HIGHLIGHTS
· MARKET TREND—Lower: CN, down $.0475; SN, down $.0425; WN, down $.0650; KWN, down $.0625.
· MACRO—All is lower after U.S. tech stocks fell on Friday. Fed, BOE and BOJ will all come out with monetary policy decisions later in the week. ASIA—Lower: Nikkei, -0.52%; Shanghai, -0.57%; Hang Seng, -1.24%. EUROPE—Lower: DAX, -0.85%; FTSE, -0.10%; CAC, -0.99%. Wall Street-Futures are lower: DOW, -397; S&P, -6.50; NAS, -47.25.75. EXTERNALS: Sep $ Index, -.159 @ 96.855; June Gold, -1.40 @ $1,267; Aug Crude, +$0.69 @ $46.76
· T-storm Weather: A couple strong thunderstorms affected parts of northern Plains, MN & WI over the weekend, breaking drying for some (though coverage was not high). A strong system produces ~1.00” of rain in MT & ND tonight & Tue. The same system also triggers thunderstorms Wed.-Thu. across the Corn Belt & possibly Delta. Scattered 0.50”-1.00” amounts occur; wettest in eastern Corn Belt, driest in western Corn Belt, & little or no rain from Nebraska south. Heat breaks in the north through Thu.
· Corn: CN down $.0475 @ $3.83; CZ down $.05 @ $4.01. The funds bought 15 K to close out the week
· SB: SN down $.0425 @ $9.3725; SX down $.0525 @ $9.43. Funds: Bot 4 SB, 1 SBM, 3 SBO. Board Crush: $.87 +1; LY; $0.93
· Wheat: WN down $.0650 @ $4.3925; WU down $.0650 @ $4.5350. The funds were even in Friday’s trade
CORN/SORGHUM
· Consultant: USDA Crop Progress report expected to peg U.S. corn Good/Excellent at 67-69% vs. 75% last year
· T-storm Weather: Substantial uncertainty begins June 16-17. The most likely scenario is hot temps for southern crops, cool for northern crops. Scattered 0.50”-1.00” rain most likely in Corn Belt/Delta, less to much-less in Plains
· ATI Research: Since 2009, the largest percentage increase in U.S. corn emergence over June 4-11 was 12% in 2011 while the smallest increase was 1% in 2012. The five-year average increase for the period is 7%
· Export Inspections released at 10 AM CDT; Corn, 36.9 mbu needed; 46.3 last week. Milo—4.0 needed; 0.1 last week
SOYBEANS/WHEAT
· Consultant: USDA Crop Progress report expected to peg U.S. soybean Good/Excellent at 65-67% vs. 74% last year
· Export Inspections released at 10 AM CDT; Soybeans, 13.3 mbu needed; 10.2 last week
· T-storm Weather: Scattered rain affects U.S. soybeans through 10 days, but most areas to see below normal amounts
· ATI Research: Since 2009, the largest percentage increase in U.S. soybean plantings over June 4-11 was 18% in 2011 while the smallest increase was 3% in 2012. The five-year average increase for the period is 8%
· Wheat in Western Australia remains drier than normal
· T-storm Weather: ~1.00” of rain affects U.S. spring wheat in MT & ND through Tue. (less in SD & northwest MN)
ENERGY
· Firmer: CLQ17, +$0.69 @ $46.76; EBQ, +$0.71 @ $48.86; EBQ-QCLQ, -.01; RBQ, +.0196; NGQ, +.007; HOQ, +.0189
· Cash ethanol markets were mostly higher on Friday: Chicago up ¼; New York, Dallas and Gulf added ½; Tampa increased 1; but LA was 1 lower at $1.71 per gallon
· Ethanol RINs edged higher on Friday: 2016’s up ¼ to 72-74; and 2017’s gained ½ to 72 ½-74
· The July RBOB/June ethanol inverse eased $.0028 on Friday and settled at -$.04830/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values firmed 82-cents on Friday to $250.21 , and are $5.97 higher vs. a week ago
· Light cash cattle trading continued on Friday in the North at $218 to $220 dressed and $136 to $137 live
· USDA mandatory pork carcass cutout value gained 23-cents on Fri. to $91.87, and is $1.48 higher than last week
· CME Lean Hog Index increased $0.61 on Fri. to $80.02. June futures gained $0.45 and are $2.455 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather