HIGHLIGHTS
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MARKET TREND—Lower: CU, down $.03; SQ, down $.0250; WU, down $.08; KWU, down $.06
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MACRO: An on-going outlook for strong earnings is over-shadowing trade issue concerns. Asia—Mostly higher: Nikkei, +0.66%; Shanghai, +0.44%; Hang Seng, -0.02%. EUROPE: Firmer: DAX, +0.19; FTSE, +0.22%; CAC, +0.45%. WALL STREET: U.S. futures are higher: DOW, +53; S&P, +3.75; NAS, +19.25. EXTERNALS: Sep crude: +$0.54 @ $72.52; Aug Gold: -$6.20 @ $1,254; Dec $ Index, +.038 @ 93.420.Dely: BO, 869; C, 243; HRW, 77; SB, 478, SRW, 0
· T-storm Weather: Temps average moderately above normal over the next week; hot periods are somewhat offset by seasonable periods. All areas turn cooler next week as a period of seasonable temps unfold & likely last for 5-7 days. Most rain holds until Thu.-Sun. & focuses on north to northwest third to half of central U.S. Scattered rain affects a wider area next week as a cooler period begins; end result is near- to above-normal rain north to contrast with near to below-normal south over next two weeks
· CU, down $.03 @ $3.51; CZ, down $.03 @ $3.64. Heavy selling on absence of weather issues, 15 K
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SQ, dn $.0250 @ $8.5325; SU, dn $.02 @ $8.59. Funds: Sold 10 SB, 9 SBM; 3 SBO. Board Crush: $1.87, +$.01; LY: $.90
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WU, down $.08 @ $5.00; WZ, down $.0725 @ $5.1775. The funds liquidated 5 K to begin the week  
CORN/SORGHUM        
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· USDA WASDE report on
July 12: Avg. trade guess 17/18 U.S. corn carryout, 2.115 bbu; avg. guess 18/19, 1.725 bbu
· USDA WASDE report: Avg. guess for 17/18 Brazil corn, 83.2 MMT (range 79.2-85.5); Argentina, 32.7 (32.0-33.0)
· U.S. corn rated 75% Good/Excellent v. 76% last week & 65% last year. Silking: 37% v. 18% for last year & 5-year avg.
· ATI Research: Updated yield estimate for the 2018 U.S. corn crop is 177.4 bpa versus June USDA projection of 174.0
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T-storm Weather: It will take time to determine how U.S. weather may unfold after July 21-23, but it is most probable for more of the same to continue as warmer weather returns to ultimately be somewhat offset by a cool front or two
SOYBEANS/WHEAT
· USDA WASDE report on July 12: Avg. trade guess 17/18 U.S. soybean carryout, 0.512 bbu; avg. guess 18/19, 0.498 bbu
· USDA WASDE: Avg. guess 17/18 Brazil soybeans, 118.9 MMT (range 117.0-120.0); Argentina, 36.7 (35.5-37.5)
· U.S. soybean crop is rated 71% Good/Excellent, unchanged versus last week (62% last year). Blooming is pegged at 47% compared to 32% last year and the 5-year avg. of 27%. Setting pods: 11% vs. 6% last year & 5-year avg. of 4%
· USDA WASDE report: Avg. trade guess 18/19 U.S. all wheat carryout, 0.985 bbu (range 0.924-1.084)
· USDA July 12 Crop Production report: Avg. guess 2018 U.S. Other Spring wheat prod. is 0.600 bbu (range 0.568-0.646)
· ATI Research: HRS wheat production estimate increases 6 mbu to 0.588 bbu with an avg. yield of 47.3 bpa
ENERGY
· Firm: CLU18, +$.54 @ $72.52; EBU, +$1.07 @ $79.15; EBU-QCLU, +$0.52; RBU, +.0208; NGU, -.020; HOU, +.0287
· On Monday, cash ethanol markets were mixed: Chicago was quoted at $1.4275, down $0.005; Basis to Chicago—New York, +$0.1625; Gulf, +$0.0875; Dallas, +$0.1125; Tampa, +$0.2525; and LA, +$0.3425
· Ethanol RINs were steady to slightly firmer on Monday: 2017’s unchanged at 16-17; and 2018’s gained ½ to 24 ½-25 ½
· The August RBOB/August ethanol spread widened on Monday, $.0468 to +$.7155/gallon
LIVESTOCK/POULTRY   </wbr>
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Choice boxed beef values fell $1.11 on Monday to $206.92 and are $4.96 lower compared to last week
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5-Area Weekly Weighted Average Steer price firmed $5.76 v. last week to $112.63/cwt but is $4.95 lower v. last year
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USDA mandatory pork carcass cutout value eased 20-cents on Mon. to $84.25 and is down $1.50 vs. a week ago
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Current nearby board hog crush value is $27.17/cwt vs. last week’s $28.70, last month’s $30.90 & last year’s $38.07
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather