HIGHLIGHTS
· Market Trend: Corn, Steady to 1 Lower; Soybeans, 1-3 Lower; Wheat, 1-2 Lower
· U.S. stock futures are slightly lower: the S&P is called 1 lower; the Dow, off 3 and the NAS, down a ¼ point. Asia closed mostly lower with the Nikkei off .34% and Shanghai, down .07%. The Hang Seng managed to post a .31% gain. Weakness was attributed to a 1st quarter drop of 1% in U.S. economic growth. Energy futures are mostly lower with July crude trading $.52 lower at $103.06. The $ Index is slightly weaker, off .053 at 80.605
· T-Storm Weather: No change in the T-storm Weather Outlook with temperatures average warmer to much warmer than usual over the next 10-14 days. While it will benefit newly-planted crops, it will at the same time stressing sensitive wheat in the central Plains. Heavy rainfall accompanies warmth from the northern Plains through the northern Corn Belt from today through Tuesday as a series of potent systems ride move east from the Pacific Ocean. The main storm track shifts further to the south later next week as t-storms in the north prevent warmth from further expanding, thereby focusing t-storms across the central / southern Plains and southern half of the Corn Belt Wed-Fri
· July Corn Steady at $4.6950; September Down $.0075 at $4.6250. The funds sold 5 K Thursday
· July Soybeans Steady at $14.99; August Up $.0025 at $14.33. Fund activity: even on SB; bought 3 K SBM and sold 3 K SBO
· July Wheat Down $.02 at $6.3050; September Down $.02 at $6.4250. The funds sold 4 K yesterday
CORN/SORGHUM
· Export Sales out at 7:30—Trade expects 12-20 mbu old crop corn with 9.1 per week needed; new crop at 6-14;
· Export sales on milo need to average 1.7/mbu per week
SOYBEANS/WHEAT
· Export Sales—soybeans estimated at -4 to +4 mbu for old crop (-3.5/wk needed); new crop, 18-26
· Export Sales—SBM estimated at 50-150 for old crop with 35/week needed; new crop called 100-200 K MT
· Export Sales—SBO estimated at 0-25 K for old crop (7.7/wk needed); new crop at 0-10
· Export Sales—Wheat estimated at 0-7 mbu for old crop with 17 needed; new crop, 7-15U.S. soybean planting
Sources: Bloomberg, Dow Jones, AP, T-storm Weather