HIGHLIGHTS
· Market Trend: Corn, CN Down 1 ¾; Soybeans, SN up 4 ¾; WN, Up 3; KWN, Up 2 ¾
· Chinese financial markets are closed today for a national holiday. The Nikkei closed up 1.1% and the Hang Seng, 1.2%. Europe is h higher after Greece offers a new set of possible solutions to its financial crises. Both the DAX and CAC 40 are up over 32.5% at mid-way and the FTSE has so far posted a 1.25% gain. U.S. futures have a definite positive bias in the pre-markets: DOW futures are 139 points to the plus side; the S&P is 17 higher and the NAS is nearly 35 higher.
· T-storm Weather: A heat wave started across the southwest half to two-thirds of the central U.S. this weekend. Strong thunderstorm clusters form along the edge of the high as a ring of fire setup occurs, resulting in widespread coverage of near- and above-average totals from the northern Plains through the Corn Belt. The setup breaks around Friday as a large system in southeast Canada sends cooler air southward, resulting in a several-day period of coolness leading into July, which briefly produces a round or two of seasonably-scattered thunderstorms in the central / southern Plains and Delta within June 26-30
· July Corn Dn $.0175 at $3.5150; Sep Down $.02 at $3.5675. The funds sold 6 K Friday
· July SB Up $.0475 at $9.7625; Aug Up $.02 at $9.5725. The funds: sold 1 K SB; 3 K SBM while buying 4 K SBO
· July Wheat Up $.03 at $4.9150; Sep Up $.0375 at $4.9625. The funds bought 1 K 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 73%. Ratings for the same week last year were 74%
· Export Inspections released at 10 AM CDT; Corn, 45.1 needed; 43.3 last week. Milo—5.2 needed; 0.4 last week
· December 2015 corn futures closed at $3.68 ¾ ½ Friday; one year ago, December 2014 corn futures settled at $4.47 ½
· USDA Crop Progress: U.S. sorghum planting progress est. at 80% vs. approx. 86% last year & 89% for the 5-year avg.
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 5,505 contracts
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent crop ratings for soybeans could be down 1-2 points vs. last week’s 67% and below last year’s 72%
· Export Inspections released at 10 AM CDT; Soybeans, 6.2 needed; 8.3 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 13,034 contracts
· USDA Crop Progress: U.S. winter wheat harvest est. at 20-25% vs. approx. 31% last year and 31% for the 5-year avg.
· Export Inspections released at 10 AM CST; Wheat, 18.1 needed; 13.9 last week
ENERGY
· Mixed: CLN15, +$0.47, $60.08; EBQ, +0.57; EBQ-CLQ, +3.09, +$.04, RBN, -$.0046; NGN, -$.083; HON, +$.0102
· A mixed tone was seen in cash ethanol markets on Friday: Chicago up 7/8; New York gained 2; Gulf added 1 ½; Tampa was steady; Dallas climbed ½; and LA was 1 lower at $1.58 ½ per gallon
· RINs were lower for 2013, 2014 and 2015 with declines of 2 ¼ noted. All were quoted at 44-45
· The July RBOB/July Ethanol spread narrowed $.0635/per gallon on Friday to $.5836
LIVESTOCK/POULTRY ; ;
· Choice boxed beef values were 49-cents higher on Friday at $251.32 and are up $5.60 vs. a week ago
· Cattle On Feed: On feed, 100.6% (100.9% avg. guess); Placed in May, 89.8% (91.4%); Marketed in May, 91.7% (91.6%)
· On Friday, USDA mandatory pork carcass cutout declined $1.47 and at $81.64, is $2.33 compared to last week
· CME Lean Hog Index down $0.31 to $79.80. July futures were down $2.275 at $75.75 and are $4.05 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather