HIGHLIGHTS
· ARKET M TREND—Lower: CU: Down $.0550; SQ: Down $.1125; WU: Down $.0325; KWU: Down $.0350
· MACRO: Equities take a respite from recent gains; await more earnings as well as ECB meeting results. ASIA: Nikkei gains 1.37% but both the Hang Seng (-.60%) and Shanghai (-.24%) record losses. EUROPE: FTSE loses .43%; CAC falls 1.13%; DAX retreats 1.33%. WALL STREET: Pre-market indicators are definitely weaker: DOW futures, off 20; S&P futures, down 6 ¼; NASDAQ, down 11 ¾. OUTSIDE MARKETS: Oil glut outweighs shale production cuts, CLQ off $.16/barrel; $ Index is .158 higher @ 96.745; August Gold futures are $3.10 to the plus side @ $1,332.40.
· T-storm Weather: New thunderstorms probable today and/or Wed. within part of Corn Belt, most likely the northeast half where a swath or two of rain tops 1.00" (esp. from southeast Minnesota through Wisconsin, northern Illinois, & Indiana). Hot/very hot weather expands through Fri.-Sat.; intense heat in western growing areas. Maximums in 90s-100s with minimums in 70s-80s; warmest in Nebraska, Kansas, South Dakota, western two-thirds of Missouri, southwest Minnesota & western one-third of Iowa
· Corn: CU DN $.0550 @ $3.5150; CZ DN $.0550 @ $3.5775. The funds were even in Monday’s trade
· SB: SQ DN $.1125@ $10.67; SX DN $.1275 @ $10.5350. Funds: sold 3K SB, 3 SBM; bot 4 SBO. Aug crush, +$.03, $.83 LY: $1.24
· Wheat: WU DN $.0325 @ $4.2625; WZ DN $.0350 @ $4.51. The funds sold 2 K to begin the week
CORN/SORGHUM       ;
· USDA pegs U.S. corn silking at 56% vs. 47% in 2015 and the avg. of 46%. Good/Excellent crop ratings of 76% steady vs. last week but above 69% last year. Sorghum: Good/Excellent down a point from last week to 68% vs. 67% in 2015
· ATI Research: U.S. corn balance sheet; 15/16 carryout est. at 1.743 bbu; 16/17 carry-out est. at 2.184 bbu
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 55 mbu; 16/17 carry-out pegged at 32 mbu
· T-storm Weather: A cool front is likely to break heat Sat.-Sun., while also triggering rain in central U.S. Rain chances are highest from the northern Plains through northeast half of the Corn Belt where 0.50”-1.00” is most probable
SOYBEANS/WHEAT
· USDA pegs U.S. soybean blooming at 59% vs. 51% last year and 5-year avg. of 49%. Setting pods is 18% vs. 14% last year and the avg. of 13%. Good/Excellent crop ratings are 71%, unchanged vs. last week and above 62% in 2015
· ATI Research: U.S. soybean balance sheet; 15/16 carryout at 300 mbu, while 16/17 carry-out is est. at 218 mbu
· T-storm Weather: Temperatures for Midwest U.S. soybeans from July 24-27 are most likely to be above-normal in western areas, near-normal east. Best rain chances will be in eastern areas, and lowest chances in west
· ATI Research: Updated 2016 U.S. spring wheat crop est. is 496 mbu—unchanged from last week
· ATI Research: U.S. HRS wheat balance sheet; 16/17 carryout pegged at 246 mbu compared to 278 last year
ENERGY
· Mixed: CLQ16, -0.16, $45.08; EBU, -$0.12; EBU-CLU, $1.06, +$.04; RBQ, -.0085; NGQ, +.043; HOQ, +$.0044
· Cash ethanol markets were mostly higher on Monday: Chicago up 1; New York gained ¾; Gulf declined 1 ¼; Tampa firmed 1 ½; Dallas added 3; but LA was 2 higher at $1.74 ½ per gallon
· Ethanol RINs were steady: 2014’s at 94 ¼-95; 2015’s at 94 ¼-95; and 2016’s at 94-94 ¾
· The Aug RBOB/Aug ethanol inverse gained $.0468, increasing to -$.18180/gal ;
LIVESTOCK/POULTRY    
·   Choice boxed beef values declined $2.14 on Monday to $202.57, and are $6.13 lower compared to a week ago
· 5-Area Weekly Weighted Average Steer price down $3.01 v. last week to $117.01/cwt and $30.95 lower vs. last year
· USDA mandatory pork carcass cutout value firmed 72-cents on Mon. to $89.73 and is up 77-cents vs. last week
· CME Lean Hog Index declined $0.56 on Mon. to $79.90. August futures fell $0.10 and are $2.075 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather