HIGHLIGHTS
· MARKET TREND—Higher: CN, up $.0250; SN, up $.0475; WN, up $.05; KWN, up $.0525
· MACRO—Mixed: U. K. election, White House and EU policy direction questions have the market leaning towards a risk-off sentiment. ASIA—Slightly higher: Nikkei, +.02%;Shanghai, +1.24%; Hang Seng, -0.09%. EUROPE—Mostly higher: DAX, -0.04%; FTSE, +0.15%; CAC, +0.47%. Wall Street-Futures have turned higher: DOW, +2; S&P, +0.75; NAS, +4.75. EXTERNALS: Sep $ Index, +.199 @ 96.565; June Gold, -3.10 @ $1,291; Aug Crude, -$0.19 @ $48.15
· T-storm Weather: Isolated thunderstorms dot the U.S. Plains & northwest Corn Belt through Thu., while coolness prevails in the Corn Belt & Delta. Temperatures soar from west to east over Thu.-Sun. in response to a large & strong system to the west. Thunderstorm coverage will likely be limited when this system passes Sun.-Tue. Scattered amounts are forecast & limited to northern areas for the Corn Belt and Plains early next week where 0.25" to 0.75" is most probable (including spring wheat)
· Corn: CN up $.0250 @ $3.7975; CZ up $.03 @ $3.9875. The funds were big buyers yesterday, 10 K
· SB: SN up $.0475 @ $9.2825; SX up $.0425 @ $9.36. Funds: Bot 3 SB, 1 SBO, 1 SBM. Board Crush: $.84, +4; LY; $1.11
· Wheat: WN up $.0475 @ $4.4050; WU up $.0475 @ $4.55. Tuesday the funds bought 5 K
CORN/SORGHUM
· USDA WASDE report on June 9: Avg. trade guess 16/17 U.S. corn carryout, 2.284 bbu; avg. guess 17/18, 2.072 bbu
· T-storm Weather: Northern U.S. areas turn cooler/drier after this week’s system passes. A secondary system trails the main system & is the one most likely to bring rain to Corn Belt next week, likely June 13-16; 0.50"-1.50" amounts
· Consultant: Harvest of safrinha (double crop) corn in Brazil just getting underway (1-2%); crop est. unch at 93.0 MMT
· ATI Research: The 5-year avg. for U.S. corn emergence increases approx. 7% from June 4-11 to 94%
· Ethanol margins: $0.20 per gallon—up vs. $0.11 last week but below $0.39 in 2016. EIA report at 9:30 am CDT
SOYBEANS/WHEAT
· USDA WASDE report on June 9: Avg. trade guess 16/17 U.S. soybean carryout, 0.434 bbu; avg. guess 17/18, 0.513 bbu
· ATI Research: The 5-year avg. for U.S. soybean planting progress increases approx. 8% from June 4-11 to 87%
· Consultant: Brazil soybean crop est. unch at 111.0 MMT. A weaker Brazilian currency has encouraged producer sales
· MGE July 2017 wheat futures traded $6.04 on Tue.—first time a nearby contract has topped $6.00 since July 9, 2015
· T-storm Weather: U.S. spring wheat is experiencing its driest open to June in more than 5 years with only 3% of production having been wetter than normal over the last 30 days, and 10% wet over the last 90 days
ENERGY
· Weaker: CLQ17, -$0.19 @ $48.15; EBQ, -$0.21 @ $49.91; EBQ-QCLQ, -.06; RBQ,-.0164; NGQ, +.040; HOQ, -.0011
· EIA Report Estimates (API): crude oil, -3.5 (-4.6); Gasoline, -0.2 (+4.1); Distillates, NA (+1.8)
· A slightly firmer tone was noted in most cash ethanol markets on Tuesday: Chicago eased ¼; New York, Tampa, Dallas and Gulf added ½; and LA was ½ higher at $1.72 per gallon
· Ethanol RINs eased slightly on Tuesday: 2016’s and 2017’s declined ½ to 70-72
· The July RBOB/June ethanol inverse gave up $.0114 yesterday to settle at -$.0045/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values increased $2.10 on Tuesday to $250.45 , and are up $5.20 compared to last week
· August 2017 live cattle futures on Tuesday posted a new contract high of $127.65, but closed $2.60 lower at $123.60
· USDA mandatory pork carcass cutout value fell $1.05 on Tuesday to $89.34, and is 48-cents lower vs. a week ago
· CME Lean Hog Index firmed $0.30 on Tue. to $78.20. June futures gained $0.925 and are $3.45 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather