HIGHLIGHTS
· Market Trend: Corn, Down 1-2; Soybeans, 1-3 Lower; Wheat, Mixed
· Asia was mixed overnight as both Shanghai (down .74%) and the Hang Seng (off .36%) fell with the weakness attributed to a sharp slow-down in new loan demand; the Nikkei gained .66%. Europe is off to a positive start: DAX, +.63%; FTSE, +.51% and the CAC 40, +.48%. Unemployment benefit #’s will be today’s focus on Wall Street. Futures suggest the Dow will open 25 higher. Outside markets have the $ Index off .062 at 81.595; gold is up $1.70 to $1,314.50/oz and energy futures are generally lower
· T-Storm Weather: Coolness exits over the next few days, causing warmth to expand. Expanding warmth helps scattered thunderstorms form in varying areas within Friday-Sunday. The warm pattern likely continues next week (August 18-25), causing waves of energy to flow through the central U.S. and trigger thunderstorms in varying areas. Since humidity will be available to fuel clusters, near- or above-average rainfall is most likely over the next 7-10 days
· Sep Corn Down $.0175 at $3.5625; December Down $.0175 at $3.68. Fund activity was even for the day on Wednesday
· Sep Soybeans Down $.01 at $10.7850; Nov Down $.01 at $10.7850. Funds sold 7 K SB; were even on SBM and sold 6 K SBO
· Sep Wheat Up $.01 at $5.29; December Unch at $5.4550. The funds were again net sellers, totaling 3 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 4 to 8mbu old-crop corn, 20-28 new-crop
· T-storm Weather: Official data released this week show that July was the #5 driest since the modern agricultural era began in 1960 and #15 driest since 1895 across the Corn Belt
· ATI Research: Corn planted May 1 in Central, IL has 1938 Growing Degree Days--113 below normal (widest of season)
· Ethanol grind: 931 thou barrels per day for the week ending Aug. 8—up 29 thou vs. last week and up 8.6% vs. 2013
SOYBEANS/WHEAT
· Export Sales: 0 to 4mbu old-crop soy, 31-39 new ; soymeal, 50-175 K MT old, 250-450 new; soyoil, 0-20 old, 0-10 new
· T-storm Weather: Scattered rainfall amounts of 0.33”-0.67” are most probable within parts of the central/northern Plains and Corn Belt within Friday-Sunday. Rain chances return at times Aug. 18-25 given the expected setup
· If November 2014 soybean futures settles below $10.58 ½ tomorrow, it would be lowest Friday close for the contract
· Export Sales: Trade expects 17-24mbu for all wheat
· NOPA July crush data out later this morning—expected to be down 2.7 mbu from June t0 116.0 mbu with oil stocks falling 160 bil lbs to 1.685 billion
· KCBT Sept. wheat futures made a new low of $6.02 ¾ on Wednesday; MGE Sept. wheat also made a new low of $6.03
· T-storm Weather: Widespread rain aids much of eastern Australia wheat Friday-Saturday
ENERGY
· Futures are largely lower: QCLU14, -$.06 to $97.53; QRBU, -$0.0103; QNGU, -$.001; and QHOU, -$.0173
· Cash ethanol markets were stronger on Wednesday: Chicago gained 6 ½; Gulf and Dallas added 3; Tampa up 4 ½; New York jumped a dime; and LA was 6 ¾ higher at $2.43 ¼ per gallon
· Weaker trend in RINs: 2012’s off ¾ at 50 ½-51 ½; 2013’s down ¾ at 51-51 ½; and 2014’s were ¾ lower at 51-51 ½
· The September RBOB/Ethanol spread lost 8 cents Wednesday, falling to $.5843/gallon
LIVESTOCK/POULTRY    
·   Choice boxed beef values fell $1.27 yesterday and have lost $5.53 over the last four trading days
· Cash cattle continued to lightly trade yesterday at $155, steady with Tuesday’s activity, but down $5 from last week
· The USDA pork carcass cutout value fell $2.45 yesterday and has declined $11.76 over the last four trading days
· CME Lean Hog Index down $0.98 to $117.88. August future up $1.125 to $115.20, but are $2.68 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather