HIGHLIGHTS

• MARKET TREND—Higher: CU, +$.0325; SQ, +$.05; WU, +$.0375; KWU, +$.0250.  USDA supply/demand report at 11:00 am CDT
• MACRO:  Turn-around Thursday?  Markets bounce back, partially.  Asia—Higher: Nikkei, +1.17%; Shanghai, +2.18%; Hang Seng, +0.60%.  EUROPE:  Up:  DAX, +0.32%;FTSE, +0.61%; CAC, +0.36%.  WALL STREET: U.S. futures are higher: DOW, +142;S&P, +11.75; NAS, +28.75.  EXTERNALS: Sep crude: +$0.64 @ $69.50; Aug Gold: -$0.40 @ $1,244; Dec $ Index, +.069 @ 94.125. Dely: BO, 782; RR,75; C, 249; HRW, 43; O,0; SB, 313, SRW, 0

·       T-storm Weather: Temperatures average approximately normal across the central U.S. over the next two weeks as heat through Sunday-Monday is partially offset by three to five days of moderate coolness, then at least a brief warm-up next weekend, but potentially another period of coolness a few days later.  Near-normal rainfall is also most probable, especially from thunderstorms in / near the Corn Belt within today-Tuesday(July 12-17) as cool and hot air begin to battle for position

·       CU, up $.03 @ $3.43; CZ, up $.03 @ $3.56. Benign (?) weather & trade worries, funds sold 20 K                     

• SQ, up $.05 @ $8.38; SU, up $.05 @ $8.43.  Funds: Sold 15 SB, 4 SBM; 5 SBO.  Board Crush: $2.07, +$.13; LY: $.87
• WU, up $.0375 @ $4.7550; WZ, up $.0350 @ $4.94.  The funds sold 15 K at mid-week       

       CORN/SORGHUM

·       USDA WASDE report 11:00 am CDT: 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)

·       Export Sales to be released at 7:30 am CDT.  Trade expects 16-31 mbu for 17/18 corn

• T-storm Weather: Widespread coverage of near-normal rain is expected over the next 2 weeks across U.S. Corn Belt as each temperature fluctuation triggers thunderstorms, resulting in widespread totals of 1.50”-3.00” over the period
• Ethanol grind: Total of 1,033,000 barrels/day for week end July 6—dn 34 thou v. prior week but up 2.6% v. last year

SOYBEANS/WHEAT

·       USDA WASDE report: CDT: Avg. trade guess 17/18 U.S. soybean carryout, 0.512 bbu; avg. guess 18/19, 0.498 bbu

·       USDA WASDE report: Avg. guess 17/18 Brazil soybeans, 118.9 MMT (range 117.0-120.0); Argentina, 36.7 (35.5-37.5)

·       Export Sales report.  Trade expects 7-18 mbu for 17/18 soybeans; soymeal, 50-250 K MT; soyoil, 10-30 K MT 

·       USDA WASDE report: Avg. trade guess 18/19 U.S. all wheat carryout, 0.985 bbu (range 0.924-1.084)

·       USDA Crop Production report: Avg. guess 2018 U.S. Other Spring wheat prod. is 0.600 bbu (range 0.568-0.646)

·       Export Sales report.  Trade expects 7-18 mbu for 18/19 all wheat

• T-storm Weather: Slightly unfavorable weather for Australia wheat over the next 7-10 days; mainly dry & slightly cool

ENERGY

·       Higher: CLU18, +$.64 @ $69.50; EBU, +$1.24@ $74.64; EBU-QCLU, +$0.59; RBU,+.0141; NGU, -.01​6; HOU, +.0189

·       On Wednesday, cash ethanol markets were mostly lower: Chicago was quoted at $1.395, down $0.02; Basis to Chicago—New York, +$0.185; Gulf, +$0.1075; Dallas, +$0.12; Tampa, +$0.24; and LA, +$0.385

·       Ethanol RINs were weaker on Wednesday: 2017’s eased ¾ to 16 ¼-16 ¾; and 2018’s declined 1 to 24 ½-25

·       The August RBOB/August ethanol spread lost $.0719 yesterday, narrowing into +$.6634/gallon

  LIVESTOCK/POULTRY                                 ​;    

• Choice boxed beef values increased 12-cents on Wednesday to $207.44 but are still 99-cents lower vs. last week
• A week-to-week decline in choice boxed beef has been seen for 25 consecutive trading days
• USDA mandatory pork carcass cutout firmed 12-cents on Wed. to $82.73 but is still down $2.21 vs. a week ago
• CME Lean Hog Index fell $0.15 on Wed. to $81.52.  July futures gained $0.27 but are still $1.745 below the index

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather

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