HIGHLIGHTS
· Market Trend: Corn, Up 2+; Soybeans, rocketing 19 Higher; Wheat, 3 Higher
· Pace of China’s slowdown eases; May mfg index rises from 48.1 to 49.7, best showing in 5 months. As expected, the Fed minutes suggests U.S. central bank is in no hurry to boost interest rates. Shanghai closes .18% lower; the Hang Seng was little changed, +.01% while the Nikkei performed well, up 2.11%. 2 out of 3 Europe bourses are higher: FTSE, +.07%; DAX, +.10% with the France’s CAC 40 off .18%. U.S. futures look positive for the opening: Dow, +18; S&+, +1.25; NAS, +3.75. Gold is $9 higher at $1,297; energy futures are mostly weaker and the $ Index is at 80.275, +.007
· No changes to the T-Storm outlook as temperatures average warmer to much warmer than usual the next 10-14 days which should encourage plant growth. Some showers can be expected from the C Plains to the S Corn Belt through today, but significant amounts are not likely as drying in the wettest northern stretches of the Plains continues. A large upper-level system will slowly move across the C/S Plains between today and Monday bringing between 1 ¼ to 2 ¾” of precip. Scattered t-storms also return to wetter areas of the northern Plains and northwest Corn Belt Sat-Mon, limiting planting activity. The large system will drift across the Corn Belt/Delta with 1-2”probable for the S Corn Belt and Delta.
· July Corn Up $.0225 at $4.7675; September Up $.0150 at $4.74. The funds were even inWednesday trade
· July Soybeans Up $.1950 at $14.2475; August Up $.1975 at $14.5050. Funds: bought 8 K SB;8 K SBM and 3 K SBO
· July Wheat Up $.03 at $6.6725; September Up $.0375 at $6.79. The funds sold 3 K yesterday
CORN/SORGHUM
· Export Sales: old crop expected at 12.8-20.7 versus 9.8 needed. N/C: 2-8 mb. Milo needs to average 1.2/week
· Estimated grain ground for ethanol output ros 300 K bu to 101.7 mbu; puts the industry on track to use approximately 5.04 bbu of corn, 10 million below the USDA but margins and limited imports to push demand higher still
· SOYBEANS/WHEAT
·   Export Sales: Soybeans expected at -6 to +5 with -3/wk needed; SBM seen at 25-150 for old crop versus 43 needed; SBO expected at -020
· Export Sales: Wheat expected at 2-9 for old crop (need 11) and new crop at 6-11
· Chinese crush margins improving, but still slightly negative
· SN14 closes above $15 per bushel, highest close since $15.12 ¾ on April 30th
· $6 64 ¼ close on WN14 lowest settlement since $6.68 ¼ on April 11th
ENERGY
· Futures are mostly lower: QCLN14, -$0.05 at $104.02; QRBN, -$0.0001; QNGN, +$.009; andQHON, -$.0026
· With the exception of the Gulf, off a penny, cash ethanol markets were firmer with Tampa up 7 ½; LA gained 4 ¾; Chicago was 5 higher at $2.30 1/2; Dallas picked up 2 and NY, 1 ½
· Ethanol inventories declined 312 K to 16.99 mb in the latest week; yr to yr surplus slips to +808 K barrels
· RINs were lower: 2012’s were ½ lower to 46 ½-47 ½; 2013’s stayed steady, 47 ½-49; 2014’s lost 1 to 46-47
· The July RBOB/July ethanol spread lost a ¼ cent to $.7968 per gallon
LIVESTOCK/POULTRY   ;
·   Live cattle closed mixed on Wednesday with weakness in the near-bys a reflection of demand worries
· Choice boxed beef cut-out values rose $.93 gained $3.01 to $231.16; Selects, up $1.06 to $220.09
· Feeder cattle posted gains of 15 to 60 in mid-week futures trading
· Estimated pork packer margins for vertically integrated plants were off $4.22 to $51.79 yesterday
· The 19-state weekly Eggs Set report revealed a .8% gain over LW; Chicks Placed were off 1%
Sources: Bloomberg, Dow Jones, AP, T-storm Weather