HIGHLIGHTS

·       TRENDS—Mixed: CU, +$.0050; SQ, +$.0375; WU, -$.0675; KWU, -$.0625.  Del’y: SBM, 34; SBO, 210

·       What caught my eye:   One source indicates there are rumors in the Ukrainian corn market that upwards of 4.5 MMT has been sold to China with traders willing to pay a premium for the necessary certificates  

·       China’s Caixin mfg index rises to 52.8 in July, best readings for output/new orders since July 2011; EU July mfg PMI revised up  

• Asia—Mostly firm:  Nikkei, +2.24%; Shanghai, +1.75%; Hang Seng, -0.56%;
• EUROPE: Higher—DAX, +1.42%; FTSE, +0.22%; CAC, +0.56%. 
• WALL STREET: Futures, firm --DOW, +29; S&P, +8.25; NAS, +79.75. 
• EXTERNALS: Sep crude, -$0.40 @ $40.17; Gold: +$0.30 @ $1,986; Sep $ Index, +.409 @ 93.730

·       T-storm Weather®: weekend rainfall was similar to slightly less than expected with best rains in eastern IL, IN, MI, and OH.  Ideal coolness continues on corn and soybeans through Tuesday, followed by slow warming from west to east over Wed.-Fri., and then slightly above-normal temperatures for 7 to 10 days as seasonable and hot air masses battle for position.  Minor showers and thunderstorms affect eastern areas through today and western areas over Wed.-Fri.

• CU, up $.0050 @ $3.1625; CZ, unch @ $3.27.  Fund buying on Friday was estimated at 2 K                                    
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• SQ, up $.0375 @ $9.0125; SX, up $.0475 @ $8.9725.  Funds: Bot 3 SB, 8 SBO, sold 2 SBMO.  Board crush: $0.79 Q/Q), +7; LY, $1.02
• WU, dn $.0675 @ $5.2450; WZ, dn $.07 @ $5.3175.  The funds were said to have bought 3 K to close out the week             

<​strong>CORN/SORGHUM

·       U.S. corn Good/Excellent crop condition ratings in today’s USDA Crop Progress report are projected to be 72-73%, compared to 72% last week and 57% last year

·       T-storm Weather®: better rain chances start Aug. 6-7 across a wider U.S. corn area & then continue over the following week as a battle between a seasonable and hot air mass occurs; 0.50”-1.50” most likely over Aug. 6-16 (near normal)

·       Export Inspections released at 10 am CDT; Corn, 39.3 mbu needed; 31.4 last week.  Milo—7.8 needed; 3.3 last week

·       T-storm Weather®: corn in much of the E.U. & Ukraine stays much drier and warmer than normal through mid-month

SOYBEANS/WHEAT

·       Crop Progress report: U.S. soybean Good/Excellent crop ratings projected at 72-73% v. 72% last week & 54% last year

·       T-storm Weather®: better rain chances start Aug. 6-7 across a wider U.S. soybean area & then continue the following week as a battle between a seasonable and hot air mass occurs; 0.50”-1.50” most likely over Aug. 6-16 (near normal)

·       Export Inspections released at 10 am CDT; Soybeans, 32.9 mbu needed; 17.4 last week

·       T-storm Weather®: stormier period begins this week in Australia & continues, easing drought on wheat into mid-Aug.

·       Export Inspections released at 10 am CDT; Wheat, 18.1 mbu needed; 20.0 last week

ENERGY

·       Weaker:  CLV20, -$0.40 @ $40.17; EBV, -$0.38 @ $43.14; EBV-QCLV, +0.04; RBV, -.0073; NGV, +.101; HOV, -.0004

·       Chicago ethanol lost $.00375 on Friday to $1.19625; basis, firm: NYC, +$.06875 @ +$.06875; Gulf, +$.00375 @ +$.08875; Dallas, +$.01375 @ +$.08875; Tampa, +$.02375 @ +$.21375; LA, +$.01375 @ +$.21875

·       Ethanol RIN values, weaker: 2019’s, -.25 @ 45 -45 ¼, ½; 2020’s: -.25 @ 47 ¼  -47 ¾                                        ​                        &​nbsp;                        <​wbr>                        &n​bsp;                       &nb​sp;            

​ ·       The Aug RBOB/August ethanol spread is trading $.0077 lower $.0034/gallon, premium RBOB

LIVESTOCK/POULTRY             ​            &nb​sp;             

• Choice boxed beef firmed $1.46 on Friday to $203.26, and is $1.49 higher compared to the previous week
• October live cattle futures on Fri. closed at $107.875—the highest settlement price for the contract since March 5
• The mandatory pork carcass cutout value declined $2.50 on Fri. to $64.67, and is down $5.30 versus a week ago
• CME Lean Hog Index eased $0.03 on Fri. to $53.53.  August futures firmed $0.575 but are $1.530 below the index

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