HIGHLIGHTS

• MARKET TREND—Lower: CU, -$.02; SQ, -$.0425; WU, -$.0425; KWU, -$.0550 
• MACRO:  China’s economy slowed in the 2^nd quarter to 6.7% (6.8% LY) althouth this was still above the 6.5% target rate.  Asia—Mixed:  Nikkei, Closed; Shanghai, -0.61%; Hang Seng, +0.05%.  EUROPE:  Mostly lower:  DAX, +0.17%; FTSE, -0.42%;CAC, -0.03%.  WALL STREET: Futures are slightly higher: DOW, +36; S&P, +1.50; NAS,+13.00.  EXTERNALS: Sep crude: -$1.31 @ $68.64; Aug Gold: +$2.30 @ $1,244; Dec $ Index, -.220 @ 93.870. Dely: BO, 305; RR, 146; C, 228; HRW, 1; O,0; SB, 99, SRW, 96

·       T-storm Weather: A series of cool fronts drop southward from Canada over the next two weeks, leaving most U.S. corn, soybean, & spring wheat areas near to slightly cooler than normal through the end of July, & marking an end to the unusually-warm period that began ~10 weeks ago.  Near-normal rain is also probable across a wide area, especially from rain as the first significant cool front passes through today, & when an upper-level system moves across Corn Belt & northern half of the Plains over Wed.-Fri.

·       CU, dn $.02 @ $3.3925; CZ, dn $.0225 @ $3.5250. Funds sold 8 K on Friday                     

• SQ, dn $.0475 @ $8.1450; SU, dn $.0475 @ $8.1975.  Funds: Sold 10 SB, 7 SBM; 7 SBO.  Board Crush: $2.06 +$.01; LY: $.89
• WU, dn $.0425 @ $4.9275; WZ, dn $.0450 @ $5.08.  The funds bought 5 K to close out the week         

    CORN/SORGHUM

• Consultant: USDA Crop Progress report to peg U.S. corn Good/Excellent 73-75% v. 75% last week & 64% last year
• 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. 20% from July 8-15 to 38%; however, corn silking for 2018 as of July 8 was already at 37%

·       T-storm Weather:  Cool fronts drop southward every few days over the next two weeks, causing temps to average near and slightly below-normal with highs mostly in the 70s-80s and lows in the 50s-60s for most U.S. corn

·       Export Inspections released at 10 am CDT; Corn, 67.7 mbu needed; 57.0 last week.  Milo—5.2 needed; 0.4 last week  

SOYBEANS/WHEAT

• Consultant: USDA Crop Progress report to peg U.S. soybean Good/Excellent 69-71% v. 71% last week & 61% last year
• 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 8-15 to 45%; however, blooming for 2018 as of July 8 was already at 47%

·       Export Inspections released at 10 am CDT; Soybeans, 29.5 mbu needed; 24.1 last week

·       Export Inspections released at 10 am CDT; Wheat, 19.4 mbu needed; 9.9 last week

·       T-storm Weather: Occasional showers impact wheat producing areas of Western Australia over the next 7 to 10 days, but not elsewhere.  Seasonal to slightly above-normal temperatures are forecast

ENERGY

·       Lower: CLU18, -$1.31 @ $68.64; EBU, -$1.19@ $74.14; EBU-QCLU, +$0.09; RBU,-.0309; NGU, -.004; HOU, -.0273

·       On Friday, cash ethanol markets were mostly weaker: Chicago was quoted at $1.40, down $0.005; Basis to Chicago—New York, +$0.185; Gulf, +$0.115; Dallas, +$0.135; Tampa, +$0.24; and LA, +$0.39

·       Ethanol RINs were weaker on Friday: 2017’s down 1 at 15-16; and 2018’s eased 3/8 to 24-24 ¾

·       The August RBOB/August ethanol spread reversed course Friday, gaining $.0450 to +$.7057/gallon

  LIVESTOCK/POULTRY            &​nbsp;                        <​/wbr>

• Choice boxed beef values plummeted $2.44 on Friday to $204.14 and are $3.89 lower compared to last week
• Dressed steer weight for week end June 30: 865 lbs, up 7 lbs v. last week, 854 for the 4-week avg. & 859 last year
• USDA mandatory pork carcass cutout firmed 52-cents on Fri. to $82.45 but is still down $2.00 vs. a week ago
• CME Lean Hog Index eased $0.35 on Fri. to $80.91.  July futures were steady but are still $0.96 below the index

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

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