HIGHLIGHTS

• MARKET TREND—Mostly firmer: CU, +$.01; SU, -$.0475; WU, +$.0175; KWU, +$.0175
• MACRO:  Data day—nonfarm payrolls; unemployment rate and hourly wages released this morning; trade worries weigh on Shanghai.  Asia—Mostly weaker:Nikkei, +0.06%; Shanghai, -0.97%; Hang Seng, -0.14%.  EUROPE:  Firm:  DAX, +0.46%;FTSE, +0.60%; CAC, +0.30%.  WALL STREET: Futures are a little higher: DOW, +14;S&P, +1.50; NAS, +8.00.  EXTERNALS: Sep crude: -$0.19 @ $68.77; Aug Gold: -$4.40@ $1,206; Dec $ Index, +.043 @ 94.610. DEL’Y: SBO, 919; SB, 867

·       T-storm Weather: Very warm and hot weather expand over the next few days.  Heat then breaks from northwest to southeast Sun.-Mon. as a cool front passes, returning temperatures to near and slightly below-normal levels next week (Aug. 6-12).  Scattered thunderstorms accompany the warm-up and cool-down over Sat.-Thu., producing 0.50" to 1.50" within most corn and soybean areas, but leaving much of the spring wheat belt dry

·       CU, up $.01 @ $3.6775; CZ, up $.010 @ $3.8225.  Funds buy 5 K in a volatile day

• SU, dn $.0475 @ $8.8225; SX, dn $.0450 @ $8.930.  Funds: Sold 4 SB, 2 SBM, 3 SBO.  Board Crush: $1.52, -$.07, LY: $.93
• WU, up $.0175 @ $5.6225; WZ, up $.0175 @ $5.8450.  The funds bought 6 K, erratic trading related to Ukraine exports

CORN/SORGHUM

·       ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop corn as of July 26 stood at 620 mbu, which is up 66% from 373 mbu at this time a year ago

• T-storm Weather: A warmer period for the Corn Belt potentially develops after Aug. 12, but recent hints of longer-duration heat failed, leaving us suspect of such output going forward

·       Consultant: Brazil corn production est. is steady this week at 81.0 MMT with a neutral to lower bias going forward

·       December 2018 corn futures on Thu. closed at $3.81 ¼; one year ago, December 2017 corn futures settled at $3.77 ¾

SOYBEANS/WHEAT

·       ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop soybeans as of July 26 stood at 593 mbu, which is up 31% from 454 mbu this time a year ago

• T-storm Weather: A drier period follows for U.S. soybeans as rain ends from north to south next week.  At some point, thunderstorms should return, but unlikely until after August 15

·       CBT September wheat futures on Thu. traded $5.93—highest price for nearby CBT wheat futures since July 2, 2015

·       ATI Research: Unshipped export sales of U.S. all wheat as of July 26 were154 mbu—down 20% from 193 mbu last year

·       T-storm Weather: Much drier than normal weather occurs over the next 7-10 days for wheat in the European Union

ENERGY

·       Weaker: CLU18, -$0.19 @ $68.77; EBV, -$0.12 @ $73.33; EBV-QCLV, +$0.04; RBU,-.0088; NGU, +.003; HOU, -.0082

·       On Thursday, cash ethanol markets were mixed: Chicago was quoted at $1.44625, down $0.00125; Basis to Chicago—New York, +$0.10875; Gulf, +$0.12375; Dallas, +$0.06875; Tampa, +$0.18875; and LA, +$0.24375

·       Ethanol RINs weakened on Thursday: 2017’s down 1 1/8 to 14 ½-15 ½; and 2018’s fell 1 to 21-22

·       The September RBOB/August ethanol spread widened $.0038 on Thursday to$.6381/gallon

 LIVESTOCK/POULTRY                            &​nbsp;         

• Choice boxed beef values firmed 5-cents on Thursday to $203.80 but are still down $1.11 compared to last week
• Dressed steer weight for week end July 21: 872 lbs, up 5 lbs v. last week, 864.25 for the 4-week avg. & 868 last year
• USDA mandatory pork carcass cutout value eased 46-cents on Thu. to $72.27, and is $2.80 lower vs. a week ago
• CME Lean Hog Index declined $1.07 on Thu. to $68.91.  August futures fell $1.275, and are $9.935 below the index

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