HIGHLIGHTS

• TRENDS—Lower: CU, -$.0350; SQ, -$.0175; WU, -$.0350; KWU, -$.0375
• What caught my eye: One of our favorite analysts said it best . . . “ProFarmer basically put everybody back on notice that there is still a significant acreage uncertainty that has yet to be resolved”
• WSJ says U.S./China trade talks are at an “impasse”.  Asia: Lower--Nikkei, -1.97%; Shanghai, -1.04%; Hang Seng, -0.46%.  EUROPE: Lower—DAX, -.84%; FTSE, -0.48%; CAC, -0.48%.  WALL STREET—There’s a bit of a trend here:DOW, -40; S&P, -2.75; NAS, -16.00.  EXTERNALS: Aug crude: +$0.46@ $57.24;Gold:  -$1.20 @ $1,422; $ Index: -.120 @ 97.103

·       T-storm Weather®: Upper-level high pressure leaves temps much warmer than normal by 4°F to 8°F through Sunday as highs in the 90s coincide with lows in the 70s.  A strong cool front breaks heat Sun.-Mon., dropping temp by ~10°F, followed by 3-5 days of below-normal temps with highs around 80°F and lows around 60°F.  Several heavy thunderstorms affect the northern third to half of the central U.S. through Sunday, but rainfall to the south will be limited to some thunderstorms along the cool front Sun.-Mon.

• CU, dn $.0350 @ $4.3250; CZ, dn $.0375 @ $4.3775.  At the end of the Wednesday, funds were said to be even in trading
• SQ, dn $.0175 @ $8.8075; SU, dn $.0150 @ $8.8675.  Funds: Sold 3 K SB, 2 K SBM, 4 K  SBO.  Board Crush: $0.98, -1; LY, $1.89
• WU, dn $.0350 @ $5.02; WZ, dn $.0375 @ $5.1350.  The funds again sold 2 K yesterday  

CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 10-22 mbu for 18/19 corn and 4-12 mbu for 19/20

• T-storm Weather®: Near-normal temps are forecast over July 26-31 in central U.S. corn production areas with highs in  the 80s & lows in 60s.  Only widely-scattered showers & thunderstorms are probable for the region during that time
• ATI Research: Bias on near-term U.S. sorghum exports continues at ½ to 1 mbu per week with the model suggesting a ½ mbu to 1 ½ mbu range
• Ethanol grind: Total of 1,066,000 barrels/day for week end July 12—up 19 thou v. prior week and up 0.2% v. last year

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 0-15 mbu for 18/19 soybeans and 4-11 for 19/20; soymeal, 50-200 K MT for 18/19 and 0-100 for 19/20; soyoil, 5-45 K MT for 18/19 and 0 for 19/20 

• T-storm Weather®: Near-normal temps are forecast over July 26-31 in central U.S. soybean crop areas with highs in  the 80s & lows in 60s.  Only widely-scattered showers & thunderstorms are probable for the region during that time

·       Export Sales report.  Trade expects 7-15 mbu for 19/20 all wheat

·       T-storm Weather®: Drier than normal weather is forecast over the next 7-10 days for most Australia wheat

ENERGY

·       Higher: CLQ19, +$0.46 @ $57.24; EBU, +$0.63 @ $64.30; EBU-QCLQ, +.18;RBQ, +.0147; NGQ, +.025; HOQ, +.0202

·       Chicago ethanol was $.02 weaker at midweek, slipping to $1.50; basis values were mixed: NYC, +$.01 @ $.1050; Gulf, +$.0075 @ $.075; Dallas, -$.0225 @ $.075; Tampa, +$.0025 @ $.2150; LA, -$.0050 @ $.20  

·       Ethanol RINs were firmer:  2018’s,+.25 @ 18 -19; 2019’s, +.25 @ 22 - 22 ½                                      ​;                                             

&mid​dot;       The August RBOB/August ethanol spread was $.0227 yesterday as it moved out to $.4007 

LIVESTOCK/POULTRY                ​;                       

• Choice boxed beef was 36-cents lower on Wednesday at $212.57 and is down $1.85 compared to a week ago
• July 19 USDA Cattle on Feed report est.: July 1 on feed, 101.8%; June placements, 97.7%; Marketed in June, 96.9%

·       USDA mandatory pork carcass cutout value increased 77-cents on Wed. to $75.24 and is up $4.91 versus last week

·       CME Lean Hog Index gained $0.17 on Wed. to $70.79.  August futures increased $2.95 & are $11.21 above the index                         <​wbr>                       &nb​sp;          

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