HIGHLIGHTS
· Market Trend: Corn, CN down 7 ¾; Soybeans, SN down 17 ¼; WN, down 14 ¼; KWN, Down 12 ¾
· 3 words: Greece Votes No! Asia’s reaction, with the exception of Shanghai was definitely negative as the Nikkei lost 2.08% and the Hang Seng dropped 2.42%. The former managed a 2.4% gain as the broker sector supported the market through stock purchases and regulators announced plans for more credit to finance trading. EU markets started off sharply lower in response to the “No” vote but have since recovered somewhat: FTSE, -.49%; DAX -1.2%; CAC 40, -1.4%. U.S. futures have trimmed initial losses: DOW, -124; NAS, -34.80; S&P, -12 ¾. Aug WTI is $2.68 in the red; gold is up $.40 at $1,273.90 & $ Index is up 1/3rd to 96.66
· T-storm Weather: A majority of corn, soybeans, and wheat receive 1.00" to 2.00" of rain through Friday with highest coverage and amounts: 1) in / near Minnesota and South Dakota from strong thunderstorms through 24 hours, 2) from the southern Plains into the southern Corn Belt as the wave of energy rides the remnant of the front. Most spring wheat from North Dakota west receives minimal rainfall. Temperatures average cooler than normal in most areas intoThursday-Friday followed by 3-5 days of heat
· July Corn Down $.0775 at $4.12; Sep Down $.0850 at $4.20. Funds bought 10 ThursdayK. Dely: 984
· July SB Down $.1725 at $10.28; Aug Down $.0775 at $10.2050. Funds: bot 2 K SB; even on SBM; bought 3 K SBO. Dely: SBO, 833
· Wheat Down $.0825 at $5.98 Sep Down $.11 at $6.13. Funds bought 4 K. Dely: 42 HRW, 295 SRW
CORN/SORGHUM          
· USDA Crop Progress: Good/Excellent crop condition ratings for corn could be down 1-2 points vs. last week’s 68%. Ratings for the same week last year were 75%
· T-storm Weather—U.S.: A few thunderstorms accompany warmer-than-normal temperatures the begin Friday-Saturday but mainly along the edge of heat from the northern Plains through the northern Corn Belt
· T-storm Weather—World: Heat breaks in France in 5 days, but continues in Spain; SE Europe turns warmer next week
· December 2015 corn futures closed at $4.37 ¼ Thu.—the highest settlement price for the contract since Dec. 26
· Export Inspections released at 10 AM CDT; Corn, 45.6 needed; 41.0 last week. Milo—6.0 needed; 4.1 last week
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent crop condition ratings for soybeans could be down 1-2 points vs. last week’s 63%. Ratings for the same week last year were 72%
· Export Inspections released at 10 AM CDT; Soybeans, 5.6 needed; 10.9 last week
· T-storm Weather—World: Cool across China, especially in key areas of the north where occasional showers continue
· USDA Crop Progress: U.S. winter wheat harvest est. at 47-52% vs. approx. 55% last year and 59% for the 5-year avg.
· Export Inspections released at 10 AM CST; Wheat, 18.4 needed; 11.6 last week
ENERGY
· Sharply lower: CLQ15, -2.70, $54.22; EBQ, -1.74; EBQ-CLQ, +4.37, +$.97, RBQ, +$.0679;NGQ, -$.076; HOQ, -$.838
· A mostly stronger trend was evident in cash ethanol markets on Thursday (no report on Friday):Chicago up 3 1/8; New York gained 2 ½; Gulf climbed 3; Tampa added 1 ½; Dallas increased 2; but LA was 4 ½ lower at $1.75 per gallon
· Ethanol RINs for 2013, 2014 and 2015 were all steady at 44-45 on Thursday (no report on Friday)
· The Aug RBOB/Aug Ethanol spread gained $.0085/gal Thursday to $.4036; trade this am is 6 ¼ narrower at $.3442
LIVESTOCK/POULTRY  
· Choice boxed beef values were $2.17 lower on Thursday and are down $5.04 vs. the prior week
· August live cattle futures closed at $151.225 on Thursday, up $2.65 from the previous week
· On Thursday, USDA mandatory pork carcass cutout was up 39-cents but at $80.61, is $1.29 lower vs. a week ago
· CME Lean Hog Index down $0.11 at $77.04. July futures $1.675 higher at $78.775, and are $1.735 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather