HIGHLIGHTS
· MARKET TREND—Firmer: CN: up $.0125; SN: up $.0550; WN: up $.0825; KWN: up $.0825
· MACRO: A strong U.S. finish on Wednesday helped lift Asian stocks; Bank of Canada Governor says low interest rates have “done their job”. ASIA—Higher: Nikkei, +0.45%; Shanghai, +0.46%; Hang Seng, +1.10%. EUROPE: MostlyLower—DAX, -0.29%; FTSE, +0.29%; CAC, -0.72%. WALL STREET—Futures are mostly higher—DOW, +12; S&P, +1.75; NAS, -16.00. EXTERNALS: $ Index: -.159 @ 95.585; JulyGold: -$3.40 @ $1,244; July crude: +$.35 @ $45.09/barrel
· T-storm Weather: An exiting system and an approaching system produce widespread rain within / adjacent the Corn Belt through Friday-Saturday, especially today from eastern Nebraska through northern Indiana (along the Interstate 80 corridor). A third system passes within Sunday-Wednesday(July 2-5), producing more thunderstorms within the central U.S. (most likely in the central Plains and southern half for the Corn Belt), ultimately resulting in heavy totals over the next week
· CN, Up $.0125 @ $3.58; CZ, up $.0125 @ $3.7750. The funds sold 3 K at mid-week
· SN, Up $.0550 @ $9.1950; SX, up $.0500 @ $9.2675. Fund activity: Bot 2 K SB, 1 SBM, 0 SBO. Board Crush: $.87, -1; LY, $.68
· WN, Up $.0825 @ $4.6550; WU, up $.08 @ $4.81. Fund buying on Wednesday was estimated at 4 K
CORN/SORGHUM
· Export Sales to be released at 7:30 am CDT. Trade expects 14-22 mbu for 16/17 corn
· T-storm Weather: A warmer period unfolds from west to east as next week progresses, accompanied by at least some thunderstorms in U.S. central & eastern areas July 5-10, ultimately limiting the longevity and / or intensity of any heat
· Ethanol grind: Total of 1,015,000 barrels/day for week end June 23—up 25 thou v. prior week and up 1.2% v. last year
· Consultant: Argentina corn production est. is steady at 39.0 MMT. Corn harvest remains very slow at 48.6% according to the Buenos Aires Grain Exchange. If the pace stays slow, harvest may still be occurring at the end of August
SOYBEANS/WHEAT
· Export Sales report. Trade expects 7-15 mbu for 16/17 soybeans; soymeal, 50-150 K MT; soyoil, 5-24 K MT
· Consultant: Argentina soybean production estimate is unchanged at 57.0 MMT. Harvest at 97.5%
· T-storm Weather: Rain totals of 1.50”-3.50” affect Midwest soybeans over the next week—heaviest through 48 hours
· MGE July wheat futures Wed. closed at $7.04 ¾--1st time nearby MGE futures settled above $7.00 since July 11, 2014
· T-storm Weather: Throughout each phase of upcoming weather, best rain chances are always to the south and east of driest U.S. spring wheat from the western Dakotas and points west, likely allowing drought to worsen
· Export Sales report. Trade expects 13-20 mbu for 17/18 all wheat
ENERGY
· Firmer: CLQ17, +$0.35@ $44.09; EBQ, +$0.24 0@ $47.55; EBQ-QCLQ, -.09; RBQ, +.0067; NGQ, +.007; HOQ, +.0134
· Cash ethanol markets were steady to lower on Wednesday: Chicago off 2 ¼; New York unchanged; Gulf down ¼; Tampa fell 2; Dallas eased 1; and LA was ½ lower at $1.66 per gallon
· Ethanol RINs rebounded slightly on Wednesday: 2016’s and 2017’s gained 1 to 69-70 ½
· The July RBOB/July ethanol spread moved $.0545 yesterday with RBOB at a +$.041130/gallon premium
LIVESTOCK/POULTRY  
·   Choice boxed beef values plummeted $4.48 on Wednesday to $229.43, and are $15.99 lower compared to last week
· Quarterly Hogs and Pigs 2:00 pm CDT: Avg. trade est, All Hogs and Pigs, 103.3%; Breeding, 101.4%, Marketing, 103.4%
· USDA mandatory pork carcass cutout firmed 58-cents on Wednesday to $102.48, and is $2.51 higher vs. a week ago
· CME Lean Hog Index gained $0.40 on Wed. to $91.50. July futures firmed $1.50 but are still $3.575 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather