HIGHLIGHTS
· Market Trend: Corn, CN Down 2-3; Soybeans, SN down 8-9; WN, Down 6-7; KWN, Down 8-9
· Weekend talks with Greece collapse and combine with Fed uncertainty to pressure global markets. Shanghai closes down 2%; the Hang Seng loses 1.53% while the Nikkei slips .09%. Mid-day trade in Europe finds the DAX off nearly 1.5%; the CAC 40 is 1.10% weaker and the FTSE, down .75%. Pre-market indicators are all in the red: DOW futures, off 56; NAS, 14.80 lower and the S&P, down 5.75. Outside markets: $ Index up 1/3rdof a point to 95.535; gold is $6.10 weaker and July WTI, off $.70
· T-storm Weather: Weak waves of energy likely combine with the remnant of a tropical system to produce widespread coverage of above-average rainfall across the central U.S. through 7-10 days. Areas of rain occur within parts of the central U.S. each day with the lowest number of dry days across / adjacent the southeast half of the Corn Belt; e.g. widespread rainfall of 2.00”-4.00” is most likely across the southeast half of the Corn Belt and adjacent areas of the central/southern Plains and Delta, while lesser amounts of 1.00”-2.00” occur elsewhere. A drier pattern follows in southern areas by late-month; scattered rain continues elsewhere
· July Corn Down $.0275 at $3.5025; Sep Down $.03 at $3.5575. The funds sold 3 K on Friday
· July SB Down $.0875 at $9.3125; Aug Down $.08 at $9.1350. The funds bought 1 K SB; 2 K SBM and sold 1 K SBO
· July Wheat Down $.0675 at $4.97; Sep Down $.0725 at $5.0325. The funds bought 2 K on Friday to close out the week
CORN/SORGHUM ;      
·   USDA Crop Progress: Good/Excellent crop condition ratings for corn could be down 1 point vs. last week’s 74%. Ratings for the same week last year were 76%
· Export Inspections released at 10 AM CDT; Corn, 45.0 needed; 29.2 last week. Milo—4.8 needed; 2.1 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 8,649 contracts
· T-storm Weather: Temperatures will generally range from slightly cool in the north to slightly warm in the south; any shifts in cool or mild air are probable to trigger rain, thus limiting potential for sustained heat leading into late-month
SOYBEANS/WHEAT
· USDA Crop Progress: U.S. soybean planting est. at 85% vs. approx. 91% last year & 90% for the 5-year avg. Good/Excellent crop ratings for soybeans could be down 1 point vs. last week’s 69% and below last year’s 73%
· Export Inspections released at 10 AM CDT; Soybeans, 6.4 needed; 8.0 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 5,831 contracts
· USDA Crop Progress: U.S. winter wheat harvest est. at 7-10% vs. approx. 15% last year and 20% for the 5-year avg.
· Export Inspections released at 10 AM CST; Wheat, 18.0 needed; 11.1 last week
ENERGY
· Lower: CLN15, -$0.70 at $59.26; EBN, -$1.05; EBN-CLN, +3.56, -$.35, RBN, -$.0171; NGN, +$.068; HON, -$.0242
· Cash ethanol markets ended Friday on a weaker note: Chicago down 2; New York slipped 3; Gulf eased 2 ¼; Tampa and Dallas declined 2; and LA was 1 ½ lower at $1.62 ½ per gallon
· RINs were higher with 2013, 2014 and 2015 each up 5/8, respectively. All were quoted at 44-45 ½
· The July RBOB/July Ethanol spread slipped 4/10’s of a cent to $.6431/gallon on Friday
LIVESTOCK/POULTRY   </wbr>
· Choice boxed beef values were $1.47 lower on Friday at $245.72, but are up $1.07 vs. last week
· Cash cattle trading on Friday afternoon was weaker with trades in the South of $152-153—down $2-3 vs. a week ago
· On Friday, USDA mandatory pork carcass cutout declined $1.93 & at $83.97, is 76-cents lower vs. a week ago
· CME Lean Hog Index down $0.24 at $81.67. July futures $1.125 lower at $78.05 and are $3.62 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather