HIGHLIGHTS
· MARKET TREND—Rebounding, sort of: CU: up $.0550; SQ: up $.0775; WU: up $.05; KWU: up $.0325
· MACRO: Key lender-types—Citi, JPMorgan, Wells Fargo, etc. out with earnings today, also CPI and retail sales. ASIA—Higher: Nikkei, +0.09%; Shanghai, +0.13%; Hang Seng,+0.16%. EUROPE: Mostly weaker—DAX, -0.03%; FTSE,-0.21%; CAC, +0.15%. WALL STREET—Futures, weaker—DOW, -10; S&P, -2.25 NAS, -2.25. EXTERNALS: $ Index: -.053 @ 95.455; Aug Gold: +$0.60 @ $1,220; Sep crude: +$.25 @ $46.50/bl. Del’ys: SBM, 49; SBO, 88; RR, 18; C, 205; ETOH, 0; HRW, 8; SB, 123; SRW, 3
· T-storm Weather: Widely scattered thunderstorms focus on southern areas today, but the potential for well-organized rainfall across a large area is low. The next chance for rain begins around Wed. in northern areas and then shifts southward later next week and weekend as waves flow along the edge of an elongated high. 0.75" to 1.50" of rain is most probable across a large area next week (July 19-23). Temps will be warmer than normal in the Plains, and seasonable in the Corn Belt through the weekend
· CU, up $.0550 @ $3.7525; CZ, up $.0550 @ $3.8850. Double that post report heavy fund selling to 40 K
· SQ, up $.0775 @ $9.8325; SX, up $.0825 @ $9.87. Liquidation: Sold 30 SB, 15 SBM, 5 SBO. Board Crush: $.88,+1; LY, $.75
· WU, up $.05 @ $5.1675; WZ up $.0475 @ $5.3975. fund selling escalated to 30 K on Thursday
CORN/SORGHUM
· December 2017 corn futures on Thursday closed at $3.83—the lowest settlement price for the contract since June 29
· ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop corn as of July 6 stood at 424 mbu, which is down 38% from 685 mbu this time a year ago
· T-storm Weather: A notably warmer to hot period affects the southwest half of the central U.S. for at least several days next week, while thunderstorms to the north and east prevent heat from expanding
· Consultant: Brazil corn production estimate is increased 1.0 MMT to 95.0 MMT this week with a neutral to higher bias
SOYBEANS/WHEAT
· November 2017 soybean futures on Wednesday traded to $10.44 ¾—the highest price for the contract since Aug. 11, 2014—but have since declined $0.57 ¼ (5.5%) to close at $9.87 ½ on Thursday
· ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop soybeans as of July 6 stood at 391 mbu, which is down 31% from 564 mbu this time a year ago
· MGE Sep 2017 wheat futures on Thursday closed at $7.49 ½—lowest settlement price for the contract since June 29
· ATI Research: Unshipped export sales of U.S. all wheat as of July 6 stood at 204 mbu, which is down 12% from 232 mbu this time a year ago
ENERGY
· Firmer: CLU17, +$0.25 @ $46.50; EBU, +$0.30 @ $48.72;EBU-QCLU, +.04; RBU, +.0106; NGU, +.009; HOU, +.0102
· Cash ethanol markets were mixed on Thursday: Chicago down 3 1/8; New York fell 1 3/8; Gulf eased 3; Tampa added ½; Dallas declined 1 ½; but LA was steady at $1.76 ½ per gallon
· Ethanol RINs posted gains on Thursday: 2016’s and 2017’s firmed 2to 74 ½-75 ½
· The Aug RBOB/Aug ethanol spread moved to a carry, swinging $.0433 to +$.01410/gallon, premium ETOH
LIVESTOCK/POULTRY ;
· Choice boxed beef values were $2.84 lower on Thursdayat $209.85, and are down $10.20 vs. last week
· Light-to-moderate cash cattle trading occurred on Thu. at $120 in the South & $190 in the North—steady with Wed.
· USDA mandatory pork carcass cutout fell $1.63 on Thursday to $103.28, and is 21-cents lower vs. a week ago
· CME Lean Hog Index gained $0.09 on Thu. to $92.84. July futures firmed $0.175 but are still $0.09 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather