HIGHLIGHTS

• MARKET TREND—Mostly higher: CU, +$.0275; SQ, -$.0450; WU, +$.0825; KWU, +$.0950 
• MACRO:  Markets pause, await outcome of White House trade meeting with EC President Jean-Claude Juncker.  Asia—Mostly higher: Nikkei, +0.46%; Shanghai, -0.04%; Hang Seng, +0.90%.  EUROPE:  Mostly lower:  DAX, -0.21%; FTSE, -0.55%;CAC, +0.08%.  WALL STREET: Futures—slightly higher: DOW, +7; S&P, +0.00; NAS,+8.75  EXTERNALS: Sep crude: +$0.14 @ $68.66; Aug Gold: +$4.80 @ $1,230; Dec $ Index, -.118 @ 93.855

·       T-storm Weather: A cool period continues for the Corn Belt over the next 7 to 10 days, especially Thursday-Saturday.  A few showers accompany the main cool front today andtonight across the northwest half of corn and soybeans.  Organized rain follows late this week and weekend in the central Plains, and significant rain affects the Delta and southern Corn Belt, but only light totals are expected in the central Corn Belt

·       CU, up $.0275 @ $3.5475; CZ, up $.0225 @ $3.6825.  Fund selling was estimated at 4 Kon Tuesday                          

• SQ, dn $.0450 @ $8.5350; SU, dn $.0425 @ $8.5925.  Funds: Bot 8 SB, 2 SBM, 2 SBO.  Board Crush: $1.76, -$.06; LY: $.87
• WU, up $.0825 @ $5.1850; WZ, up $.0850 @ $5.3775.  Managed money sales were said to be around 2 K yesterday                       

  &nb​sp; CORN/SORGHUM

• T-storm Weather: Corn Belt to see cool temps this weekend, but a warmer period develops as next week progresses.  This will trigger some thunderstorms, although neither heavy rain nor long-duration heat are currently expected
• ATI Research: The outlook for U.S. corn exports the next four weeks edged higher, from 55.6 mbu last week to 56.7.  New range is 53.9-59.5 v. 53.6-57.6 last week.  Our est. eased to 55-60 per week as Brazilian line-up begins to build

·       Consultant: Brazil corn crop est. at 81.0 MMT with a neutral bias; AgRural pegssafrinha (double crop) harvest at 36%

·       Ethanol margins: $0.25 per gallon—down vs. $0.30 last week and below $0.32 in 2017.  EIA report at 9:30 am CDT

SOYBEANS/WHEAT

• ATI Research: Our bias for near-term U.S. soybean exports continues at 25-30 mbu per week

·       T-storm Weather: Next week, some thunderstorms expected with time for soybeans as a warmer period shifts the main storm track further north; 0.50”-1.00” probable with highest coverage & amounts in central & northern areas

·       ATI Research: The outlook for U.S. wheat exports the next four weeks is 10-15 mbu per week vs. 21.4 mbu last year

·       T-storm Weather: Despite some rain next 7-10 days, drought persists for Australia winter wheat—esp. in Queensland

ENERGY

·       Higher: CLU18, +$0.14 @ $68.66; EBU, +$0.65 @ $74.08; EBU-QCLU, +$0.50; RBU,+.0229; NGU, +.011; ​HOU, +.0192

·       EIA Report Estimates (API): crude oil, -2.9 (-3.2); Gasoline, -0.9 (-4.9); Distillates, +0.3 (-1.3).  Estimates for ethanol prod. avg. 1.053 mil barrel/day (range 1.047-1.060).  Avg. est. of ethanol stocks: 21.82 mil barrels (range 21.42-22.00)

·       On Tuesday, cash ethanol markets were lower: Chicago was quoted at $1.4225, down $0.0135; Basis to Chicago—New York, +$0.1175; Gulf, +$0.13; Dallas, +$0.0825; Tampa, +$0.2125; and LA, +$0.3075

·       Ethanol RINs were steady to weaker on Tuesday: 2017’s unchanged at 14-15; but 2018’s declined 1 ¼ to 20-20 ½

·       The August RBOB/August ethanol spread widened further, another $.0122 to$.6726/gallon

  LIVESTOCK/POULTRY                           &nbs​p;         

• C​hoice boxed beef values eased 17-cents on Tuesday but are still 26-cents higher vs. a week ago
• ATI Research: Cattle on Feed report—on an avg. per workday basis, June marketings were 9% larger than 5-year avg.
• USDA mandatory pork carcass cutout value fell $1.57 on Tue. to $77.51, and is $5.73 lower compared to last week
• CME Lean Hog Index declined $0.73 Tue. to $76.17.  August futures were down $0.875, & are $10.62 below the index

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