HIGHLIGHTS
· Market Trend: Corn, CN Down 1 ½; Soybeans, SN Up 1 ½; WN, Down 2; KWN, Down 1
· Nothing conclusive coming from the Greece-EU negotiations. This contributed to lower markets in Asia, led by a 3.44% drop in Shanghai. The Hang Send lost .95% and the Nikkei, -.46%. Europe however, is higher at the mid-day with the CAC 40 up .51% and the DAX, .75% higher; the FTSE is reporting a more modest .16% gain. Wall Street appears to have hopes of recovering some of the mid-week losses: DOW futures, +82; S&P500, +9 and the NAS, +20.50. The outside markets are largely firmer: $ Index, +.062 at 95.48; August gold is a dime higher at $1,173.00 and the energy sector is mostly higher with the excection of Aug WTI, -$.25
· T-storm Weather: A complex severe weather / heavy rain setup exists across the heart of the Corn Belt. Waves of energy flow further to the south today, and within Friday-Sunday as a cool front drops southward and causes an independent wave to spin-up before exiting. 1.25" to 2.50" is probable across the southeast two-thirds of the Corn Belt and Delta, particularly including wettest corn, soybeans, and wheat from eastern Iowa through central Ohio where pockets of 3.00" amounts are sensible
· July Corn Down $.0150 at $3.65; Sep Down $.0150 at $3.70. Fund buying was estimated at 4 K on Wednesday
· July SB Up $.0150 at $9.8325; Aug Up $.0225 at $9.6950. The funds: sold 2 K SB; even on SB; sold 4 K SBM and bought 5 K SBM
· July Wheat Down $.02 at $5.16; Sep Down $.0125 at $5.22. The funds ended yesterday’s trade even
CORN/SORGHUM          
· Export Sales to be released at 7:30 AM CDT. Trade expects 20 to 28 mbu old-crop corn, 4-8 new-crop
· ATI Research: Accumulated rainfall since May 1 in Central Illinois was 12.99” as of June 23, which is 65% above the 2014 total of 7.87” and 70% above the average for the period of 7.63”
· T-storm Weather: Pockets of rain accompany coolness in the Corn Belt and Delta next week as waves of energy rotate around a large system in southeast Canada; near-average rainfall of 0.67" to 1.33" is probable
· June 30 USDA reports: Trade pegging updated U.S. corn acreage at 89.1 mil; June 1 corn stocks est at 4.557 bbu
· Ethanol grind: 994,000 barrels per day for week end June 19--up 14 thou vs. last week and 6.0% higher vs. last year
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, 4 to 7 mbu old-crop, 9-18 new-crop; soymeal, 50-150 old-crop, 25-125 new-crop; soyoil, 0-10 old-crop, zero new-crop
· June 30 USDA reports: Trade puts updated U.S. soybearn acreage at 85.3 mil; June 1 soybean stocks est. at 679 mbu
· Export Sales to be released at 7:30 AM CDT. Trade expects 7 to 15 mbu for 15/16 all wheat
· T-storm Weather: Sharp decreases in subsoil wetness are likely aiding HRW wheat harvesting
· June 30 USDA reports: Trade puts updated U.S. all wheat acreage at 55.7 mil; June 1 all wheat stocks est at 712 mbu
ENERGY
· Mostly Firmer: CLQ15, -.25, $60.02; EBQ, -0.05; EBQ-CLQ, +3.43, +$.21, RBQ, +$.0056; NGQ, +$.025; HOQ, +$.0048
· Slight gains were seen in cash ethanol markets on Wednesday: Chicago up 1 ¼; New York gained ½; Gulf added 2 ½; Tampa and Dallas climbed 1; and LA was ¾ higher at $1.65 ¾ per gallon
· Ethanol RINs for 2013, 2014 and 2015 were all quoted in a 46 ½ to 47 ½ range on Wednesday, up $.0112/gallon
· The July RBOB/July Ethanol spread gave up what it gained Tuesday, down $.0191 to $.5125/gallon
LIVESTOCK/POULTRY ; ;
· Choice boxed beef values gained $1.99 on Wednesday to $256.12 and are $5.72 higher compared to a week ago
· Quarterly Hogs and Pigs report Friday: Avg. trade est, all hogs and pigs, 107.8%; breeding, 102.0%, market, 108.6%
· On Wed., USDA mandatory pork carcass cutout increased 33-cents but at $82.23, is still down $2.37 vs. the prior week
· CME Lean Hog Index $0.20 lower at $78.93. July futures $0.375 higher at $74.725 and are $4.205 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather