PMI & Dallas mfg reports out today. ASIA—Mostly higher: Nikkei, -0.17%; Shanghai, +0.64%; Hang Seng, +1.28%. EUROPE: Mostly higher: DAX, +0.10%; FTSE, +0.39%; CAC, -0.10%. WALL STREET—Futures are higher—DOW, +42; S&P,+1.75; NAS,+8.25. EXTERNALS: $ Index: +.181 @ 93.295; Aug Gold:-$0.90 @ $1,269; Sep crude: -$.08 @ $49.63/bl. Dely: SBM, 181; SBO, 558; SB, 715
· T-storm Weather: There is increased likelihood for a strong cool front to pass over Wed.-Fri. Highest rainfall coverage and amounts occur Wed.-Thu. in/near Minnesota and the eastern parts of North and South Dakota. Overall, generalized totals of 0.25”-0.75” affect most corn, beans and spring wheat through 7-10 days. Temps average 2-6 degrees below normal across most of the central U.S. through 7-10 days with maximums in the 70s-80s and minimums in the 50s-60s; coolest over Thu.-Sat.
· CU, down $.0525 @ $3.69; CZ, down $.05 @ $3.83. The funds bought 4 K to close out the week
· SQ, down $.1175 @ $9.89; SX, down $.1150 @ $10.0550. Funds: Bought 7 SB, 7 SBO, sold 1 SBM. Board Crush: $.86, -1; LY, $.85
· WU, down $.0450 @ $4.7650; WZ, down $.0450 @ $5.0150. Fund buying on Friday totaled 2 K
CORN/SORGHUM
· Consultant: USDA Crop Progress report—U.S. Corn Good/Excellent est. at 60-61% v. 62% last week and 76% last year
· ATI Research: The 5-year average for U.S. corn silking increases approximately 16% from July 23-30 to 85%. The 5-year average for U.S. corn dough increases approximately 12% from July 23-30 to 25%.
· T-storm Weather: The exception to generalized rain totals of 0.25”-0.75” for most U.S. corn over next 7-10 days is in far southwest Plains where heavy thunderstorms produce more than 1.50”, but for less than 5% of total production
· Export Inspections released at 10 am CDT; Corn, 30.9 mbu needed; 36.8 last week. Milo—2.7 needed; 4.2 last week
SOYBEANS/WHEAT
· Consultant: USDA Crop Progress report—U.S. Soybean Good/Excellent est. at 55-56% v. 57% last week & 72% last year
· ATI Research: The 5-year average for U.S. soybeans setting pods increases approximately 18% from July 23-30 to 45%
· T-storm Weather: A warmer period develops withinAug. 8-10 as coolness loses its grip on central U.S. soybeans. The warmer period develops a muggier environment, thereby at least somewhat increasing rain chances with time
· Export Inspections released at 10 am CDT; Soybeans, 20.0 mbu needed; 21.9 last week
· Export Inspections released at 10 am CDT; Wheat, 18.1 mbu needed; 16.6 last week
· ATI Research: The 5-year avg. for U.S. winter wheat harvest progress increases approx. 6% from July 23-30 to 86%
ENERGY
· Mixed: CLU17, -$0.08 @ $49.63; EBU, -$0.05 @ $52.47; EBU-QCLU,-.05; RBU, +.0156; NGU, -.087; HOU, +.0059
· Cash ethanol markets were firmer on Friday: Chicago, New York and Gulf gained 1; Dallas increased 2; Tampa climbed 1 ½; and LA was 1 ½ higher at $1.78 per gallon
· Ethanol RINs were notably higher on Friday: 2016’s and 2017’s added 3 ¾ to 81 ½-89 ½
· The Aug RBOB/Aug ethanol spread continued to widen, out $.0205 to +$.13510/gallon, premium ETOH
LIVESTOCK/POULTRY  
·  Choice boxed beef values declined 21-cents on Fridayto $206.22, and are down 69-cents vs. last week
· August live cattle futures on Friday closed at $112.90—the lowest settlement price for the contract since April 25
· USDA mandatory pork carcass cutout was $1.18 loweron Friday at $98.05, and is down $4.35 vs. a week ago
· CME Lean Hog Index eased $0.65 on Fri. to $88.75. August futures declined $0.85 and are $7.35 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather