HIGHLIGHTS
· MARKET TREND—Mostly higher: CN, steady to $.0025 weaker; SN, up $.03; WN, up $.0425; KWN, up $.06
· MACRO—BOJ leaves liberal monetary policy intact, Yen weakens versus $, boosts Asian markets. ASIA—Mostly higher: Nikkei, +0.56%; Shanghai, -0.31%; Hang Seng, +0.24%. EUROPE—Greece strikes deal with EU creditors, higher: DAX, +0.33%; FTSE, +0.66%; CAC, +0.69%. Wall Street-Happy Friday, futures suggest a higher opening: DOW, +227; S&P, +3.25; NAS, +14.27. EXTERNALS: Sep $ Index, -.077 @ 97.075; June Gold, +$2.60 @ $1,255; Aug Crude, +$0.25 @ $44.93
· T-storm Weather: The central U.S. will be divided by heat to the southwest & coolness to the northeast over the next 7-10 days, causing the jet stream to flow overhead. Waves of energy flow along the jet stream to trigger thunderstorms in varying areas at varying times, especially through Sat.-Sun. in/near the Corn Belt, then again around Tue., & most likely at least one more time after that. Areas of significant rain result, especially in the Corn Belt and with eastward extent, but less-so from Nebraska south
· Corn: CN down $.0025 @ $3.7925; CZ down $.0050 @ $3.9725. The funds were buyers Thursday, a total of 6 K
· SB: SN up $.03 @ $9.3775; SX up $.02 @ $9.46. Funds: Bot 4 SB, 6 SBO, even SBM. Board Crush: $.87, +2; LY; $0.83
· Wheat: WN up $.0425 @ $4.58; WU up $.0475 @ $4.7375. The funds bought 6 K yesterday
CORN/SORGHUM
· ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop corn currently stand at 524 mbu, which is down 26% from this time a year ago
· T-storm Weather: Beyond the next 7-10 days, a notably warmer to hot period likely begins around June 25 and continues through the end of the month. Some thunderstorms are likely, especially in northern or eastern areas
· U.S. old-crop corn export sales week end June 8: 23.6 mbu, up 72% from last week and 25% from the 4-week avg.
· USDA this week completed surveying producers in preparation for its Acreage report—scheduled for releaseJune 30
SOYBEANS/WHEAT
· ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop soybeans currently stand at 382 mbu, which is down 11% from this time a year ago
· T-storm Weather: Topsoil dryness for U.S. soybeans has diminished slightly after recent rain, but remains elevated
· U.S. old-crop soybean export sales week end June 8: 12.5 mbu vs. only 5.8 last week but down 15% v. the 4-week avg.
· T-storm Weather: After rain the last week across Northern Plains, the proportion of U.S. spring wheat that was drier than normal at the topsoil & subsoil levels diminished by 60 & 50 points, now including only 29% & 34% of production
· Export sales of U.S. wheat week end June 8: 13.7 mbu, down from 16.9 last week and well below last year’s 28.0
ENERGY
· Higher: CLQ17, +$0.25 @ $44.93; EBQ, +$0.36 @ $47.28; EBQ-QCLQ, +.09; RBQ, +.0179; NGQ, -.013; HOQ, +.0128
· Cash ethanol markets were mostly firmer on Thursday: Chicago added 2 1/8; New York increased 1 ¾; Gulf climbed 2 ½; Tampa down 2; Dallas fell ½; but LA was 1 ½ higher at $1.71 per gallon
· Ethanol RINs were higher on Thursday: 2016’s and 2017’s firmed ½ to 76-78
· The July RBOB/July ethanol inverse widened further, $.021 cents, to -$.13730/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values fell $1.29 on Thursday to $249.74 , and are 65-cents lower compared to a week ago
· Scattered cash cattle sales occurred in Kansas on Thursday at $128, which was another $2 lower
· USDA mandatory pork carcass cutout value declined 36-cents on Thu. to $94.23, but is still $2.36 higher vs. last week
· CME Lean Hog Index was $0.83 higher on Thu. at $82.93. July futures fell $0.525 and are now $0.88 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather