HIGHLIGHTS

• TRENDS—Mostly Higher:  CU, +$.0075; SU, +$.05; WU, +$.01; KWU, -$.0126 Del’y: SB: 1,103; SBM: 314; SBO: 50
• What caught my eye: Unshipped old crop corn sales to the Far East, generally a good indicator of 1^st quarter exports are at a 30-year low as South American prices remain well below those from the U.S.

·        Gold, Yen & bonds in favor—trade worries linger.  Asia: Mostly lower--Nikkei, +0.44%;Shanghai, -0.71%; Hang Seng, -0.69%.  EUROPE: Weaker—DAX, -0.93%; FTSE, -0.35%; CAC, -0.86%.  WALL STREET—Futures point to a weak opening: DOW, -120; S&P, -15.25; NAS,-100.19.  EXTERNALS: Oct crude: +$0.71 @ $53.17; Gold:  +$5.70 @ $1,515; $ Index: -.090 @ 97.528

·        T-storm Weather®: Near- to below-normal temperatures linger over the next week, followed by a warmer period as upper-level high pressure forms nearer the central U.S.  Near-normal rainfall also affects most areas, primarily from some rain over Sat.-Tue. (August 10-13), but more so in one to two weeks across the Corn Belt as the warmer period aligns the main storm track across key (and driest) growing areas and triggers at least some thunderstorms

• CU, up $.0075 @ $4.1175; CZ, up $.0075 @ $4.19.  Fund buying totaled  4 K as next week’s rain amounts look questionable     
• SU, up $.05 @ $8.7525; SX, up $.0475 @ $8.8775.  Funds: Bot 6 K SB, 3 K SBM, 4 K SBO.  Board Crush: $1.03, -1; LY, $1.53
• WU, up $.01 @ $4.9950; WZ, up $.0075 @ $5.0075.  The Funds added 3 K to their long position Thursday         

CORN/SORGHUM

·        ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop corn as of Aug. 1 stood at 288 mbu, which is down 53% from 612 mbu at this time a year ago and a 14-year low

• T-storm Weather®: Through Sat., several heavy thunderstorm clusters erupt along the southwest edge of corn, turning KS and points east-southeast through southern MO and the northern Delta wet from 1.00” to 3.00”

·        Consultant: Brazil corn production estimate is steady this week at 100.0 MMT, in a range from 99.0 to 101.0

·        December 2019 corn futures on Thu. closed at $4.18 ¼--the highest settlement price for the contract since July 30

SOYBEANS/WHEAT

·        ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop soybeans as of Aug. 1 stood at 387 mbu, which is down 35% from 591 mbu this time a year ago and an 11-year low

• T-storm Weather®: Through Sat., several heavy thunderstorm clusters erupt along the southwest edge of soybeans, turning KS and points east-southeast through southern MO and the northern Delta wet from 1.00” to 3.00”

·        ATI Research: Unshipped export sales of U.S. all wheat as of Aug. 1 were 191 mbu—up 25% from 153 mbu last year

·        T-storm Weather®: Drought intensifies for Australian wheat the next 7-10 days, despite some rain south & cool temps  

ENERGY

·        Firm: CLV19, +$0.71 @ $53.17; EBV, +$0.55 @ $57.93; EBV-QCLV, -.19; RBV, +.0230;NGV, -.023; HOV, +.0224

·        Chicago ethanol gained $.01875  to $1.45374; basis values generally firmer: NYC, +$.00125 @ $.10625; Gulf, +$.01625 @ $.09625; Dallas, +$.00125 @ $.12125; Tampa, +$.00125 @ $.24625; LA, -$.00875 @ $.19625

·        Ethanol RINs were weaker with 2018’s down .25 @ 15 ½ -16 and 2019’s .3750 lower @ 19 ½ -20 ½                         &nbs​p;                        ​;                        ​            

·     &nbs​p;  The September RBOB/September ethanol spread widened $.0054 to $.2067/gallon; trading $.2252 today  

LIVESTOCK/POULTRY               &nb​sp;                        &nb​sp;             

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• Choice boxed beef was 39-cents higher on Thursday at $216.88 and is up $2.64 compared to a week ago 
• In cash cattle trading, a few scattered deals were reported on Thursday at $113 live basis in Nebraska

·        USDA mandatory pork carcass cutout value firmed 49-cents on Thu. to $87.76 and is up 94-cents versus last week 

·        CME Lean Hog Index fell $0.58 on Thu. to $82.85.  August futures eased $0.375 and are $5.50 below the index

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