HIGHLIGHTS
· Market Trend: Corn, Down 1; Soybeans, Down 6-7; Wheat, 2-2 ½ Higher
· Investors remain cautious into tomorrow’s FOMC meeting and with the IMF lowering its global growth estimate from 2.7% to 2.0%, the bias seems to be the Fed will be moving in the same direction on its outlook. Asia leaned towards the lower side with the Hang Seng off .42%; Shanghai closed down .92% but Japan’s Nikkei managed a .29% gain. Early trading in Europe has values in the green—the FTSE is .06% higher; CAC-40, +.10% and the DAX, up .22%. U.S. futures are slightly positive: S&P, +.50; NAS, +3.50 and the Dow, +11. Energy futures are mostly/all lower; the $ Index is slightly higher at 80.59 and gold has lost some of its glitter, off $8.50
· T-Storm Weather: Above-average warmth dominates into late-week, then diminishes as an upper-level system slides across the Corn Belt; temperatures average near- to warmer-than-usual through 10-14 days. The setup allows waves of energy to trigger areas of thunderstorms in varying areas through the period because humidity levels will be ample. Northern areas are favored for heavy rainfall over the next five days, followed by a southward shift in thunderstorms this upcoming weekend and potentially next week
· July Corn Down $.01 at $4.44; September Down $.01 at $4.3575. The funds opened the week by selling 7 K
· July Soybeans Down $.0675at $14.15; August Down $.0650 at $13.6075. Funds: sold 4 K SB as well as 4 K SBM and 3 K SBO
· July Wheat Up $.0225 at $5.8325; September Up $.0175 at $5.93. The funds liquidated 4 K on Monday
CORN/SORGHUM
· ATI Research: USDA pegs U.S. Good/Excellent corn condition ratings at 76% vs. 75% last week. Result was a 181mbu increase in 2014 crop size to 14.035Bbu with a national average yield of 168.0bpa
· USDA Crop Progress: U.S. corn emergence at 97% as of Sunday vs. 91% in 2013 and 96% for the 5-year average
· Export Inspections; Corn, 43.4mbu (44.1 needed) Milo, 0.5mbu (3.8) with China in for 92 thousand bushels
· ATI Research: Updated corn balance sheet--13/14 carryout dn 70mbu to 1.159Bbu; 14/15 up 107 million to 1.643Bbu
SOYBEANS/WHEAT
· ATI Research: USDA Good/Excellent U.S. soybean ratings down a point to 73%; crop size up million to 3.661Bbu
· USDA Crop Progress: U.S. soybean planting at 92% complete vs. 83% last year and 90% for the 2009-2013 average
· ATI Research: Updated soybean balance sheet--13/14 carryout up 5 mil to 106mbu; 14/15 up 15 million to 352mbu
· Export Inspections: Soybeans, 7.9mbu (3.6 needed)
· ATI Research: USDA Good/Excellent U.S. spring wheat ratings up a point to 72% with HRS crop size unch at 489mbu
· ATI Research: Updated all wheat balance sheet--13/14 carryout at 585mbu; 14/15 at 600mbu
ENERGY
· Futures are mostly weaker: QCLN14, -$.62 at $106.28; QRBN, -$0.0009; QNGN, -$.0001; andQHON, -$.0097
· Cash ethanol markets were steady to lower to begin the week: Chicago down a penny; Gulf off 3 ¼; Dallas and New York slipped 1 ½; Tampa was steady; and LA was 2 weaker at $2.41 ½ per gallon
· RINs were higher: 2012’s gained 1 to 46-47; 2013’s climbed 1 ½ to 47-48; and 2014’s were up 1 to 45 ½-46 ½
· The July RBOB/July ethanol spread gained a ½ cent on Monday, moving up to $.9088 per gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values increased $2.37 yesterday and have gained $3.35 over the last two trading days
· The USDA 5-area weekly average steer price for last week was $149.48, up $3.70 from the week before
· After falling $2.09 on Friday, the USDA mandatory pork carcass cutout value gained $1.92 yesterday
· CME Lean Hog Index gained $0.55 to $115.30. July future down $2.75 to $124.25, but are $8.95 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather