HIGHLIGHTS
· Market Trend: Corn, CN Up 4 ¼; Soybeans, SN up 11; WN, Up 9; KWN, Up 9
· Asia finished mostly higher thanks to Tuesday’s Wall Street gains: Shanghai. +1.66%; the HIS, +.70% while the Nikkei slipped .19%. Europe is treading water ahead of meeting results from the ECB and the U.S. Fed: the CAC 40 is .72% lower; DAX, -.22% and the FTSE, off .42%. U.S indices are higher in the pre-market: DOW, +39; NAS, +4 and S&P, +3.50. Outside markets have the $ Index off .192 at 95.07; gold is $1.30 lower at $1,179.20 and energy futures are decidedly positive with July WTI up $11.5
· T-storm Weather: Waves of energy and the remnant of Tropical Storm Bill produce widespread rainfall of 0.75" to 1.50" across / adjacent the northwest half of the Corn Belt through Sunday, and higher amounts of 2.00" to 4.00"+ across the southeast third to half (including some wheat in Oklahoma-Texas-southeast Kansas). As Bill exits this weekend, upper-level high pressure assembles in the desert Southwest and expands through the central U.S. next week. The position of the high cannot be assessed at this time, but it is likely for thunderstorms to form along its northern edge, while heat caps the atmosphere from forming rain near its core
· July Corn Up $.0425 at $3.5825; Sep Up $.0425 at $3.64. The funds turned buyers on Tuesday, acquiring 7 K
· July SB Up $.11 at $9.6850; Aug Up $.12 at $9.5375. The funds: bought 8 K SB; 5 K SBM and 2 K SBO
· July Wheat Up $.0950 at $4.9825; Sep Up $.0925 at $5.0375. The funds were even on Tuesday
CORN/SORGHUM   ;  
· ATI Research: Near-term U.S. corn exports pegged at 35-36 mbu/week (7 million less than 2014) with sorghum at 3-4
· T-storm Weather: Temperatures in the 90s with lows in the 70s are a decent probability at least a few days next week across the southern half of central U.S., especially in the central and southern Plains where heat begins this weekend
· Private crop consultant: Brazil corn crop estimate increased 2.5 MMT to 81.5 (USDA at 81.0)
· Ethanol margins: $0.35 per gallon--down vs. $0.40 last week and below $0.88 last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· ATI Research: U.S. soybean exports over the next month pegged at 8.5 mbu per week—or 2-3 million above last year
· ATI Research: U.S. soybean emergence for week end June 21 approx. 89% last year; 5-year avg. is approx. 87%
· Private crop consultant: Brazil soybean crop estimate increased 1.0 MMT to 95.5 (USDA at 94.5)
· ATI Research: U.S. HRS wheat crop model up 2 mbu to 526 mbu
· T-storm Weather: Limited rainfall is forecast for western areas of the central/southern Plains through Sunday
ENERGY
· Firmer: CLN15, +$1.15 at $61.192; EBQ, +1.46; EBQ-CLQ, +3.600, +$.342, RBN, +$.0518;NGN, +$.017; HON, +$.0437
· EIA estimates: crude, -1.3 (API: -2.9); Gasoline, -0.2 (-2.9); Distillates, +1.2 (+1.6)
· Cash ethanol markets were steady to slightly higher on Tuesday: Chicago, Tampa and Gulf Coast up 1 ½; New York gained 1; Dallas steady; and LA was unchanged at $1.61 per gallon
· RINs posted small gains 2013, 2014 and 2015 all up 7/8. Each year was quoted at 45 ¼-46 ½
· The July RBOB/July Ethanol spread gained $.0044 to $.6455/gallon on Tuesday
LIVESTOCK/POULTRY   ;
·   Choice boxed beef values gained $2.14 on Tuesday to $249.47 and are up $2.27 vs. last week
· Trade estimates for June 19 Cattle On Feed: On feed, 100.9% of 2014; Placed in May, 91.4%; Marketed in May, 91.6%
· On Tuesday, USDA mandatory pork carcass cutout increased $1.20 but at $84.91, is $1.10 lower vs. a week ago
· CME Lean Hog Index down $0.38 at $81.02. July futures $0.05 lower at $77.15 and are $3.87 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather