HIGHLIGHTS
· MARKET TREND—Firmer: CN: up $.0025; SN: up $.0175; WN: up $.01; KWN: up $.0150
· MACRO: Too soon for Central Bank monetary tightening in Asia and Europe? Stocks falter with Tech and Oil weighing on the market. ASIA—Lower: Nikkei, -0.47%; Shanghai, -0.54%; Hang Seng, -0.61%. EUROPE: Lower—DAX, -0.52%; FTSE, -0.04%; CAC, -0.37%. WALL STREET—Futures are mixed—DOW, +18; S&P, +2.00; NAS, -13.75. EXTERNALS: $ Index: -.163 @ 96.930; July Gold: +$5.70 @ $1,251; July crude: -$.18 @ $44.06/barrel
· T-storm Weather: Two waves of energy pass throughFriday, causing heavy thunderstorms to blossom within the Corn Belt today-Thu., and then exit via the Delta and southeast half of the Corn Belt Fri.-Sat. Another system passes Sun.-Mon. to produce more rain. In the end, total rainfall of 1.75" to 3.50" affects most of the Corn Belt, while 1.00" to 2.00" affects adjacent areas of the Delta and Plains; driest spring wheat in the western Dakotas and Montana likely stay dry
· CN, Up $.0025 @ $3.5950; CZ, up $.0025 @ $3.7775. Fund buying was again put at 2 K
· SN, Up $.0175 @ $9.13; SX, up $.0150 @ $9.19. Fund activity: Bot 4 K SB, 1 SBM, 4 SBO. Board Crush: $.88, +1; LY, $.55
· WN, Up $.01 @ $4.5425; WU, up $.0150 @ $4.7050. The funds were buyers yesterday for a total of 4 K
CORN/SORGHUM
· T-storm Weather: A warmer period for U.S. corn unfolds from west to east over July 4-6. Heat is probable in at least the Plains, but waves of energy likely cause some strong thunderstorms to recur–especially in central & eastern areas
· ATI Research: The model forecast for near-term U.S. corn exports increased from 45.3 last week, to 49.0. Our bias is in the 40-45 mbu range compared to 51.7 last year during the upcoming 4-week period and the 5-year avg. of 30.8
· Consultant: Nationwide safrinha (double crop) corn in Brazil is 9.3% harvested according to AgRural v. 12.4% last year.
· Ethanol margins: $0.23 per gallon—up vs. $0.20 last week but below $0.50 in 2016. EIA report at 9:30 am CDT
SOYBEANS/WHEAT
· ATI Research: Near-term U.S. soybean export point estimate increased from 11.0 mbu last week to 12.5 this week. Last year, shipments averaged 12.2 per week during the upcoming 4-week period and the 5-year average is 8.6
· Consultant: Soybean crop estimates for Brazil & Argentina unchanged this week at 113.0 MMT & 57.0, respectively
· MGE July 2017 wheat futures traded $6.88 on Tuesday—highest price for nearby MGE wheat since July 11, 2014
· T-storm Weather: The current forecast calls for U.S. spring wheat to receive some rain over the next week, but primarily east of the driest areas
ENERGY
· Mixed: CLQ17, -$0.18@ $44.0685; EBQ, -$0.03 0@ $46.62; EBQ-QCLQ, +.12; RBQ, -.0106; NGQ, +.039; HOQ, -.0021
· EIA Report Estimates (API): crude oil, -2.4 (+0.8); Gasoline, -0.6 (+1.4); Distillates, +0.3 (+0.7)
· A slightly firmer trend was noted in cash ethanol marketson Tuesday: Chicago up 1 5/8; New York gained 7/8; Gulf added 1 ¼; Tampa increased 2; Dallas climbed 1; and LA was a penny higher at $1.66 ½ per gallon
· Ethanol RINs continued to slide on Tuesday: 2016’s and 2017’s fell 2 ¾ to 67 ½-70
· The July RBOB/July ethanol inverse dopped $.0151 to-$.04320/gallon
LIVESTOCK/POULTRY  
·   Choice boxed beef values collapsed $4.66 on Tuesday to $233.91—the largest one-day decline since Sep. 23, 2015
· A few scattered cash cattle bids of $119 were noted in Iowa on Tuesday, but asking prices remained undeveloped
· USDA mandatory pork carcass cutout jumped $1.77 on Tuesday to $101.90—the highest price since Oct. 21, 2014
· CME Lean Hog Index firmed $0.48 on Tue. to $91.10. July futures fell $0.55 and are $4.625 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather