HIGHLIGHTS
· Market Trend: Corn, Mixed; Soybeans, Mixed; Wheat, Mixed
· Private payroll processor ADP yesterday said new U.S. hires were the lowest in 4 months—a disappointment—and is cited for this morning’s mixed performance overseas. Shanghai’s up .8%; the Hang Seng is .2% weaker and the Nikkei, up a modest .1%. Europe is similar: FTSE, off .3%; DAX, down .06% and the CAC-40, +.09%. Dow and S&P futures show little change from yesterday. Energy futures are mixed; July gold is 50 cents lower at $1,243.50 and the $ Index is down .084 at 80.735
· T-Storm Weather: A warm pattern causes energy to parade through the central U.S. over the next 10-14 days, triggering thunderstorm clusters. Widespread coverage of above-average rainfall occurs, generally aiding newly-planted crops, but limiting remaining planting, and increasing the potential for excessive wetness if a drier pattern does not follow. Winter wheat receives a mix of generally unneeded rainfall as harvest season approaches (especially since northern areas, where wheat harvest is far off, are already moist and do not need rain
· July Corn Up $.0075 at $4.57; September Down $.0075 at $4.5150. The funds were even yesterday
· July Soybeans Down $.0375 at $14.79; August Down $.0075 at $14.16. The funds bought 2 K SB; sold 2 K SBM; bought 4 K SBO
· July Wheat Up $.0050 at $6.15; September Up $.0050 at $6.2550. The funds bought 1 K at mid-week
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 16 to 27mbu old-crop corn, 6-10 new-crop
· ATI Research: U.S. 13/14 corn exports forecast at 1.800Bbu vs. USDA at 1.900
· T-storm Weather: High confidence that above-average rainfall will affect most U.S. corn through June 18
· Ethanol grind: 938 thou barrels per day for week end May 30—up 11 thou vs. last week and up 6.0% vs. last year
· Private consultant notes weather continues favorable for safrinha corn in Brazil; crop est could move slightly higher
SOYBEANS/WHEAT
· Export Sales: Trade expects -4 to +4mbu old-crop soybeans, 18-28 new-crop ; soymeal, 50-150 K MT old, 175-225 new; soyoil, 0-25 old, 0-10 new
· Private consultant notes Argentina farmers continue to be very slow sellers of newly harvested soybeans
· Export Sales: Trade expects -2 to +6mbu old-crop wheat, 12-17 new-crop
· CBT July 2014 wheat futures traded to $6.10 ¾ Wed.—the lowest price since Feb. 28-- before closing $0.02 higher
· ATI Research: Wheat export buying from Africa has been historically weak due to expectations for a large EU crop
ENERGY
· Futures are mixed: QCLN14, -$0.29 at $102.34; QRBN, -$0.0028; QNGN, +$.022; and QHON, +$.0061
· Downturn in cash ethanol markets showed no signs of slowing Wednesday: Chicago and Gulf slipped 8; Dallas eased 4 ½; New York was off 6; Tampa dropped a nickel; and LA slid 9 ½ to $2.66 per gallon
· Weaker trend in RINs: 2012’s off 2 ¼ to 43-44 ½; 2013’s down 2 at 44-45; and 2014’s were down 1 ½ at 43-44
· The July RBOB/July ethanol spread surged out to $.8132/gallon, nearly 16 cents as stocks rose 4% to 18.25 mb
LIVESTOCK/POULTRY   ;
·  Choice boxed beef values eased 55-cents yesterday and are down $2.20 from a week earlier
· Cash cattle markets are quiet with feedyards asking $145 while packer bid $142. Cattle traded last week at $144
· The USDA pork carcass cutout value firmed 56-cents yesterday and has increased $5.30 over the last four trading days
· The USDA’s Iowa/Minnesota average cash lean hog price gained $1.29 yesterday to $110.07
Sources: Bloomberg, Dow Jones, AP, T-storm Weather