HIGHLIGHTS

• TRENDS—modestly higher:  CU, +$.0075; SU, +$.0075; WU, +$.0075; KWU, +$.0225 
• What caught my eye: Pro Farmer Midwest Crop Tour has 3 Iowa district samples up 1.9% versus LY (USDA down 2.6% for the state); IL yields were 11% lower than LY with the USDA estimating a 14% decline state-wide

·       Weaker opening, trade uncertainty lingers.  ASIA: Mostly firm-Nikkei, +0.05%;Shanghai, +0.11%; Hang Seng, -0.84%.  EUROPE: Lower—DAX, -0.12%; FTSE,-0.49%; CAC, -0.39%.  WALL STREET—Futures are weaker-- DOW, -32; S&P, -5.25;NAS, -23.25.  EXTERNALS: Oct crude: +$0.38 @ $56.06; Gold:  -$9.10 @ $1,507; $ Index: +.024 @ 98.319

·       T-storm Weather®: Significant rainfall affects much of the central U.S. over the next week, especially in southern corn and soybean areas over the next few days, and in central and western areas this weekend and early next week.  Temperatures will fluctuate over the next two weeks as cool and hot air continue to battle, but coolness often wins each battle as upper-level high pressure stays outside key areas, leaving maximums in the 70s-80s most days into next month

• CU, up $.0075 @ $3.6325; CZ, up $.0050 @ $3.7075.  Fund buying at mid-week was estimated at 2 K     
• SU, up $.0075 @ $8.6125; SX, up $.01 @ $8.74.  Funds: Bot 2 SB, 1 K SBM, 3 K SBO.  Board Crush: $1.04, +2; LY, $1.59
• WU, up $.0075 @ $4.6325; WZ, up $.0050 @ $4.6850.  Fund activity yesterday was said to be net zero                 

CORN/SORGHUM<​/p>

·       Export Sales to be released at 7:30 am CDT.  Trade expects 2-16 mbu for 18/19 corn and 8-24 mbu for 19/20

• T-storm Weather®: Scattered thunderstorms develop in central & northern Plains this weekend, & then within the western half to two-thirds of Corn Belt Mon.-Tue., producing generalized totals of 0.50”-1.50”for western half of corn
• Ethanol grind: Total of 1,023,000 barrels/day for week end Aug. 16—dn 22 thou v. prior week & dn 4.7% v. last year

·       December 2019 corn futures on Wednesday traded to $3.66 ¼--the lowest price for the contract since May 13—but closed $0.01 ½ higher at $3.70 ¼

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects (7)-4 mbu for 18/19 soybeans and 13-26 for 19/20; soymeal, 50-150 K MT for 18/19 and 50-200 for 19/20; soyoil, 5-10 K MT for 17/18 and 0-15 for 19/20 

• T-storm Weather®: Scattered thunderstorms develop in central & northern Plains this weekend, & then within the western half to two-thirds of Corn Belt Mon.-Tue., producing generalized 0.50”-1.50” for western half of soybeans

·       Export Sales report.  Trade expects 11-18 mbu for 19/20 all wheat

·       T-storm Weather®: Despite some rain in far south, drought intensifies for wheat in eastern Australia next 7-10 days

ENERGY

·       Firm: CLV19, +$0.38 @ $56.06; EBV, +$0.40 @ $60.70; EBV-QCLV, +.03; RBV,+.0079; NGV, -.009; HOV, +.0055

·       Chicago ethanol jumped 5 ¾ cents to $1.3475 (plant shut-downs?); basis values were weaker: NYC, -$.01 @ $.1175; Gulf, -$.0075 @ $.0675; Dallas, -$.0275 @ $.0975; Tampa, -$.0475 @ $.1925; LA, -$.0325 @ $.2025

·       Ethanol RINs were again firmer with 2018’s up 1.75 at @ 6-9 and 2019’s 0.25 higher @ 12 ½ -15                                   &nb​sp;                       &nbs​p;                        &nbs​p;  

·       The September RBOB/September ethanol spread lost $.0353 yesterday, narrowing to $.3438/gallon

LIVESTOCK/POULTRY                             ​;          

• ​ Choice boxed beef firmed 4-cents on Wednesday to $241.74 and is $9.40 higher versus last week  
• Estimates for Friday’s USDA Cattle on Feed: Aug. 1 on feed, 100.7%; July placements, 100.0%; Marketed in July 106.8%

·       USDA mandatory pork carcass cutout value declined $2.36 on Wed. to $79.73 and is $7.61 lower versus a week ago 

·       CME Lean Hog Index eased $0.59 on Wed. to $77.40.  October futures fell $1.675 and are $14.10 below the index

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