HIGHLIGHTS
· MARKET TREND—Mostly firmer: CN, down $.0050; SN, up $.0250; WN, up $.0250; KWN, up $.0475
· MACRO—Comey, UK election; ongoing MidEast geopolitical tensions; ideas that U.S. equity values may be too high given doubts about the long-term strength of the U.S. economy . ASIA—Mostly higher: Nikkei, -.95%;Shanghai, +-0.35%; Hang Seng, +0.52%. EUROPE—Lower:DAX, -0.56%; FTSE, -0.06%; CAC, -0.34%. Wall Street-Futures are lower: DOW, -25; S&P, -3.00; NAS, -1.75. EXTERNALS: Sep $ Index, -.084 @ 96.455; June Gold, +10.40 @ $1,290; Aug Crude, +$0.02 @ $47.60
· T-storm Weather: The Corn Belt & Delta stay cool through Fri., while the Plains stay seasonable to mild. Some thunderstorms occur to the west of coolness this week, but well-organized rainfall does not occur. Temperatures soar for several days starting Fri.-Sat. as a large system develops to the west. The system passes over Sun.-Wed. to generate some thunderstorms, but the lack of humidity makes it unlikely for well-organized & heavy rain to occur. Scattered 0.25"-0.75" totals are forecast June 11-14
· Corn: CN down $.0050 @ $3.7250; CZ down $.0075 @ $3.9125. The funds began the week buying 1 K
· SB: SN up $.0250 @ $9.2450; SX up $.0375 @ $9.3150. Funds: Bot 2 SB, 3 SBO, sold 2 SBM. Board Crush: $.80, -4; LY; $1.25
· Wheat: WN up $.0250 @ $4.43; WU up $.0275 @ $4.4650. Monday saw the funds sell 1 K
CORN/SORGHUM
· U.S. corn crop is rated 68% Good/Excellent versus 75% last year. Notable improvement was seen in Colorado, Minnesota, Illinois and Wisconsin, while deterioration was seen in North Carolina, Michigan and South Dakota
· ATI Research: Updated yield est. for the 2017 U.S. corn crop est. at 166.1 bpa versus May USDA projection of 170.7
· U.S. corn was 96% planted as of June 4, versus 97% for both last year and the 5-year avg.
· T-storm Weather: Beyond June 14, it is most probable for some thunderstorms to occur within a seasonable to warm period as waves pass. Best rain chances are in the Corn Belt and Delta, although uncertainty is high
SOYBEANS/WHEAT
· U.S. soybean planting progress is estimated at 83% compared to 82% last year and the 5-year average of 79%. Emergence is pegged at 58% vs. 62% last year and the average of 59%
· T-storm Weather: The lack of rain over the last two weeks has caused the coverage of topsoil dryness for U.S. soybean production to increase to 66%--a level unseen since 2012 in June
· USDA Crop Progress: Winter wheat Good/Excellent down a point to 49%; production model fell 11 mbu to 1.233 bbu (HRW, 0.711; SRW, 0.302; & White, 0.220). Dryness lowers spring wheat G/E by 7 points; HRS model -16 mbu to 451
· T-storm Weather: Only 2% of U.S. spring wheat production was wetter than normal over last 30- or 60-day periods
ENERGY
· Firmer: CLQ17, +$0.02 @ $47.602; EBQ, +$0.12 @ $49.59; EBQ-QCLQ, +.12; RBQ,-.0004; NGQ, +.023; HOQ, +.0025
· Cash ethanol markets were mostly higher on Monday: Chicago added 3/8; New York and Tampa up ½; Gulf and Dallas firmed 1; but LA was 2 lower at $1.71 ½ per gallon
· Ethanol RINs continued to weaken on Monday: 2016’s and 2017’s fell 2 ½ to 70-73
· The July RBOB/June ethanol spread went to an inverseMonday, moving $.0429 to -$.01990/gallon, premium ETOH
LIVESTOCK/POULTRY  
· Choice boxed beef values firmed $3.11 on Monday to $248.35 , and are $2.75 higher vs. a week ago
· 5-Area Weekly Weighted Average Steer price up $4.77 v. last week at $136.27/cwt, and is up $6.98 v. last year
· USDA mandatory pork carcass cutout value was 37-cents lower on Monday at $90.39, but is up 86-cents v. last week
· Current nearby board hog crush value is $50.95/cwt vs. last week’s $50.47, last month’s $45.67 & last year’s $48.67
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather