HIGHLIGHTS
· MARKET TREND—Mixed: CN, Down $.0025; SN: Up $.0450; WN: Down $.0250; KWN: Down $.0250
· MACRO: Fed policy meeting, Chinese data jitters; fears the UK could exit the EU are all factors pressuring markets. ASIA: Hang Seng, -1.2%; Nikkei, -.4%; Shanghai, -.32%. EUROPE: trading significantly weaker with DAX, -.2.2%; CAC, -2.0%; FTSE, -1.7%. WALL STREET: And, so goes U.S. markets with DOW futures down 83; the S&P is 11 ¾ lower; NAS, down 31. EXTERNALS: The $ Index , +.258 @ 94.245; gold, +$.10 @ $1,271.30; July crude, down $.62 at $49.94/barrel
· T-storm Weather: Hot upper-level high pressure generally continues in most areas through Monday, leaving the central Plains & western Corn Belt the warmest. Scattered rain occurs along the edge of heat within the northeast third of the Corn Belt. Heat breaks early next week. A strong wave moves into the central U.S. & develops a 1 or2-day period of thunderstorms within the central and/or northern Plains, the Corn Belt, & the Delta. We are leaving amounts at 0.75"-1.50", but want to point out that widespread totals (not scattered) are somewhat probable – especially centered on the heart of corn & soybean production
· CN, Down $.0025 @ $4.2625; CZ, Down $.0050 @ $4.33. The funds sold 8 Kon Thursday
· SN, Up $.0450 @ $11.8050; SX, Up $.0425 @ $11.57. Funds: Bought 3K SB, sold 1 K SBM and bought 2 K SBO
· WN, Down $.0250 @ $5.0775; WU, Down $.0250 @ $5.19. Fund selling totaled 3 K yesterday
CORN/SORGHUM   ; ;  
· USDA WASDE at 11:00 AM CDT: Avg. trade guess 15/16 U.S. corn carry-out, 1.770 bbu; avg. for 16/17 is 2.112 bbu
· USDA WASDE: Avg. trade guess for 15/16 Brazil corn crop is 78.9 MMT; avg. guess for Argentina corn output is 26.7
· ATI Research: Reduced Brazilian corn crop means roughly 412 mbu of exports from Sept-March need to be covered by a combination of Argentina, Black Sea, West Europe or predominantly the U.S., plus a modest amount of feed wheat
· T-storm Weather: Current indications suggest it is most likely for U.S. Midwest temperatures late next week and weekend to be close to normal – not hot. Thunderstorms should end up in northern and / or eastern areas
· ATI Research: U.S. old-crop sorghum export sales for week ending June 2 of 4.7 mbu were 6% below the 4-week avg.
SOYBEANS/WHEAT
· USDA WASDE: Avg. trade guess for 15/16 U.S. soybean carry-out is 386 mbu; avg. for 16/17 is 298 mbu
· USDA WASDE: Avg. trade guess for 15/16 Brazil soybean crop is 98.1 MMT vs. the USDA’s estimate of 99.0 in May. Avg. guess for 15/16 Argentina soybean crop is 55.8 MMT compared to the May USDA estimate of 56.5
· ATI Research: U.S. old-crop soybean export sales for week end June 2 of 27.9 mbu were above trade range of 11-18
· ATI Research: U.S. new-crop wheat export sales for week end June 2of 8.2 mbu were below the trade range of 11-18
· USDA WASDE: Avg. trade guess for 15/16 U.S. all wheat carry-out is 980 mbu; avg. for 16/17 is 1,045 mbu
ENERGY
· Lower: CLN16, -$0.62, $49.94; EBQ, -$0.50; EBQ-CLN, +$1.51,+$0.12; RBN, -$.0035; NGN, -0.037; HON, -$.0117
· A mixed trend persisted in cash ethanol markets on Thursday: Chicago off ¾; New York steady; Gulf down ¼; Dallas slid 1 ½; Tampa declined 2 ½; and LA was unchanged at $1.82 per gallon
· Ethanol RINs steady: 2014’s unch at 83 ½-84; 2015’s unch at 83 ½-84; and 2016’s were unch at 83 ¼-83 ¾
· The July RBOB/July inverse gave up $.0048 in settling at -.0574/gallon on Thursday
LIVESTOCK/POULTRY    
· Choice boxed beef values increased $1.75 on Thursday to $226.85, and are up $3.57 vs. a week ago
· Dressed steer weight week end May 28: 859 lbs., down 3 pounds v. last week, 863.75 for 4-week avg. & 864 last year
· USDA mandatory pork carcass cutout value was 35-cents lower on Thu. at $87.15, but is $1.75 higher vs. last week
· CME Lean Hog Index gained $0.74on Thu. to $79.76. June futures firmed $0.625 and are $2.915 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather