HIGHLIGHTS
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MARKET TREND—Higher: CU, +$.0325; SQ, +$.05; WU, +$.0375; KWU, +$.0250. USDA supply/demand report at 11:00 am CDT
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MACRO: Turn-around Thursday? Markets bounce back, partially. Asia—Higher: Nikkei, +1.17%; Shanghai, +2.18%; Hang Seng, +0.60%. EUROPE: Up: DAX, +0.32%;FTSE, +0.61%; CAC, +0.36%. WALL STREET: U.S. futures are higher: DOW, +142;S&P, +11.75; NAS, +28.75. EXTERNALS: Sep crude: +$0.64 @ $69.50; Aug Gold: -$0.40 @ $1,244; Dec $ Index, +.069 @ 94.125. Dely: BO, 782; RR,75; C, 249; HRW, 43; O,0; SB, 313, SRW, 0
· T-storm Weather: Temperatures average approximately normal across the central U.S. over the next two weeks as heat through Sunday-Monday is partially offset by three to five days of moderate coolness, then at least a brief warm-up next weekend, but potentially another period of coolness a few days later. Near-normal rainfall is also most probable, especially from thunderstorms in / near the Corn Belt within today-Tuesday(July 12-17) as cool and hot air begin to battle for position
· CU, up $.03 @ $3.43; CZ, up $.03 @ $3.56. Benign (?) weather & trade worries, funds sold 20 K
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SQ, up $.05 @ $8.38; SU, up $.05 @ $8.43. Funds: Sold 15 SB, 4 SBM; 5 SBO. Board Crush: $2.07, +$.13; LY: $.87
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WU, up $.0375 @ $4.7550; WZ, up $.0350 @ $4.94. The funds sold 15 K at mid-week
CORN/SORGHUM
· USDA WASDE report 11:00 am CDT: Avg. trade guess 17/18 U.S. corn carryout, 2.115 bbu; avg. guess 18/19, 1.725 bbu
· USDA WASDE report: Avg. guess for 17/18 Brazil corn, 83.2 MMT (range 79.2-85.5); Argentina, 32.7 (32.0-33.0)
· Export Sales to be released at 7:30 am CDT. Trade expects 16-31 mbu for 17/18 corn
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T-storm Weather: Widespread coverage of near-normal rain is expected over the next 2 weeks across U.S. Corn Belt as each temperature fluctuation triggers thunderstorms, resulting in widespread totals of 1.50”-3.00” over the period
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Ethanol grind: Total of 1,033,000 barrels/day for week end July 6—dn 34 thou v. prior week but up 2.6% v. last year
SOYBEANS/WHEAT
· USDA WASDE report: CDT: Avg. trade guess 17/18 U.S. soybean carryout, 0.512 bbu; avg. guess 18/19, 0.498 bbu
· USDA WASDE report: Avg. guess 17/18 Brazil soybeans, 118.9 MMT (range 117.0-120.0); Argentina, 36.7 (35.5-37.5)
· Export Sales report. Trade expects 7-18 mbu for 17/18 soybeans; soymeal, 50-250 K MT; soyoil, 10-30 K MT
· USDA WASDE report: Avg. trade guess 18/19 U.S. all wheat carryout, 0.985 bbu (range 0.924-1.084)
· USDA Crop Production report: Avg. guess 2018 U.S. Other Spring wheat prod. is 0.600 bbu (range 0.568-0.646)
· Export Sales report. Trade expects 7-18 mbu for 18/19 all wheat
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T-storm Weather: Slightly unfavorable weather for Australia wheat over the next 7-10 days; mainly dry & slightly cool
ENERGY
· Higher: CLU18, +$.64 @ $69.50; EBU, +$1.24@ $74.64; EBU-QCLU, +$0.59; RBU,+.0141; NGU, -.016; HOU, +.0189
· On Wednesday, cash ethanol markets were mostly lower: Chicago was quoted at $1.395, down $0.02; Basis to Chicago—New York, +$0.185; Gulf, +$0.1075; Dallas, +$0.12; Tampa, +$0.24; and LA, +$0.385
· Ethanol RINs were weaker on Wednesday: 2017’s eased ¾ to 16 ¼-16 ¾; and 2018’s declined 1 to 24 ½-25
· The August RBOB/August ethanol spread lost $.0719 yesterday, narrowing into +$.6634/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef values increased 12-cents on Wednesday to $207.44 but are still 99-cents lower vs. last week
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A week-to-week decline in choice boxed beef has been seen for 25 consecutive trading days
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USDA mandatory pork carcass cutout firmed 12-cents on Wed. to $82.73 but is still down $2.21 vs. a week ago
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CME Lean Hog Index fell $0.15 on Wed. to $81.52. July futures gained $0.27 but are still $1.745 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather