HIGHLIGHTS
· MARKET TREND—Mixed: CN: Down $.0150; SN: Down $.01; WN: Up $.0250; KWN: Up $.0150
· MACRO: Britain is voting today and while the surveys are mixed on the outcome, global markets are mostly higher.
· ASIA: The Nikkei closed with a 1.07% gain; the Hang Seng crept .35% higher while Shanghai gave up .46%. EUROPE: Markets there appear to be leaning towards a “remain” vote—the FTSE is up 1.4%; the DAX and CAC are 2.31-2.32% higher. WALL STREET: Futures seem especially optimistic this morning—DOW, up 178; S&P 500, +21.75 and the NASDAQ, +49. OUTSIDE MARKETS: The $ Index is .623 lower at 93.135; gold is $7.60 lower @ $1,260.80; August crude, +$.70 higher at $49.83
· T-storm Weather: A few thunderstorms are probable today-Friday just north of the upper-level high in the southwest Corn Belt, but otherwise generally hot weather occurs through Sunday-Monday. The heat wave breaks early next week, setting off some thunderstorms within much of the central U.S.; scattered 0.25" to 0.75" amounts with locally higher totals somewhere in the Corn Belt
· CN, Down $.0150 @ $3.9150; CZ, Down $.0150 @ $4.0250. The funds were again sellers, 15 K
· SN, Down $.01 @ $11.3650; SX, Down $.0350 @ $11.1325. Funds bought 2 K SB, sold 2 K SBM and bought 3 K SBO
· WN, Up $.0250 @ $4.25 WU, Up $.0250 @ $4.7475. The fund were estimated to be even yesterday
CORN/SORGHUM        
· Since closing at $4.48 ¾ on Friday, December 2016 corn futures has declined $0.44 ¾ (10.0%) the past 3 trading days
· Export Sales to be released at 7:30 AM CDT. Trade expects 30-39 mbu for 15/16 corn
· T-storm Weather: Seasonable temps forecast in the Corn Belt June 27 – July 2. Some thunderstorms form along the edge of the high, most likely across the southwest third of corn and soybeans, including the dry areas of KS, NE & MO
· Consultant: Argentina corn crop estimate unchanged at 25.0 MMT. Harvest extremely slow at approx. 35% complete
· Ethanol grind: 962,000 barrels/day for week end June 17—down 5.0% vs. last week and 3.2% lower vs. last year
SOYBEANS/WHEAT
· November 2016 soybean futures closed at $11.16 ¾ Wed.; one year ago, November 2015 contract settled at $9.56
· Export Sales report. Trade expects 15-26 mbu for 15/16 soybeans; soymeal, 50-120 K MT; and soyoil,20-40 K MT
· Consultant: Argentina soybean crop estimate is unchanged at 56.0 MMT. Harvest is approximately 91.5% complete
· Kansas City July 2016 wheat futures recorded a new contract low settlement price of $4.33 on Wednesday
· Export Sales report. Trade expects 15-22 mbu for 16/17 all wheat
· T-storm Weather: Limited rainfall is forecast for U.S. hard red spring wheat in the Northern Plains over the next week
ENERGY
· Higher: CLN16, +$0.70, $49.83; EBQ, +$0.91; EBQ-CLQ, $0.84,+$.09; RBN, +$.0006; NGN, +0.005; HON, +$.0161097
· Cash ethanol markets were modestly higher on Wednesday: Chicago up 3/8; New York and Tampa gained 1; Gulf added ¾; Dallas firmed 1 ½; and LA was 1 higher at $1.74 per gallon
· Ethanol RINs higher: 2014’s added 7/8 to 84 ½-85 ¼; 2015’s firmed 7/8 to 84 ½-85 ¼; and 2016’s up 7/8 at 84 ¼-85
· The July RBOB/July ethanol spread lost $.0157, narrowing to $.0042/gallon on Wednesday. </p>
LIVESTOCK/POULTRY ;
· On Wednesday, choice boxed beef values were $1.07 lower and have declined $9.34 compared to a week ago
· Estimates for Friday USDA Cattle on Feed: June 1 on feed, 102.1%; May placements, 110.1%; Marketed in May 105.0%
· USDA mandatory pork carcass cutout value was 40-cents lower on Wed. at $87.79, but is still $1.34 higher v. last week
· CME Lean Hog Index firmed $0.38 on Wed. to $83.51. July futures fell $1.725 but are still $0.965 above the index
· Quarterly Hogs and Pigs report on Friday: Avg. trade est, all hogs and pigs, 100.7%; breeding, 100.4%, market, 100.7%
Sources: Bloomberg, Dow Jones, AP, T-storm Weather