HIGHLIGHTS
· MARKET TREND—Lower-better rain chances: CN: Down $.08; SN: Down $.12; WN: Down $.0425; KWN: Down $.0425
· MACRO: Brexit poll published in Sunday’s Mail suggests momentum building for the UK to remain in the EU. Global stocks move higher. ASIA: the Nikkei gains .34%; Hang Seng closes 1.69% higher; Shanghai edges up .12%. EUROPE: Surges! FTSE, +2.8%; DAX, +3.35%; CAC, +3.30%. WALL STREET: Futures rejoice! DOW is up 205 in the pre-markets; S&P jumps 27 ¼; NAS looks to open 56 higher. EXTERNALS: The $ Index is down ½ point at 93.785; gold slides $10.50 to $1,282.70 ; July crude, +$.83 higher
· T-storm Weather: Today’s forecast is wetter and warmer this week, cooler for a portion of next week, and generally uncertain with a continual threat for a heat wave or stormy period for the foreseeable future as the location, size, and shape of a large upper-level fluctuates through two weeks+. Storminess wins this week in the heart of the Corn Belt as amounts are sharply increased to 1.00” to 2.00” to account for an unexpected warm front around Tue.-Wed., while sharply drier and hotter weather persist to the immediate south and west until all cool for a bit next week.
· CN, Down $.08 @ $4.2975; CZ, Down $.0775 @ $4.41. The funds were back buying on Friday—20 K
· SN, Down $.12 @ $11.4750; SX, Down $.15 @ $11.3325. Funds bought 12 K SB to end the week, along with 8 K SBM, 7 K SBO
· WN, Down $.0425 @ $4.77; WU, Down $.0425 @ $4.9050. The funds bought 5 K on Friday, riding the wave of higher row crops
CORN/SORGHUM   ;  
· December 2016 corn futures closed at $4.48 ¾ on Friday; last time December settled above $4.50 was July 3, 2014
· USDA Crop Progress: Good/Excellent corn crop ratings could be 1-2 percentage points lower compared to last week’s 75%. Ratings last year were 71%
· Export Inspections released at 10 AM CDT; Corn, 50.4 needed utilizing FGIS data (adjusted to Census, 45.5); 66.8 last week. Milo—3.4 needed; 7.7 last week
· Consultant: Current indications are that Brazilian farmers will increase their safrinha (double crop) corn acreage in 2016/17 (crop planted in early 2017), but they may not increase their full-season corn acreage as earlier expected
SOYBEANS/WHEAT
· USDA Crop Progress: Good/Excellent crop ratings for soybeans could be steady to 1 percentage point lower compared to last week’s 74% but above last year’s 65%
· Export Inspections released at 10 AM CDT; Soybeans, 14.2 needed; 5.0 last week
· Consultant: Improving domestic soybean prices are likely to stimulate expansion of soybean acreage in central Brazil
· USDA Crop Progress: U.S. winter wheat harvest est. at 20-25% vs. approx. 17% last year and 28% for the 5-year avg.
· Export Inspections released at 10 AM CDT; Wheat, 17.2 needed; 13.4 last week
ENERGY
· Higher: CLN16, +$0.83, $48.81; EBQ, +$0.80; EBQ-CLN, $1.20,+$.014; RBN, +$.0204; NGN, +0.048; HON, +$.0177
· A mixed trend was noted in cash ethanol markets on Friday: Chicago up 1; New York off ½; Gulf down 1 ¼; Dallas eased 1; Tampa slipped 2; and LA was steady at $1.78 ½ per gallon
· Ethanol RINs weaker: 2014’s down 3/8 at 83 ¾-84; 2015’s off 3/8 at 83 ¾-84; and 2016’s eased 3/8 to 83 ½-83 ¾
· The July RBOB/July inverse lost $.024 on Friday to settle at -.1707/gallon  
LIVESTOCK/POULTRY      
·   Choice boxed beef values were $1.65 lower on Friday at $221.83, and have declined $5.84 from a week ago
· August 2016 feeder cattle futures on Friday posted a new settlement price low of $137.425
· USDA mandatory pork carcass cutout value eased 39-cents on Fri. to $86.29, but is 45-cents higher vs. last week
· CME Lean Hog Index gained $0.43 on Fri. to $82.62. July futures eased $0.90 but are still $3.555 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather