HIGHLIGHTS

·       TRENDS—Generally Weaker: CU, -$.0325; SQ, -$.09; WU, -$.0750; KWU, steady 

·       What caught my eye:   this is a bit like stating the obvious but improvements of 3 points for both corn and soybeans at the end of July would seem to be a rarity and markets this morning reflect that

·       U.S. equity futures are weaker, mixed reception on relief plan?  Asia—Mostly firm:  Nikkei, -0.26%; Shanghai, +0.71%; Hang Seng, +0.69%; EUROPE: Weaker—DAX, -0.58%; FTSE, -0.25%; CAC, -0.84%.  WALL STREET: Futures, lower --DOW, -95; S&P, -10.0; NAS, -37.75.  EXTERNALS: Sep crude, -$0.22 @ $41.38; Gold: -$5.50 @ $1,926; Sep $ Index, +.130 @ 93.745

·       T-storm Weather®: slight to moderate coolness dominates over the next 7 to 10 days across the U.S. Corn Belt.  With the passage of the initial cool front yesterday, attention turns to a very slow-moving system that crawls along the edge of coolness and produces heavy rain on the southern third to half of corn and soybeans over Wed.-Sun. (likely including Ohio), but leaves all areas to the immediate north dry

• CU, dn $.0325 @ $3.2175; CZ, dn $.0375 @ $3.3075.  The funds sold 2 K to begin the week                                   
• SQ, dn $.09 @ $8.9750; SX, dn $.1275 @ $8.87.  Funds: Bot 2 SB, 2 SBM, sold 2 SBO.  Board crush: $0.63 (Q/Q), 0; LY, $0.97
• WU, dn $.0075 @ $5.27; WZ, dn $.0125 @ $5.3350.  Technical considerations generated 7 K in fund selling on Monday          

CORN/SORGHUM

·  &​nbsp;    USDA estimates U.S. corn silking as of July 26 at 82% vs. 51% last year and the 5-year avg. of 75%; updated corn crop conditions peg combined Good/Excellent rating at 72%, which is up 3 points versus last week and above 58% last year

·       T-storm Weather®: drying dominates early next week across the U.S. Corn Belt as a transition to a warmer period begins.  The warmer period is probable to be accompanied by scattered thunderstorms in 10 to 14 days

·       ATI Research: U.S. ending stocks of corn for 20/21 pegged at 2.778 bbu compared to the USDA forecast of 2.648 bbu

·       T-storm Weather®: below to much-below normal rainfall affects corn in much of the E.U., Russia, and Ukraine over the next 10 to 14 days.  Temperatures are forecast to fluctuate throughout the period

SOYBEANS/WHEAT

·     &nbs​p; USDA est. U.S. soybeans setting pods as of July 26 at 43% vs. 17% last year and the 5-year average of 36%; updated  soybean crop conditions peg combined Good/Excellent rating at 72% versus 69% last week and above 54% last year

·       T-storm Weather®: drying dominates early next week across the U.S. Corn Belt as a transition to a warmer period begins.  The warmer period is probable to be accompanied by scattered thunderstorms in 10 to 14 days

·       ATI Research: U.S. soybean ending stocks for 20/21 pegged at 0.550 bbu compared to the USDA forecast of 0.425 bbu

·       T-storm Weather®: spring wheat has dried recently in Canada, & a dry/hot period dominates most the next 5-10 days

·       ATI Research: after adjusting for results from last week’s ATI HRS Crop Tour, U.S. HRS wheat crop is est. at 560 mbu

ENERGY

·       Lower:  CLU20, -$0.22 @ $41.38; EBU, -$0.02 @ $43.39; EBU-QCLU, +0.21; RBU, -.0069; NGU, +.017; HOU, -.0055

·       Chicago ethanol was $.0025 firmer at $1.2975; basis, weaker: NYC, +$.02375 @ +$.07875; Gulf, -$.0025 @ +$.0875; Dallas, -$.0025 @ +$.0725; Tampa, -$.0125 @ +$.1775; LA, -$.0025 @ +$.1175

·       Ethanol RIN values, weaker: 2019’s, -.25 @ 45 ¼ -45 ¾; 2020’s: -.250 @ 47 ½ -47 ¾                                                           &n​bsp;                       &nb​sp;                       &nbs​p;                        ​;                 

​ ·       The Aug RBOB/August ethanol spread narrowed $.0101 to $.1247/gallon, premium RBOB

LIVESTOCK/POULTRY             <​wbr>                     ​     

• ​ Choice boxed beef increased $0.78 on Monday to $202.55, and is $0.81 higher compared to last week 
• 5-Area Weekly Weighted Average Steer price was up $0.88 v. last week at $97.24/cwt, but is dn $16.44 v. last year
• The mandatory pork carcass cutout value firmed $0.54 on Monday to $70.51, & is up $2.49 versus a week ago
• Current nearby board hog crush value is $32.94/cwt vs. last week’s $32.64, last month’s $31.69 & last year’s $49.03

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