HIGHLIGHTS

• TRENDS—steady to higher: CU, +$.0025; SQ, +$.0275; WU, +$.03; KWU, +$.0275
• What caught my eye: Combined old and new crop unshipped corn sales at 326 mbu are down almost 50% year to year and are at their lowest level in 16 years; likely to cut SON exports by 275 mbu OR MORE versus a year ago 
• 2 influential Fed officials hint at more aggressive Central Bank easing.  Asia: Firm--Nikkei, +2.00%; Shanghai, +0.79%; Hang Seng, +1.07%.  EUROPE: Mostly firm—DAX, +.0.13%; FTSE, +0.05%; CAC, -0.01%.  WALL STREET—Futures suggest a positive opening: DOW, +60; S&P, +3.75; NAS, +21.75. EXTERNALS: Aug crude: +$0.81@ $56.11; Gold:  +$12.10 @ $1,440; $ Index:+.217 @ 97.011

·       T-storm Weather®: Upper-level high pressure leaves temps much warmer than normal across the central U.S. by 4°F to 8°F until a strong cool front drops temps by 10°F to 15°F Sat.-Sun., leaving a wide area cool for several days with highs around 80°F and lows around 60°F.  Thunderstorms affect northern third to half of the central U.S. today as additional waves of energy pass.  Thereafter, widely-scattered scattered thunderstorms dot the southern two-thirds of the central U.S. Sat.-Sun. when the cool front passes

• CU, up $.0025 @ $4.2475; CZ, unch @ $4.2975.  The funds were back at it, selling 15 K on favorable weather 
• SQ, up $.0275 @ $8.84; SU, up $.0275 @ $8.8975.  Funds: Even SB & SBM, sold 1 K SBO.  Board Crush: $0.98, 0; LY, $1.83
• WU, up $.03 @ $4.9650; WZ, dn $.0325 @ $5.0850.  The funds sold 8 K Thursday   

CORN/SORGHUM

·      ​ ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop corn as of July 11 stood at just 326 mbu, which is barely half of last year’s 641 mbu and a 14-year low for this time of year

• T-storm Weather®: Several days of cool and sunny weather are forecast for the central U.S. next week.  Mainly dry weather occurs with only a few showers over July 22-26

·       Consultant: Argentina corn production est. is steady at 49.0 MMT (+53% vs. last year) with a neutral to higher bias

·       December 2019 corn futures on Thu. closed at $4.29 ¾; one year ago, December 2018 corn futures settled at $3.65

SOYBEANS/WHEAT

·       ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop soybeans as of July 11 stood at 444 mbu, which is down 23% from 576 mbu at this time a year ago but only 14% below the 5-year average

• T-storm Weather®: Several days of cool and sunny weather are forecast for the central U.S. next week.  Mainly dry weather occurs with only a few showers over July 22-26

·       Chicago SRW Sept wheat futures on Thu. closed at $4.93 ½--lowest settlement price for the contract since May 23

·       ATI Research: Unshipped export sales of U.S. wheat as of July 11 of 182 mbu up 17% v. 2018 but dn 8% v. 5-year avg.

ENERGY

·       Higher: CLQ19, +$0.81 @ $56.11; EBU, +$1.02 @ $62.94; EBU-QCLQ, +.21;RBQ, +.0269; NGQ, -.004; HOQ, +.0310

·       Chicago ethanol lost 4 ½ cents yesterday, to $1.4550; basis values firmed: NYC, +$.01 @ $.1150; Gulf, +$.0250 @ $.10; Dallas, +$.04 @ $.1150; Tampa, +$.0150 @ $.23; LA, +$.01 @ $.21  

·       Ethanol RINs weakened:  2018’s, -.8750 @ 17 ¼ - 18; 2019’s, -.75 @ 21 - 22                                                ​                        &​nbsp;         

·       The August RBOB/August ethanol spread narrowed $.0135 to $.3872 on Thursday 

LIVESTOCK/POULTRY                       &n​bsp;               

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• Choice boxed beef increased 77-cents on Thursday to $213.34 but is still 43-cents lower versus last week
• 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 was 12-cents higher on Thu. at $75.36 and is up $4.53 versus a week ago

·       CME Lean Hog Index firmed $0.73 on Thu. to $71.52.  August futures gained $0.775 & are $11.255 above the index                                               &n​bsp;           

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