HIGHLIGHTS
· MARKET TREND—Mostly higher: CU: -$.0025; SQ: +$.01; WU: +$.0125; KWU: +$.0175
· MACRO: Stocks trade lower aftern Nice Bastille Day terrorist attack. China QII GDP growth comes in at 6.7%, beats 6.6% consensus estimate, matches Q1 gain. ASIA: Shanghai, -.01%; Hang Seng, +0.46%; Nikkei, +.68%. EUROPE:DAX, -.61%; FTSE, -.17%; CAC, -.78%. WALL STREET: Futures indicate a lower opening: DOW, -16; NAS, -3.75; S&P 500, -3. OUTSIDE MARKETS: The $ Index is off .130 @ 95.97; August Gold futures are up $2.50 @ $1,2334.70; and August crude is $.16 weaker @ $45.52. Deliveries: SBM, 27; SBO, 102; Corn, 83; HRW, 66; SB, 73; SRW, 45
· T-storm Weather: Seasonable to cool weather affects most U.S. corn and soybeans into Sat. Except for thunderstorms in the central Plains & Delta, most crops stay dry until one more system briefly pulls heat northward & triggers a couple heavy thunderstorms within/near key areas of the Corn Belt from Sat. night through Mon. night. Rain totals of 0.50”-1.50” result for most corn/soybeans through Tue. with a swatch of higher amounts in Kansas today & plausibly parts of Corn Belt early next week
· Corn: CU Down $.0025 @ $3.5750; CZ Down $.0050 @ $3.6450. The funds sold 8 K Thursday
· SB: SQ Up $.01 @ $10.8475; SX Up $.0225 @ $10.6450. Funds: sold 15 K SB, 8 SBM; 0 SBO. Aug crush, +$.06, $.75; LY: $1.09
· Wheat: WU Up $.01 @ $4.35; WZ Up $.0125 @ $4.81 Fund selling totaled 3 K yesterday
CORN/SORGHUM          
· ATI Research: U.S. new-crop corn export sales for week ending July 7 of 27.1 were above the trade range of 18-26. The four-week sales average of 21.8 mbu is the 3rdlargest for this time of year over the past 20 years
· T-storm Weather: A sharp expansion of heat begins in the Plains Sun.-Mon. and the Corn Belt Tue.-Wed. Heat likely lasts at least 5-7 days in the Corn Belt & at least 7-10 days in central Plains. Most areas likely receive little or no rain
· USDA Feed Outlook: March-May U.S. corn feed/residual pegged at 926 mbu, which is a decrease of 16.5% v. last year. To reach the USDA annual forecast of 5.200 bbu, June-Aug feed/residual must increase 20% compared to a year ago
· Consultant: Argentina corn harvest remains very slow; quality of un-harvested crop may start to be impacted
SOYBEANS/WHEAT
· NOPA report at 11:00 AM CDT: June crush est. at 144.0 mbu (range 146.4-153.5) vs. 152.3 in May and 142.5 last year
· ATI Research: Even if China’s soybean imports fall short of the USDA forecast, there are enough factors pointing to a very robust U.S. export program from now into early 2017
· U.S. old-crop soymeal export sales for week end July 7: 136,100 MT, up 76% v. prior week & 24% from 4-week avg.
· ATI Research: U.S. SRW wheat export sales of only 48,000 bu. in latest week; year-to-sales of 30 mbu are a 6-year low
· Private production estimates suggest potential for larger Russia wheat crop vs. July USDA WASDE, smaller EU output
ENERGY
· Lower: CLQ16, -0.165, $45.52; EBU, -$0.26; EBU-CLU, $0.88, -$.08; RBQ, +.0033; NGQ, -.019; HOQ, -$.0040
· Cash ethanol markets were mixed on Thursday: Chicago down 3 ¼; New York off 4; Gulf eased 2 1/8; Tampa unchanged; Dallas declined 1; but LA was ½ higher at $1.73 ½ per gallon
· Ethanol RINs weaker: 2014’s down 1 ½ at 95 ¼-97 ½; 2015’s off 1 5/8 to 95 ¼-97 ½; and 2016’s slid 1 5/8 to 95-97 ¼
· The Aug RBOB/Aug ethanol inverse reversed course, losing $.0566 Thursday and settled at -$.15900/gal  
LIVESTOCK/POULTRY ;  
· Choice boxed beef values declined 19-cents on Thursday to $205.00, and are $5.05 lower compared to a week ago
· Dressed steer weight week end July 2: 868 lbs., up 4 pounds v. last week, 864.75 for the 4-week avg. & 875 last year
· USDA mandatory pork carcass cutout value eased 26-cents on Thu. to $89.68 but is still up 97-cents vs. last week
· CME Lean Hog Index slid $0.37 on Thu. to $81.00. July futures firmed $0.125 but are still $0.70 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather