HIGHLIGHTS
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MARKET TREND—Higher: CU, +$.0150; SQ, +$.0125; WU, +$.0250; KWU, +$.0375
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MACRO: Mostly negative sentiment around the globe to begin the work week; G-20 members accelerate growth worries. Asia—Mostly higher, Nikkei falls/yen weakens: Nikkei, -1.33%; Shanghai, +1.07%; Hang Seng, +0.11%. EUROPE: Lower: DAX, -0.19%; FTSE, -0.39%; CAC, -0.45%. WALL STREET: Futures—weaker: DOW,-11; S&P, -1.75; NAS, -26.00. EXTERNALS: Sep crude: +$0.63 @ $68.89; Aug Gold: -$1.40 @ $1,230; Dec $ Index, +.084 @ 93.905
· T-storm Weather: Across major U.S. production areas, temps average slightly below normal over the next 10 days, followed by a warmer period as upper-level high pressure assembles nearer the central U.S. in early August. Heavy thunderstorms form along the southwest edge of coolness, producing significant totals across the southwest quarter to third of corn and soybeans over the next week, but leaving other areas drier than normal through 10 days
· CU, up $.0150 @ $3.5675; CZ, up $.0125@ $3.7025. Fund buying on Friday totaled 4 K
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SQ, up $.0125 @ $8.51; SU, up $.0150 @ $8.5675. Funds: Bot 3 SB, 3 SBM, sold 2 SB. Board Crush: $1.90, +$.07; LY: $.88
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WU, up $.0250 @ $5.1850; WZ, up $.0275 @ $5.3575. Friday found the funds buying 5 K
CORN/SORGHUM
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Consultant: USDA Crop Progress report to peg U.S. corn Good/Excellent 70-71% v. 72% last week & 62% last year
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ATI Research: Rapid development of 2018 U.S. corn crop is illustrated in silking. The 5-year average for U.S. corn silking increases approx. 26% from July 15-22 to 63%; however, corn silking for 2018 as of July 15 was already at 63%
· T-storm Weather: A warmer period in 10-14 days will allow some waves of energy to pass, which should trigger some thunderstorms in central & northern areas of the U.S. Corn Belt within Aug. 2-5; 0.50”-1.00” is most probable
· Export Inspections released at 10 am CDT; Corn, 70.4 mbu needed; 47.9 last week. Milo—5.9 needed; 0.0 last week
SOYBEANS/WHEAT
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Consultant: USDA Crop Progress report to peg U.S. soybean Good/Excellent 67-68% v. 69% last week & 57% last year
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ATI Research: Rapid development of 2018 U.S. soybean crop is illustrated in blooming. The 5-year average for U.S. soybeans blooming rises ~18% from July 15-22 to 63%; however, blooming for 2018 as of July 15 was already at 65%
· Export Inspections released at 10 am CDT; Soybeans, 30.3 mbu needed; 23.3 last week
· Export Inspections released at 10 am CDT; Wheat, 19.4 mbu needed; 17.3 last week
· T-storm Weather: A few showers produce 0.25" to 0.75" across wheat in South Australia, Victoria, and Western Australia over the next 10 days, but less than 0.50" in Queensland and New South Wales
ENERGY
· Higher: CLU18, +$0.63@ $63.89; EBU, +$0.76 @ $73.83; EBU-QCLU, +$0.10; RBU,+.0211; NGU, -.024; HOU, +.0275
· On Friday, cash ethanol markets were mixed: Chicago was quoted at $1.4325, up .01125; Basis to Chicago—New York, +$0.1225; Gulf, +$0.1125; Dallas, +$0.0875; Tampa, +$0.2225; and LA, +$0.40
· Ethanol RINs were weaker on Friday: 2017’s down 1 at 14 ½-15; and 2018’s eased 1 to 21 ½ -22
· The August RBOB/August ethanol gained $.0145 on Friday, closing at +$.6400/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef values eased 32-cents on Friday but are 3-cents higher vs. the previous week
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Cattle on Feed: July 1 on feed, 104.3% (104.1% avg est); June placed, 101.3% (101.3%); June Market, 100.9% (100.8%)
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USDA mandatory pork carcass cutout value fell $1.45 on Friday to $80.31, and is $2.14 lower compared to a week ago
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CME Lean Hog Index was $0.79 lower on Fri. at $77.83. August futures declined $0.80, & are $11.38 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather