HIGHLIGHTS

• TRENDS—Mixed CN, -$.01; SN, +$.0375; WN, -$.0275; KWN, -$.03,  USDAAcreage, Grain Stocks reports 11:00 am CDT     
• What caught my eye:  Let’s see what surprises the acreage and grains stocks reports brings later on this morning.  The numbers should be interesting.  What will corn stocks show with respect to 3^rd quarter feed/residual use?
• Markets are higher ahead of Trump-Xi meeting at G-20.  Asia: Lower--Nikkei, +0.29%; Shanghai, -0.60%; Hang Seng, -0.28%.  EUROPE: Higher—DAX, +0.43%; FTSE, +0.21%; CAC, +0.12%.  WALL STREET—Futures are higher--DOW, +84 S&P, +7.25; NAS, +9.25.  EXTERNALS: Aug crude: -$.02 @ $59.41;Gold:  +$4.30 @ $1,416; $ Index: +.017 @ 96.231
• T-storm Weather: Upper-level high pressure in the Plains leaves the central U.S. warmer than normal over the next week with highs in the mid-80s to mid-90s and / or lows in the mid-60s to low-70s.  Heavy thunderstorm clusters focus on the northern half of the central U.S. over the next week, while coverage and amounts diminish with southward extent; driest overall from KS south, wettest within the northern half of the Corn Belt and Plains where 1.00”-3.00” falls, and mixed rainfall of 0.25”-1.25” elsewhere
• CN, dn $.01 @ $4.39; CU, dn $.01 @ $4.4475.  The funds sold 5 K in Thursday’s trading                     
• SN, up $.0375 @ $8.9150; SQ, up $.0325 @ $8.97.  Funds: sold 6 K SB, 2K SBM; even SBO.  Board Crush: $1.05, +4; LY, $1.87
• WN, dn $.0275 @ $5.4475; WU, dn $.0425 @ $5.4250.  Fund activity was called even yesterday                

 

CORN/SORGHUM

·&​nbsp;     USDA reports 11:00 am CDT: Trade est. U.S. corn acres, 87.0 mil (92.8 in March); June 1 corn stocks est. 5.335 bbu

• T-storm Weather: A cool front passes July 3-5 to drop temperatures by 5°F to 10°F in U.S. northern areas, but not south.  Scattered thunderstorms affect a wider area late next week & weekend as remnant of the cool front passes
• ATI Research: World competition for U.S. exports remains historically strong; e.g. U.S. 18/19 corn export sales over the past 4 weeks averaged 4.9 mbu; over the same period last year, U.S. 17/18 corn export sales averaged 27.2 mbu

·      December 2019 corn futures on Thursday closed at $4.51; one year ago, December 2018 corn futures settled at $3.66

SOYBEANS/WHEAT

·      USDA reports: Trade est. U.S. soybean acres at 84.7 mil (84.6 in March); June 1 bean stocks est. 1.865 bbu

• T-storm Weather: A cool front passes July 3-5 to drop temperatures by 5°F to 10°F in U.S. northern areas, but not south.  Scattered thunderstorms affect a wider area late next week & weekend as remnant of the cool front passes
• USDA reports: Trade est. U.S. wheat acres at 45.6 mil (45.8 in March); June 1 wheat stocks est. 1.089 bbu
• ATI Research: Unshipped all wheat export sales as of June 20 were 210 mbu—up 28% v. last year & 5% v. 5-year avg.

·      T-storm Weather: Rainfall totals of 1.00” to 3.00” are forecast across most U.S. spring wheat through July 3

ENERGY

·      Mixed: CLQ19, -$.02 @ $59.41; EBQ, -$0.02 @ $66.53; EBQ-QCLQ, +.01; RBQ, +.0014; NGQ, +.001; HOQ, +.0006

·      Chicago ethanol rose $.00125 yesterday to  to $1.5750; basis values were weaker: New York, -$.01125 @ $.1150; Gulf, -$.00625 @ $.1100; Dallas, -$.01625 @ $.0850; Tampa, -$.02125 @ $.2050; LA, -$.00125 @ $.2250  

·      Ethanol RINs were firmer:  2018’s, +1.3750 @ 23 -25; 2019’s, +1.375 @ 27 -2 ½                               ​                         ​                      <​/p>

·      The July RBOB/July ethanol spread gave up $.0178, narrowing to $.3856/gal 

LIVESTOCK/POULTRY             ​                    ​       

• Choice boxed beef was 67-cents lower on Thursday at $219.03 and is down $1.69 compared to a week ago   
• Hogs and Pigs: All hogs & pigs, 103.6% (103.0% avg. est); breeding, 101.4% (102.0%); market, 103.9% (103.1%)

·      USDA mandatory pork carcass cutout value firmed 20-cents on Thu. to $72.89 but is still $3.31 lower v. last week

·      CME Lean Hog Index eased $0.65 on Thu. to $77.26.  July futures gained $0.275 but are still $3.435 below the index              

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