HIGHLIGHTS
· Market Trend: Corn, Up 3-4; Soybeans, 18-19 higher (SN), SX, +11; Wheat, 4-5 Higher
· Overseas markets show both the Hang Seng (-1.68%) and the Shanghai Composite (-.11%) weaker with the Nikkei (+.13%) higher to start the week. Europe is weaker in early trade with the FTSE, DAX and CAC-40 all .30% to .40% lower. U.S. futures are mixed: the S&P is a ¼ point higher; the Dow is 4 lower and the NAS, off 3 ½. Outside markets have energy futures mostly higher; gold is $5.30 in the red at $1,310.90 and the $ Index is up .009 at 80.45
· T-Storm Weather: Areas of thunderstorms focus 1.00”--2.00” of rain on the southern half to two-thirds of the Corn Belt and Plains through Friday, while sharply drier weather occurs to the north (including Minnesota and South Dakota). A warmer pattern follows for all areas as the edge of warmth begins to expand and contract, which causes thunderstorm clusters to form across a larger area from Saturday-Sunday forward; another 1.00”-2.00” of rain is fairly probable within June 28-July 4 (including but not limited to wettest northern areas)
· July Corn Up $.0350 at $4.5675; September Up $.0375 at $4.52. The funds ended the week buying 3 K
· July Soybeans Up $.18 at $14.3375; August Up $.1575 at $13.7725. Funds: sold 5 K SB; 2 K SBM and 3 K SBO
· July Wheat Up $.0450 at $5.8975; September Up $.05 at $5.9825. The funds sold 4 K on Friday
CORN/SORGHUM
· ATI Research: USDA Crop Progress likely to show U.S. corn crop Good/Excellent 74-76% vs. 76% last week, 65% last yr.
· Export Inspections released at 10 AM CDT; Corn, 44.1 needed; 43.4 last week. Milo—3.8 needed; 0.5 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 7,470 contracts
· T-storm Weather: Upcoming rains this week keep most corn wet, but the coverage of excessive wetness is unlikely to expand or intensify since the best chances for heavy rain are south of wet areas
SOYBEANS/WHEAT
· ATI Research: Crop Progress likely to show U.S. soybean crop Good/Excellent 71-73% vs. 73% last week, 65% last year
· Export Inspections released at 10 AM CDT; Soybeans, 3.6 needed; 7.9 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 14,301 contracts
· ATI Research: Crop Progress likely to show U.S. spring wheat Good/Excellent 71-73% vs. 72% last week, 70% last year
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions decrease 5,231 contracts
· T-storm Weather: Wheat harvest in southern areas may be slowed by rain this week
ENERGY
· Futures are mostly firmer: QCLQ14, +$.14 at $106.97; QRBQ, +$0.0049; QNGQ, -$.011; andQHOQ, +$.0008
· Decent rebounded seen in cash ethanol prices on Friday: Chicago up 6 ¾; Gulf and Dallas climbed 7 ½; New York gained 8; Tampa added 8 ½; and LA was 9 ½ higher at $2.39 per gallon
· Another surge in RINs: 2012’s up 6 ¾ to 56 ½-63; 2013’s gained 7 ¼ at 57 ½-64; and 2014’s was 7 ¾ higher at 57 ½-64
· The July RBOB/July ethanol spread lost $.0338 on Friday to settle at $1.04570 per gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values increased 92-cents yesterday and have gained $9.57 over the last five trading days
· Cash cattle traded yesterday at $149 to $150, up $1 to $2 from last week’s mostly $148
· The USDA pork carcass cutout value gained $1.26 yesterday and has increased $5.64 over the last four days
· CME Lean Hog Index gained $1.13 to $118.46. July future up $2.625 to $128.05 and are $9.95 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather