HIGHLIGHTS
· MARKET TREND—Mostly higher: CN: up $.0125; SN: up $.0350; WN: up $.0250; KWN: down $.0050
· MACRO: World markets are generally a little softer, especially Europe and U.S. stock futures. ASIA—Mostly higher: Nikkei, +0.11%; Shanghai, +0.32%; Hang Seng, -0.02%. EUROPE: Weaker—DAX, -0.64%; FTSE, -0.46%; CAC, -0.52%. WALL STREET—Futures are lower—DOW, -41; S&P, -1.50; NAS, -9.50. EXTERNALS: The $ Index: -.248 @ 97.055; gold: +$8.80 @ $1,256; July crude: +$.07 @ $48.21/barrel
· T-storm Weather: Organized rain affects the Delta, far southeast Corn Belt, and northern Corn Belt over the next 24 to 48 hours; lesser amounts between and much less in central and northern Plains. A sharply cooler and mainly dry period follows for most areas and lasts five days. A warmer period unfolds from west to east next Tue.-Thu.; several thunderstorm clusters are probable June 28–July 5 with widespread coverage of at least near-normal rainfall in and adjacent the Corn Belt most likely
· CN, up $.0125 @ $3.64; CZ, up $.01 @ $3.8175. The funds were active sellers, a total of 15 K on Thursday
· SN, Up $.0350 @ $9.0750; SX, Up $.0250 @ $9.1575. Fund activity: Sld 15K SB, 6 K SBM, 4 K SBO. Board Crush: $.89, +1; LY, $.68
· WN, up $.0225 @ $4.6350; WU, up $.0175 @ $4.77. The funds sold 3K yesterday
CORN/SORGHUM
· December 2017 corn futures on Thursday closed at $3.80 ¾--lowest settlement price for the contract sinceMarch 27
· ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop corn currently stand at 502 mbu, which is down 30% from this time a year ago
· T-storm Weather: Widespread coverage of at least near-normal rainfall is probable June 28-July 5 across the Corn Belt and adjacent areas of the Plains and Delta with 1.00” to 2.00” amounts most likely
· U.S. old-crop corn export sales week end June 15: 20.8 mbu, down 12% from last week but up 16% v. the 4-week avg.
SOYBEANS/WHEAT
· November 2017 soybean futures Thu. closed at $9.13 ¼--lowest settlement price for the contract since Aug, 2, 2016
· ATI Research: Combined unshipped export sales of U.S. old-crop and new-crop soybeans currently stand at 376 mbu, which is down 19% from this time a year ago
· U.S. old-crop soybean export sales week end June 15: 4.1 mbu, down 67% from last week and 72% v. the 4-week avg.
· T-storm Weather: Little to no rainfall is forecast across most spring wheat in the Northern Plains through Sunday, although temperatures will be below to much-below normal
· Export sales of U.S. wheat week end June 15: 19.9 mbu, up from 13.7 last week and slightly above last year’s 17.0
ENERGY
· Mixed: CLQ17, +$0.07 @ $42.81; EBQ, +$0.18@ $45.40;EBQ-QCLQ, +.15; RBQ, -.0006; NGQ, +.0232; HOQ, -.0008
· A weaker trend was evident in cash ethanol markets on Thursday: Chicago off 2 1/8; New York declined 1 ½; Gulf fell 2 ¼; Tampa and Dallas down 2; and LA was 2 lower at $1.67 per gallon
· Ethanol RINs posted slight declines on Thursday: 2016’s and 2017’s were ¼ lower at 73-74 ½
· The July RBOB/July ethanol inverse shed $.0410 on Thursday, pulling back to -$.0635/gallon Thursday
LIVESTOCK/POULTRY  
· Choice boxed beef values fell $2.54 on Thursday to $242.88 , and is $6.86 lower vs. a week ago
· Estimates for today‘s USDA Cattle on Feed: June 1 on feed, 102.2%; May placement, 110.1%; Marketed in Apr 108.8%
· USDA mandatory pork carcass cutout declined $1.00 on Thu. to $98.97, but is still $4.07 higher compared to last week
· CME Lean Hog Index firmed $1.27 on Thu. to $89.30. July futures fell $1.05 and are $4.275 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather