HIGHLIGHTS
· MARKET TREND—Mostly higher: CU: Up $.0250; SQ: Up $.0250; WU: Up $.07; KWU: Up $.0625
· MACRO: Asia trades nearly flat; European markets slightly firmer, awaiting this week’s policy statements from the FED and ECB. ASIA: The Hang Seng and Shanghai exchanges both edged .13% higher; Japan’s Nikkei slipped .04%. EUROPE: The continent is higher with the CAC and DAX posting mid-day gains of .60% and .83%; the FTSE is slightly weaker, off .09%. WALL STREET: Futures look flat for the DOW; the S&P points to a ¼ lower start & the NAS is 3 point to the downside. OUTSIDE MARKETS: CLU is $.33/barrel lower; the $ Index is off .151 @ 97.365 and & August Gold futures are down $6.90 @ $1,316.50
· T-storm Weather: Unseasonably warm weather breaks from northwest to southeast through today as a cool front passes. Scattered thunderstorms dot the southeast half of the central U.S. through today as the front passes; pockets of 0.50” to 1.50” amounts. Widespread rainfall of 0.75” to 1.75” occurs within Tu.-Sat. as a strong system and its cool front full break the warm pattern; highest coverage and amounts begin Tue. night in the northern Plains, then focus on heart of corn/soybeans Wed.-Thu.
· Corn: CU Up $.0250 @ $3.3750; CZ Up $.0250 @ $3.4425. The funds closed out the week selling 5 K
· SB: SQ Up $.0250 @ $10.09; SX Up $.0075 @ $9.89. Funds: sold 24 K SB, 11 SBM; 4 SBO. Aug crush, -$.04 ¼, $.89; LY: $1.24
· Wheat: WU Up $.07 @ $4.3225; WZ Up $.0650 @ $4.5675. The funds bought 5 K on Friday
CORN/SORGHUM   <wbr>    
·   USDA Crop Progress: Good/Excellent U.S. corn rating could be 2 points lower v. last week’s 76%, still above 70% in ‘15
· ATI Research: 5-year avg. shows U.S. corn silking rises approx. 24% for week end July 24; last week’s ‘16 est. was 56%
· December 2016 corn futures closed at $3.41 ¾ on Friday; one year ago , December 2015 futures settled at $4.02 ¾
· Export Inspections released at 10 AM CDT; Corn, 57.2 mbu needed (adjusted for higher Census total); 52.3 last week. Milo—4.1 needed; 2.7 last week
· T-storm Weather: A more sustained period of cooling begins Thu.-Fri. (July 28-29) for most U.S. corn and soybeans and lasts several days as maximums stay in the 70s and minimums dip into the 50s. Coolness exits July 31-Aug. 1
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent U.S. soybean rating could be 1 point lower compared to last week’s 71% but still above 62% in 2015
· Export Inspections released at 10 AM CDT; Soybeans, 15.5 needed (adjusted for higher Census total); 13.5 last week
· November 2016 soybean futures closed at $9.88 ¼ Fri.; one year ago, November 2015 contract settled at $9.65
· USDA Crop Progress: U.S. winter wheat harvest est. at 81-85% vs. approx. 82% last year and 79% for the 5-year avg.
· Export Inspections released at 10 AM CDT; Wheat, 17.6 needed; 16.1 last week
ENERGY
· Lower: CLU16, -0.33, $43.86; EBU, -0.30; EBU-CLU, $1.51, +$.01; RBU, -.013; NGU, +.016;HOU, -$.0072
· Cash ethanol markets were mostly higher on Friday: Chicago up 1; New York added 1 ½; Gulf climbed 2; Tampa increased 1 ¼; Dallas firmed 1 ¼; and LA was ½ higher at $1.63 per gallon
· Ethanol RINs higher: 2014’s firmed 1/8 to 94 ½-95 ¼; 2015’s up 1/8 to 94 ½-95 ¼; and 2016’s gained 1/8 to 94 ¼-95
· The Aug RBOB/Aug ethanol inverse widened $.0065 to -$.10250/gal on Friday
LIVESTOCK/POULTRY   <wbr>   </wbr>
· Choice boxed beef values declined 61-cents on Friday to $200.09, and are $4.62 lower compared to a week ago
· Cattle on Feed: July 1 on feed, 101.2% (101.6% avg. est.); June place, 103.0% (106.5%); June Market, 109.4% (109.4%)
· USDA mandatory pork carcass cutout value was 8-cents higher on Friday at $87.87 but is down $1.14 vs. last week
· CME Lean Hog Index was $0.74 lower on Fri. at $77.13 August futures gained $0.825 but are $1.855 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather