HIGHLIGHTS
· MARKET TREND—Mixed: CU: Up $.0025; SU: down $.0025; WU: Up $.0150; KWU: Up $.0050
· MACRO: Yesterday’s U.S. exurbance out- weighs sub-par Chinese economic data. ASIA: Hang Seng closes. .83% higher; Nikkei gains 1.10%; Shanghai rises 1.61%. EUROPE: Markets are mixed at mid-day with the FTSE up .08%; the CCAC is .06% lower and the DAX, off .15%. WALL STREET: Pre-markets suggests a slightly positive opening with DOW futures up 10; S&P, +1; AS, +1.50. EXTERNALS: The $ Index is slightly weaker, -.008 @ 95.83; Sep Gold is down $4.80 @ $1,338.70 & Sep WTI has traded both sides and is nearly unchanged at $43.50. Deliveries: 0 SBM; 43SBO; 220 SB; 0 ETOH
· T-storm Weather: Rain coverage for U.S. corn and soybeans increases today as a stalling cool front and quasi-tropical circulation converge. This then develops into a major rain event from the Delta through the southeast third to half of the Corn Belt this weekend and early next week. Widespread coverage of rain of at least 1.00” for most corn and soybeans, and a swath of more than 2.00” from the Delta through the eastern Corn Belt. Temps remain very warm to hot today then turn seasonable for 5 days
· Corn: CU Up $.0025 @ $3.2125; CZ Up $.0025 @ $3.32. The funds sold 2 K ahead of today’s USDA report
· SB: SU DN $.0025 @ $10.0150; SX Up $.01 @ $9.85. Funds: Bot 2K SB & 2K SBO, 0 SBM. Sep crush, -$.01, $.83; LY: $1.14
· Wheat: WU Down $.0025 @ $4.16; WZ Down $.0150 @ $4.3550. The funds were said to be even in yesterday’s trade
CORN/SORGHUM
· WASDE at 11:00 AM CDT: Avg. trade guess for 2016 U.S. corn crop: 14.772 bbu (range 14.462-15.246) & 14.540 in July
· WASDE at 11:00 AM CDT: Avg. trade guess U.S. corn carryout--15/16, 1.721 bbu (1.701 in July); 16/17, 2.284 (2.081)
· U.S. old-crop corn export sales for week ending Aug. 4 of 23.4 mbu were above trade range of 8-16, up 80% from last week and 34% above the 4-week avg. Old-crop sales for the corresponding week last year were 1.1 mbu
· T-storm Weather: Cooler temps for 5 days, followed by brief warming then seasonable-cooler period late next week
SOYBEANS/WHEAT
· WASDE at 11:00 AM CDT: Avg. trade guess for 2016 U.S. soybean crop: 3.948 bbu (range 3.965-4.054) & 3.850 in July
· WASDE at 11:00 AM CDT: Avg. trade guess U.S. soybean carryout--15/16, 324 mbu (350 in July); 16/17, 321 mbu (290)
· U.S. old-crop soybean export sales for week end Aug. 4: 11.3 mbu vs. trade range of 7-15 and 3.5 mbu last year
· T-storm Weather: Scattered rain forecast across a large area of U.S. soybeans fromnext Thu.-Fri. forward (Aug. 18-23)
· WASDE at 11:00 AM CDT: Avg. trade guess for 2016 U.S. all wheat crop: 2.264 bbu (range: 2.224-2.315) & 2.261 in July
· WASDE at 11:00 CDT: Avg. trade guess for U.S. all wheat carryout--16/17, 1.116 bbu (range: 1.080-1.263)
· U.S. all wheat export sales for week end Aug. 4: 22.3 mbu v. trade range of 13-20 and 15.5 last year
ENERGY
· Lower: CLU16, +$.00, $41.50; EBV,-0.15; EBV-CLU, $2.40, -$.15; RBU, -.0125; NGU, +.012; HOU, -$.0124
· A mostly weaker tone was evident in cash ethanol markets on Thursday: Chicago eased ¼; New York added ¾; Gulf and Tampa down ½; Dallas declined ¼; and LA was 1 lower at $1.55 ¼ per gallon
· Ethanol RINs higher: 2014’s up 1 at 77 ¾-80 ¾; 2015’s added 1 to 77 ¾-80 ¾; & 2016’s increased 1 to 77 ½-80 ½
· The Sep RBOB/Sep ethanol inverse fell $.0613 to -$.05430/gal in Thursday’strading
LIVESTOCK/POULTRY   ;
· Choice boxed beef values were up 71-cents on Thursday at $201.58, and are $2.32 higher vs. a week ago
· Dressed steer weight week end July 30: 883 lbs., up 3 pounds v. last week, 875.75 for the 4-week avg. & 886 last year
· USDA mandatory pork carcass cutout value slid $1.23 Thu. to $74.41; down $3.05 vs. last week & lowest since Feb. 26
· Current nearby board hog crush value is $28.99/cwt vs. last week’s $28.63, last month’s $36.24 & last year’s $31.86
Sources: Bloomberg, Dow Jones, AP, T-storm Weather