HIGHLIGHTS
· Market Trend: Corn, CN Up 2 ½; Soybeans, SN up 1 ½; WN, Up 4 ¼; KWN, Up 3 ¾
· U.S stocks closed higher on optimism over a possible resolution to the Greek financial crisis and the euphoria drifted over to Asia. Shanghai settled 2.16% higher; the Nikkei rose 1.87% and the Hang Seng gained nearly a % point. Depite the lack of an agreement, the trend is continuing in Europe where mid-day results find both the DAX and CAC 40 up 1+% with the FTSE posting a ¼% hike. Bottom-line: Greece said to be unable to service existing debt. U.S. pre-market activity looks constructive as well: DOW futures, +21; S&P 500, +3 ¼ and the NAS, +8.20. Energies are mixed; gold is off $2.40 and the $ Index is up ¾ of a point to 95.26
· T-storm Weather: Very warm/hot temps will be prevalent for the SW/C U.S. Strong storms can be expected for the Corn Belt again Wednesday. This will be followed by a much cooler pattern for the next 5-7 days with some areas of rain probable in the Corn Belt. This activity will expand to part of the Central/Souther Plains and the Delta. Near-average temps are expected for the Corn Belt in early July; the Plains should be warmer than normal
· July Corn Up $.0250 at $3.6250; Sep Up $.0250 at $3.6675. The funds bought 7 K to open the week
· July SB Up $.0150 at $9.91; Aug Up $.02 at $9.7625. The funds: bought 8 K SB; 7 K SBM and 6 K SBO
· July Wheat Up $.0450 at $5.0575; Sep Up $.0475 at $5.1075. The funds bought 7 K on Monday
CORN/SORGHUM ;    
·   USDA Crop Progress: Corn ratings fall 2 points to 71%, 3 points below LY; trade was expecting only a 1 point decline
· Sorghum planting gains 14 points to 85%, 4 behind the average pace. Ratings up 1 to 68%, 11 above a year ago
· Export inspections were a robust 43.5 on corn as shipments to Japan surge to 18.4 mbu, also strong showing for Taiwan and South Korea of nearly 8 mbu; milo weak at only 39 K bushels
· ATI increases 14/15 c/o 12 mbu to 1.948 bbu; 15/16 estimate declines nearly 150 to 1.845 bbu
SOYBEANS/WHEAT
· USDA Crop Progress: Soybeans were 90% planted Sunday; 1 point less than the average trade estimate; 5 points behind average and the slowest pace since 1996
· Good/Excellent crop ratings for soybeans fell 2 points to 65% G/E—trade average-- and are below last year’s 72%
· Spring wheat ratings improved a point to 71% G/E; trade was expecting a 1 point drop; winter wheat fell 2 points to 41% G/E which is 11 points higher than a year ago
· Soybean inspections fall 1.8 mbu to 6.5 with 6.1/week needed. ATI 14/15 c/o down 30 to 296 mbu; 15/16 @ 349
· Wheat inspections at 10.7 fell short of the trade’s 11-15 mbu range with 18.3/week now needed
ENERGY
· Mixed: CLQ15, -$0.25, $60.13; EBQ, +0.26; EBQ-CLQ, +3.23, +$.27, RBQ, -$.0143; NGN, +$.009; HON, +$.0068
· Cash ethanol markets open the week higher and led by a 4 ¼ cent gain forboth Chicago and LA; NY was 3 ¼ higher and Dallas picked up 3 cents. Tampa rose 1 ½ cents and the Gulf edged ¾’s higher to $1.5525
· Ethanol RINs for 2013, 2014 and 2015 were all quoted in a 44 ¾ to 45 ½ range, up $.0063/gallon
· The July RBOB/July Ethanol spread lost $.0719/gallon on Monday and has narrowed another 3 ¾ this morning to $.4742/gallon—record high ethanol demand the main driver
LIVESTOCK/POULTRY ; ;
· Choice boxed beef values gained $1.72 on Monday and are $5.71 higher vs. a week ago
· 5-Area Weekly Weighted Average Steer price declined $3.24 last week to $150.24/cwt but is up $1.14 vs. a year ago
· On Monday, USDA mandatory pork carcass cutout gained $1.81, but at $83.45, is still down $0.26 vs. last week
· CME Lean Hog Index dn $0.37 to $79.43. July futures were dn $1.525 at $74.225 and are $5.205 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather