HIGHLIGHTS

·       TRENDS—Easier: CU, -$.0075; SQ, +$.0350; WU, -$.0025; KWU, -$.0125 

·       What caught my eye:   Brazil corn program ramping up, although not  as robust as last year—exports were 921 K MT last week, or about ½ of the corresponding year ago period.  SB exports?  2.3 MMT, about the same as a year ago 

·       Republicans contemplate extending unemployment benefits at $100/week.  Asia—Weaker:  Nikkei, closed; Shanghai, -0.24%; Hang Seng, -0.82%; EUROPE: Firm—DAX, +0.66%; FTSE, +0.61%; CAC, +0.62%.  WALL STREET: Futures, higher --DOW, +100; S&P, +125; NAS, +88.75.  EXTERNALS: Sep crude, +$0.03 @ $41.93; Gold: +$15.10 @ $1,880; Sep $ Index, -.115 @ 94.815

·       T-storm Weather®: scattered thunderstorms end in the eastern U.S. Corn Belt through today, while isolated thunderstorms dot the Plains.  Temperatures turn hot from west to east Thu.-Fri. as upper-level high pressure forms, causing one or two heavy thunderstorm clusters to focus on northern and possibly into central areas.  A cool front breaks heat Mon.-Tue. and triggers scattered thunderstorms in much of the Corn Belt 

• CU, dn $.0075 @ $3.2675; CZ, dn $.0075 @ $3.34.  Funds buy 6 K yesterday, short covering and demand hopes rise again                          &nbs​p;     
• SQ, up $.0350 @ $9.0275; SX, up $.0225 @ $8.9775.  Funds: Bot 3 K SB, 1 SBM, sold 1 SBO.  Board crush: $0.61 (Q/Q), -2; LY, $0.96
• WU, dn $.0025 @ $5.3425; WZ, dn $.0050 @ $5.2775.  The funds bought 5 K, persistent worries over EU/Black Sea production       

CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 16-39 mbu for 19/20 corn and 59-118 for 20/21

·       T-storm Weather®: scattered thunderstorms (0.50”-1.00” totals) occur Mon.-Tue. across a wide area of U.S. Corn Belt.  Several days of near-normal temps and drying then dominate the region as the core of heat is shunted further west

·       Ethanol grind: total of 908,000 barrels/day for the week ending July 17—down 23 thousand (2.5%) versus last week and 12.6% lower compared to last year’s 1,039,000

·       ATI Research: should this week’s EIA weekly grind pace continue through August, the corn demand loss could be 30 mbu larger than the USDA’s latest forecast

SOYBEANS/WHEAT

·     ​  Export Sales to be released at 7:30 am CDT.  Trade expects 11-26 mbu for 19/20 soybeans and 37-73 for 20/21; soymeal, 100-300 K MT for 19/20 and 0-75 for 20/21; soyoil, 5-30 for 19/20 and 0-5 for 20/21  

·       T-storm Weather®: scattered thunderstorms (0.50”-1.00” totals) occur Mon.-Tue. across a wide area of U.S. Corn Belt.  Several days of near-normal temps and drying then dominate the region as the core of heat is shunted further west

·       Export Sales to be released at 7:30 am CDT.  Trade expects 11-22 mbu for 20/21 wheat

·       T-storm Weather®: a total of 65% of expected Australia wheat production was drier than normal the last 60 days (89% east, 27% west); light rain (0.33”-0.67”) falls Fri.-Sat. in New South Wales & Queensland, but more needs to follow

ENERGY

·       Firm: CLU20, +$0.03 @ $41.93; EBU, +$0.05 @ $44.34; EBU-QCLU, +0.02; RBU, +.0033; NGU, +.018; HOU, +.0059

·       Chicago ethanol shot up $.0625 to $1.29; basis, mostly firm: NYC, +$.02 @ +$.0850; Gulf, +$.0175 @ +$.0850; Dallas, +$.0075 @ +$.0750; Tampa, +$.0175 @ +$.19; LA, -$.0175 @ +$.13

·       Ethanol RIN values, firmer: 2019’s, +.25 @ 45-45 ½; 2020’s: +.1250 @ 47 -47 ½                                                   <​wbr>                      ​;                        ​                        &​nbsp;                       &n​bsp;  

·       The Aug RBOB/August ethanol spread shed $.0799, narrowing to $.0928/gallon, premium RBOB

LIVESTOCK/POULTRY              &n​bsp;                        

• ​ Choice boxed beef was $0.27 higher on Wednesday at $201.15, and is up $0.39 versus a week ago
• For the first time since May 13, choice boxed beef on Wednesday posted a week-to-week increase
• The mandatory pork carcass cutout value fell $3.37 on Wed. to $68.58, but is still up $0.32 compared to last week  
• CME Lean Hog Index firmed $0.78 on Wed. to $49.43.  August futures gained $1.175 and are $3.220 above the index

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®