HIGHLIGHTS
· Market Trend: Corn, 2-3 Lower; Soybeans, SQ, -10; SU, Off 6-7; Wheat, 2-3 Lower
· Asian markets finished firm overnight: the Nikkei rose .64%; the Hang Seng was .49% higher and Shanghai closed up .18%. Europe however, is off to a weaker start with all 3 major bourses in the red—France is .67% lower; the DAX is off .48% and the FTSE, .19% to the downside. Futures for major U.S. stock indices also point to a lower opening—Dow, -17; S&P, -3 ¼; the NAS, -2. Energy futures are all lower; the $ Index is up .060 at 80.29; and gold is $4 to the plus side at $1,310.80. Interesting story on a not-so successful, now former business empire, “Stroh’s” in the July 21st edition of Forbes.
· T-Storm Weather: A few showers and thunderstorms dot the Corn Belt through tonight (especially south and east), but mainly dry and unseasonably-cool weather dominates much of the central / northern Plains and Corn Belt through at least Saturday; heavy rain occurs further south in the southern Plains and Delta. The lack of rain is not viewed as problematic because deep subsoil profiles are moist (especially for corn and soybeans), though it is notable that the coverage of topsoil dryness is increasing, especially across the spring wheat belt
· Sep Corn Down $.0275 at $3.7875; December Down $.0275 at $3.7875. Funds bought 2 K to open the week
· August SB Down $.1025 at $11.8675; Sep Down $.0675 at $11.0125 The funds bought 3 K SB; 2 K SBM; even on SBO yesterday
· Sep Wheat Down $.03 at $5.3475; December Down $.03 at $5.5750. Fund buying totaled 3 K on Monday
CORN/SORGHUM
· December 2014 corn futures made a contract low of $3.80 ¼ on Monday but closed $0.03 ½ higher at $3.88 ¼
· ATI Research: USDA pegs U.S. Good/Excellent corn condition ratings up one point to 76%. Updated ATI crop size up 15mbu from a week ago to 14.108Bbu with the national average yield now forecast at 168.3bpa
· T-storm Weather: A sharply warmer pattern begins around July 20 and then continues for around five days. Thunderstorms accompany the warmer pattern, but best chances are in northern areas of the Corn Belt and Plains
· ATI Research: Updated corn balance sheet--13/14 carryout down 6mbu to 1.253Bbu; 14/15 up 8 mil to 1.710Bbu
SOYBEANS/WHEAT
· ATI Research: USDA Good/Excellent U.S. soybean ratings unchanged at 72%; crop size unch at 3.832Bbu
· ATI Research: Updated soybean balance sheet--13/14 carryout steady at 126mbu; 14/15 down 90 mil to 453mbu
· ATI Research: USDA Good/Excellent U.S. spring wheat ratings unchanged at 70%; HRS crop size steady at 518mbu
· ATI Research: Updated all wheat balance sheet--14/15 c/o up 10 million to 635mbu due to lower export estimate
ENERGY
· Futures are weaker: QCLQ14, -$.60 at $100.31; QRBQ, -$0.0087; QNGQ, -$.023; and QHOQ, -$.0121
· Cash ethanol markets were slightly lower on Monday: Chicago and New York off ¾; Gulf down 2 ½; Tampa eased 1 ½; Dallas was 2 weaker; and LA was 3 ½ lower at $2.29 per gallon
· Mixed trend in RINs: 2012’s down 1 to 47-49 ½; 2013’s off ¾ at 47 ½-49 ½; and 2014’s added ¾ to 48 ½-49 ½
· The August RBOB/August ethanol spread picked up $.0116 per gallon yesterday, settling at $.8131
LIVESTOCK/POULTRY  
· Choice boxed beef values eased 65-cents yesterday and have declined $1.03 over the last two trading days
· USDA 5-area weekly average steer price for last week was $155.89, down $1.72 from the previous week’s record high
· The USDA pork carcass cutout value firmed 7-cents yesterday and has gained 84-cents over the last two trading days
· CME Lean Hog Index gained $0.40 to $132.78. July future up $0.575 to $133.375 and are $0.595 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather