HIGHLIGHTS
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MARKET TREND—Definitely higher: CU, +$.0550; SQ, +$.1675; WU, +$.07; KWU, +$.0850. EU to buy more US beans?
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MACRO: EU likes Trump tariff relief; Zuckberburg worth a lot less ($17 billion?) as Facebook plunges 20%, projections disappoint the Street . Asia—Lower: Nikkei, -0.12%; Shanghai, -0.71%; Hang Seng, -0.48%. EUROPE: Mostly Higher: DAX,+1.36%; FTSE, -0.01%; CAC, +0.72%. WALL STREET: Futures—Mostly lower: DOW,+38; S&P, -4.75; NAS, -60.50. EXTERNALS: Sep crude: -$0.01 @ $69.29; Aug Gold: -$4.20 @ $1,228; Dec $ Index, -.044 @ 93.675
· T-storm Weather: A cool front triggers some thunderstorms today across the Corn Belt, with highest coverage & amounts across KS and southern half of NE. A moderately-cool period follows for approximately one week, after which temperatures fluctuate within a seasonable to slightly above-normal range. Heavy rain forms along the southern edge of coolness within Fri.-Sun., especially in the central / southern Plains and Delta, but less-so in the Corn Belt where amounts of 0.25" to 0.75" are most likely
· CU, up $.05505 @ $3.6475; CZ, up $.0550 @ $3.7875. Fund buying was estimated at 8 K, EU and Black Sea production worries  
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SQ, up $.1675 @ $8.7750; SU, up $.1650 @ $8.8250. Funds: Bot 3 SB, 2 SBM, 2 SBO. Board Crush: $1.78, +$.02; LY: $.87
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WU, up $.0675 @ $5.4950; WZ, up $.0650 @ $5.6825. Funds bought 10 K, crop/quality worries here and in Europe
CORN/SORGHUM
· Export Sales to be released at 7:30 am CDT. Trade expects 12-28 mbu for 17/18 corn and 16-31 mbu for 18/19
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T-storm Weather: Several days of drying follow the exit of rain early next week, after which some thunderstorm clusters form in the northern Plains and Corn Belt over Aug. 2-8
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ATI Research: The model for near-term U.S. sorghum exports is 400 K bu per week, up from 200 K last week. The new range is 0-2.3 mbu/week vs. 0-640 K last week. Our estimate is 0-1 mbu per week compared to 3.8 mbu last year
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Ethanol grind: Total of 1,074,000 barrels/day for week end July 20—up 10 thou v. prior week and up 6.1% v. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 7-15 mbu for 17/18 soybeans and 7-18 for 18/19; soymeal, 50-175 K MT for 17/18 and 0-100 for 18/19; soyoil, 8-25 K MT for 17/18 and 0-15 for 18/19
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T-storm Weather: A total of 35% of U.S. soybean production was drier than normal over 14-day period ending Tuesday, while 28% was drier than normal over the last 30 days
· Export Sales report. Trade expects 7-18 mbu for 18/19 all wheat
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T-storm Weather: Drought intensifies over the next 7-10 days in/near Queensland, Australia where wheat reproduction begins next month. Drought also continues into early August in Germany, U.K. and Denmark
ENERGY
· Higher: CLU18, -$0.01 @ $69.29; EBU, +$0.60 @ $74.53; EBU-QCLU, +$0.61; RBU,+.0149; NGU, +.011; HOU, +.0154
· On Wednesday, cash ethanol markets were slightly higher: Chicago was quoted at $1.43, up $0.0075; Basis to Chicago—New York, +$0.1125; Gulf, +$0.125; Dallas, +$0.09; Tampa, +$0.215; and LA, +$0.31
· Ethanol RINs were lower on Wednesday: 2017’s down 1 ¼ at 12 ½-14; and 2018’s eased ½ to 19 ½-20
· The August RBOB/August ethanol spread continues to widen, adding $.0255 and now at $.6981/gallon Wednesday
LIVESTOCK/POULTRY  
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Choice boxed beef values eased a penny on Wednesday to $204.64, and are 16-cents lower compared to last week
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ATI Research: Cattle report—the report indicated that the U.S. cattle herd continues to increase, but at a slowing pace
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USDA mandatory pork carcass cutout value firmed 4-cents on Wed. to $77.55, but is still $3.743 higher vs. a week ago
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CME Lean Hog Index fell $0.94 on Wed. to $75.23. August futures gained $0.85, but are still $8.83 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather