HIGHLIGHTS
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MARKET TREND—Higher: CU, +$.0175; SU, +$.0450; WU, +$.0525; KWU, +$.0550
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MACRO: Stocks are taking a breather, following Tuesday’s solid performance as trade tensions continue to simmer.. Asia—Mostly lower: Nikkei, -0.08%; Shanghai, -1.23%; Hang Seng, +0.39%. EUROPE: Mostly lower: DAX, -0.07%; FTSE, +0.52%;CAC, -0.10%. WALL STREET: Futures are weaker: DOW, -2; S&P, +0.00; NAS, 2.25. EXTERNALS: Sep crude: +$0.04 @ $69.21; Aug Gold: +$4.70 @ $1,214; Dec $ Index, -.046 @ 94.59. DEL’Y: SBO, 531; SB, 668
· T-storm Weather: Two cool fronts leave most corn and soybeans seasonable over the next week, except for the northwest ~25% (and spring wheat in the northern Plains) where upper-level high pressure dominates resulting in a few days of heat beginning Fri.-Sat. The first cool front triggers scattered thunderstorms over the next few days within the southeast half of the central U.S., producing generalized totals of 0.50" to 1.50". Conversely, dry weather occurs to the northwest over the next week
· CU, up $.0175 @ $3.7250; CZ, up $.0175 @ $3.8625. The funds sold 2 K yesterday
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SU, up $.0450 @ $8.9975; SX, up $.0475 @ $9.1050. Funds: Bot 4 SB, 3 SBM, 2 SBO. Board Crush: $1.49 ½, -$.03, LY: $.87
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WU, up $.0525 @ $5.7350; WZ, up $.0450 @ $5.9450. Tuesday had the funds selling 2 K   </li>
CORN/SORGHUM
· Aug. 10 USDA WASDE: Avg. trade guess for 2018 U.S. corn crop: 14.416 bbu (range: 14.210-14.740) and 14.230 in July
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Aug. 10 USDA WASDE: Avg. trade guess for U.S. corn carryout--17/18, 2.015 bbu (2.027 in July); 18/19, 1.636 (1.552)
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ATI Research: Outlook for U.S. corn exports over the next 4 weeks continues at 45-55 mbu per week
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T-storm Weather: Looking ahead to weather in 1-2 weeks, most likely scenario is for energy to move across southern Canada & trigger some thunderstorms in/near the Corn Belt within Aug. 14-20, while keeping heat west of most areas
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Ethanol margins: $0.21 per gallon—steady vs. last week but well below $0.39 in 2017. EIA report at 9:30 am CDT
SOYBEANS/WHEAT
· Aug. 10 USDA WASDE: Avg. trade guess for 2018 U.S. soybean crop: 4.425 bbu (range: 4.346-4.576) and 4.310 in July
· Aug. 10 WASDE: Avg. trade guess for U.S. soybean carryout--17/18, 0.463 bbu (0.465 in July); 18/19, 0.648 (0.580)
· ATI Research: Outlook for U.S. soybean exports over the next 4 weeks remains at 25-30 mbu per week
· Aug. 10 USDA WASDE: Avg. trade guess for U.S. all wheat carryout--18/19, 0.967 bbu (range: 0.850-1.132)
· T-storm Weather: Drought intensifies for wheat in Queensland/northern New South Wales (Australia) next 7-10 days
ENERGY
· Mixed: CLU18, +$0.04 @ $69.21; EBV, +$0.05 @ $74.70; EBV-QCLV, -$0.01; RBU,-.0102; NGU, -.001; HOU, +.0013
· EIA Report Estimates (API): crude oil, -2.3 (-6.0); Gasoline, -1.6 (+3.1); Distillates, +0.1 (+1.8). Estimates for ethanol prod. avg. 1.073 mil barrel/day (range: 1.060-1.080). Avg. est. of ethanol stocks: 22.26 mil barrels (range 21.97-22.62)
· On Tuesday, cash ethanol markets were weaker: Chicago was quoted at $1.42125, down $0.01375; Basis to Chicago—New York, +$0.10625; Gulf, +$0.08875; Dallas, +$0.07375; Tampa, +$0.20875; and LA, +$0.20375
· Ethanol RINs were slightly firmer on Tuesday: 2017’s up ¾ at 16-16 ½; and 2018’s gained ¼ to 20 ½-21
· The September RBOB/August ethanol spread gained $.0519 yesterday, widening to$.6830/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef values eased 19-cents on Tuesday to $205.49 but are still up $1.22 vs. a week ago
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September feeder cattle futures on Tue. closed at $148.725—lowest settlement price for the contract since June 28
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USDA mandatory pork carcass cutout value fell 46-cents on Tuesday to $71.32 and is down $2.04 lower vs. last week
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CME Lean Hog Index declined $1.40 on Tue. to $64.64. August futures fell $0.80, & are $8.84 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather