HIGHLIGHTS

• TRENDS—Higher:  CU, +$.0250; SU, +$.05; WU, +$.0475; KWU, +$.02. Del’y: SB: 1,103; SBM: 402; SBO: 0
• What caught my eye: Terrific growth in soybean shipments ex-S Am and the U.S. to non PRC destinations through June, up 20+% year to year.  Inventory building?  Could this weigh on first quarter U.S. export demand?  Unshipped sales ARE down 30%

·       Growth worries ease; solid PRC trade data.  Asia: Firm--Nikkei, +0.37%;Shanghai, +0.93%; Hang Seng, +0.48%.  EUROPE: Higher—DAX, +0.97%; FTSE,+0.30%; CAC, +1.38%.  WALL STREET—Futures are higher: DOW, +81; S&P, +11.75; NAS, +49.00.  EXTERNALS: Oct crude: +$1.09 @ $52.12; Gold:  -$11.40 @$1,508; $ Index: +.004 @ 97.548

·       T-storm Weather®: Near-normal rainfall and temperatures are probable in most corn, soybean, and spring wheat areas over the next two weeks as the central U.S. is divided by heat to the southwest and coolness to the northeast.  Thunderstorms form between each air mass each day, especially in southern and western corn and soybean areas over the next week, followed by higher coverage in 10 to 14 days as a warmer period focuses thunderstorms further north

• CU, up $.0250 @ $4.09; CZ, up $.02 @ $4.16.  The funds bought 3 K as the moisture outlook eased towards session end     
• SU, up $.05 @ $8.59; SX, up $.0425 @ $8.71.  Funds: Bot 2 K SB, 3 K SBO, sold 2 K SBM.  Board Crush: $1.04, -2 LY, $1.64
• WU, up $.0475 @ $4.93; WZ, up $.0325 @ $4.9450.  The Funds were even in mid-week trading        

CORN/SORGHUM

·       Aug. 12 USDA WASDE: Avg. trade guess for 2019 U.S. corn crop: 13.193 bbu (range: 12.723-13.550) and 13.875 in July

• Aug. 12 USDA WASDE: Avg. trade guess for U.S. corn carryout--18/19, 2.392 bbu (2.340 in July); 19/20, 1.620 (2.010)

·       Export Sales to be released at 7:30 am CDT.  Trade expects 4-12 mbu for 18/19 corn and 8-24 mbu for 19/20

• T-storm Weather®: Most likely scenario is for several heavy thunderstorm clusters to affect the southwestern Corn Belt and northern Delta through Sat., producing 1.00”-3.00” from eastern KS through MO and into the northern Delta
• Ethanol grind: Total of 1,040,000 barrels/day for week end Aug. 2—up 9 thou v. prior week but down 5.5% v. last year

SOYBEANS/WHEAT

·       Aug. 12 USDA WASDE: Avg. trade guess for 2019 U.S. soybean crop: 3.800 bbu (range: 3.633-3.974) and 3.845 in July

·       Aug. 12 WASDE: Avg. trade guess for U.S. soybean carryout--18/19, 1.065 bbu (1.050 in July); 19/20, 0.821 (0.795)

·       Export Sales report.  Trade expects 0-11 mbu for 18/19 soybeans and 4-15 for 19/20; soymeal, 50-200 K MT for 18/19 and 25-125 for 19/20; soyoil, 5-20 K MT for 18/19 and 0-10 for 19/20 

·       Aug. 12 USDA WASDE: Avg. trade guess for U.S. all wheat carryout--19/20, 0.999 bbu (range: 0.918-1.072)

·       Export Sales report.  Trade expects 9-18 mbu for 19/20 all wheat  

ENERGY

·       Firm: CLV19, +$1.09 @ $52.12; EBV, +$0.90 @ $57.13; EBV-QCLV, -.20; RBV,+.0227; NGV, +.024; HOV, +.0168

·       Chicago ethanol eased $.0020 to $1.4350 Wednesday; basis values weaker: NYC, -$.0030 @ $.1050; Gulf, -$.0130 @ $.08; Dallas, -$.0180 @ $.12; Tampa, -$.0130 @ $.2450; LA, -$.01305@ $.2050

·       Ethanol RINs were mixed with 2018’s @ 15 ½ -16 ½, -.25 and 2019’s @ 20 -20 ¾, up .1250                         &nbs​p;                        &nbs​p;                        ​;          

·       The​ September RBOB/September ethanol spread lost $.0580 as it tightened to $.2013/gallon; trading $.2252 today  

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

• Choice boxed beef firmed 71-cents on Wednesday to $216.49 and is $2.95 higher versus last week 
• Limited cash cattle trade developed on Wednesday in the North with light trade in Nebraska at $183 per cwt dressed

·       USDA mandatory pork carcass cutout value unchanged on Wed. at $87.27 but is still $1.12 higher versus a week ago

·       CME Lean Hog Index eased $0.76 on Wed. to $83.43.  August futures firmed $0.600 but are $5.705 below the index

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