HIGHLIGHTS
· MARKET TREND—lighter-than-expected weekend rains: CN: Up $.0425; SN: Up $.1725; WN: Up $.0150; KWN: Up $.0275
· MACRO: Global equity markets are mixed, expecting further Brexit-related aftershocks. ASIA: The Nikkei closed up 2.4%; Shanghai rose 1.4% wh ile the Hang Seng eased .16%. EUROPE: Lower at mid-day. FTSE, down 1.3%; CAC, 1.4% weaker; DAX, off 1.6%. WALL STREET: Pre-markets are looking south, again with DOW futures 108 lower; the S&P is 13 lower and the NAS points to a 34 point weaker start. OUTSIDE MARKETS: Frida’s trend continues . . . Gold is up $10.70 @ $1,330.40; the $ Index is .846 higher at 96.42 and August crude is off $.32 @ $47.32
· T-storm Weather: Coverage of weekend rain for U.S. corn and soybeans was lower than expected. Coolness begins today wand lasts one week with below-normal maximums in the 70s-80s coinciding with minimums in the 50s-60s. A few showers and thunderstorms (scattered 0.20”-0.50” amounts) affect the Corn Belt when a reinforcing cool front passes Thursday-Friday, but significant rain generally focuses on/near the central Plains; 1.25”-2.50” occurs from western Nebraska through Kansas
· CN, Up $.0425 @ $3.8875; CZ, Up$.04 @ $3.9825. The funds sold 20 K on Friday
· SN, Up $.1725 @ $11.2025; SX, Up $.15 @ $10.9350. Fund activity: Sold 20 K SB; 12 K SBM; and 8 K SBO
· WN, Up $.0150 @ $4.5625; WU, Up $.0175 @ $4.6675. The funds ended the week selling 3 K
  ;  
CORN/SORGHUM          
· December 2016 corn futures closed at $3.94 ¼ Fri.—12% lower than previous Fri. & lowest settlement since May 11
· USDA Crop Progress: Good/Excellent corn rating could be unchanged to down 1% v. last week’s 75% & last year’s 68%
· June 30 USDA reports: Trade pegging U.S. corn acreage at 92.8 mil (93.6 in March); June 1 corn stocks est. 4.520 bbu
· Export Inspections released at 10 AM CDT; Corn, 54.8 mbu needed; 48.6 last week. Milo—4.0 needed; 0.5 last week
· Consultant: With the safrinha (double crop) corn harvest progressing in Brazil, the domestic supply of corn is starting to increase and domestic prices are starting to fall sharply
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent soybean rating could be unch to down 1% v. last week’s 73% & last year’s 63%
· June 30 USDA reports: Trade pegging U.S. soybean acre at 83.9 mil (82.2 in March); June 1 bean stocks est. 0.831 bbu
· Export Inspections released at 10 AM CDT; Soybeans, 14.4 mbu needed; 11.6 last week
· USDA Crop Progress: U.S. winter wheat harvest est. at 40-45% vs. approx. 33% last year and 41% for the 5-year avg.
· June 30 USDA reports: Trade pegging U.S. wheat acres at 49.7 mil (49.6 in March); June 1 wheat stocks est. 0.983 bbu
· Export Inspections released at 10 AM CDT; Wheat, 17.1 mbu needed; 21.0 last week
ENERGY
· Mostly lower: CLQ16, -$0.32, $47.32; EBQ, -$0.10; EBQ-CLQ, $0.91,+$.14; RBN, -$.0080; NGN, +0.003; HON, -$.003
· Cash ethanol markets were noticeably higher at some locations on Friday: Chicago up ¾; New York gained 2 ½; Gulf firmed 2 ¼; Dallas climbed 5 ¼; Tampa jumped 6 ½; and LA was 3 ½ higher at $1.76 per gallon
· Ethanol RINs eased: 2014’s down ¼ at 85 ¾-86 ¼; 2015’s off ¼ at 85 ¾-86 ¼; and 2016’s declined ¼ to 85 ½-86
· The July RBOB/July ethanol spread went back to premium, ethanol on Friday, -$.07/gallon trading -$.0660 this am  
LIVESTOCK/POULTRY    
·  Choice boxed beef values were $1.60 lower on Friday, are down $7.97 vs. last week and the lowest since May 11
· Cattle on Feed: June 1 on feed, 102.2% (102.1% avg est); May place, 109.6% (110.1%); Marketed, 104.9% (105.0%)
· USDA mandatory pork carcass cutout value up 60-cents on Friday to $88.73, and is the highest since Oct. 21, 2015
· CME Lean Hog Index up $0.40 on Fri. to $84.41. July futures were down $0.225 and are now $0.36 below the index
· Hogs and Pigs: All hogs & pigs, 101.8% (100.7% avg. est); breeding, 100.9% (100.4%); market, 101.9% (100.7%)
Sources: Bloomberg, Dow Jones, AP, T-storm Weather