HIGHLIGHTS
· MARKET TREND— Lower: CU: down $.0125; SQ: down $.02; WU: down $.0750; KWU: down $.0850
· MACRO: Market awaits June employment report/out of work rate; 179 K new jobs expected, worker raises? ASIA—Mostly lower: Nikkei, -0.32%; Shanghai, +0.16%; Hang Seng,-0.49%. EUROPE: Mostly Lower—DAX, -0.21%; FTSE,+0.07%; CAC, -0.32%. WALL STREET—Futures are slightly higher—DOW, +1; S&P, +1.75; NAS, +10.75. EXTERNALS: $ Index: +.180 @ 95.755; July Gold: -$2.10 @ $1,220; Sep crude: -$1.20 @ $44.50/barrel. Del’ys: SBM, 195; SBO, 65; C, 967; ETOH, 5; HRW, 350; SB, 829; SRW, 168
· T-storm Weather: Scattered rain focuses on parts of U.S. central Plains today-Sat. Most areas turn seasonable to cool through today , except the western Plains (including driest spring wheat). Upper-level high pressure expands into the central U.S. early next week, turning all areas much warmer with heat in Plains & southwest half of Corn Belt. A couple strong thunderstorms form along the periphery of heat, bringing rain to corn & soybeans within the Corn Belt – especially with northward & eastward extent
· CU, down $.0125 @ $3.8925; CZ, down $.0150 @ $4.0125. Fund selling was estimated at 3 K on Thursday
· SQ, down $.02 @ $9.8375; SX, down $.02 @ $9.9725. Fund activity: Bot 3 SB, 3 SBM, sld 3 SBO. Board Crush: $.85,+1; LY, $.85
· WU, down $.0750 @ $5.3150; WZ, down $.0750 @ $5.5375. The funds sold 8 K in Thursday trading session
CORN/SORGHUM
· Export Sales to be released at 7:30 am CDT. Trade expects 14-22 mbu for 16/17 corn
· T-storm Weather: An unusually wide array of possibilities exist for U.S. weather July 14 forward, with potential for an expansion to dry/hot weather or a reversion to seasonably-cooler/wetter. We lean toward a drier & warmer scenario
· Ethanol grind: Total of 1,014,000 barrels/day for week end June 30—dn 1 thou v. prior week but up 3.0% v. last year
· Consultant: In Mato Grosso and Parana—the top twosafrinha (double crop) corn producing states in Brazil—yields are reported to be good, but there is concern about the quality of the grain in Parana
SOYBEANS/WHEAT
· Export Sales report. Trade expects 7-15 mbu for 16/17 soybeans; soymeal, 25-150 K MT; soyoil, 8-22 K MT
· T-storm Weather: A couple of strong thunderstorm clusters affect the eastern third to half of U.S. soybeans within the Corn Belt July 10-13; rain totals of 0.75”-1.50” are most likely
· Consultant: A weaker Brazilian currency & U.S. weather concerns should spur Brazilian farmers to boost soybean sales
· MGE September wheat futures on Thu. closed $0.50 ¾ lower, but the contract is still up $1.92 ½ compared to May 31
· T-storm Weather: Only 5% of U.S. spring wheat production was wet over the last 90 days
· Export Sales report. Trade expects 11-18 mbu for 17/18 all wheat
ENERGY
· Lower: CLU17, -$1.20 @ $44.50; EBU, -$1.17 @ $46.94;EBU-QCLU, +.03; RBU, -.0368; NGU, +.027; HOU, -.0373
· Cash ethanol markets were mixed on Thursday: Chicago down 1 5/8; New York up ¾; Gulf off 1 ½; Dallas eased ½; Tampa firmed ½; and LA was 1 ½ higher at $1.75 per gallon
· Ethanol RINs were weaker on Thursday: 2016’s and 2017’s fell 1 to 70-73
· The Aug RBOB/Aug ethanol spread reverted back to a carry, +$.02370/gallon, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values were $2.53 lower on Thursdayat $220.05, and are down $6.50 compared to last week
· Dressed steer weight for week end June 24: 855 lbs., unchanged v. last week, 846.75 for 4-week avg. and 864 last year
· USDA mandatory pork carcass cutout declined 5-centson Thursday to $103.49, but is still up $1.65 vs. a week ago
· CME Lean Hog Index was $0.47 higher on Thu. at $92.40. July futures fell $0.575 & are now $0.925 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather