HIGHLIGHTS
· MARKET TREND—Mostly Higher: CU: Up $.0125; SQ: Down $.0025; WU: Up $.0175 KWU: Up $.0150
· MACRO: Cautiously optimistic on ideas the Brexit decision will make central banks more accommodative. Morgan Stanley, Intel & American Express out with earnings today. ASIA: Mixed with the Nikkei off .25% and Shanghai .27% lower; the Hang Seng closed up .97%. EUROPE: Higher at mid-day with the FTSE up .27%; the CAC is 1.22% to the plus side and the DAX is up 1.40%. WALL STREET: Futures are positive: DOW, +67; NAS, +15; S&P, +6 ¾. OUTSIDE MARKETS:, CLQ up $.02 @ $44.67; $ Index is .027 higher @ 97.135; August Gold futures are off $7.50 @ $1,324.80
· T-storm Weather: A thunderstorm cluster is probable from Wisconsin into parts of Illinois and Indiana today as heat expands; 1.00”-2.00” of rain and locally more is possible. Hot to very hot weather will be in progress in all areas byThursday and continues into the weekend, but breaks Sunday-Monday as a system moves across southern Canada and allows a cool front to pass. The system also triggers thunderstorms within the northeast half of Corn Belt, but chances are lower to the south and west
· Corn: CU Up $.0125 @ $3.4325; CZ Up $.0125 @ $3.4975. The funds sold 10 K
· SB: SQ DN $.0025 @ $10.4375; SX DN $.0175 @ $10.26. Funds: sold 18 K SB, 7 SBM; 2 SBO. Aug crush, +$.01 ½, $.84 LY: $1.24
· Wheat: WU Up $.0175 @ $4.1975; WZ Up $.0150 @ $4.44. The funds sold 4 K on Tuesday
CORN/SORGHUM   ; ;  
· December 2016 corn futures closed at $3.48 ½ Tue.; the current lowest settlement price for the contract is $3.48 ¼
· ATI Research: U.S. near-term corn exports are projected to range from 55-60 mbu per week over the next month
· T-storm Weather: Temperatures turn cooler next week, but generally range from seasonable east to above-normal west with any heat limited to western areas. Some thunderstorms accompany the seasonable to warm pattern
· Consultant: Warm night temps cause corn to expend energy maintaining cellular structures instead of filling kernels
· Ethanol margins: $0.34 per gallon—down from 0.39 last week but above $0.32 last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· Since trading to $11.23 on July 14, November 2016 soybean futures have declined $0.95 ¼ (8.5%) in four trading days
· ATI Research: Bias is near-term U.S. soybean exports for up-coming 4-week period to average low to mid-20s (mbu)
· Consultant: In areas where soil moisture is short, e.g. eastern Corn Belt, this week’s predicted high temps will result in some early flower & maybe pod abortion; but early enough for crop to recuperate if ridge breaks down rather quickly
· ATI Research: Expect near-term U.S. all wheat exports to range from 17-22 mbu per week vs. 16.1 last year
· Chicago September 2016 wheat futures on Tuesday posted a new life-of-contract low settlement price of $4.18
ENERGY
· Mixed: CLQ16, +0.02, $44.67; EBU, +$0.24; EBU-CLU, $1.38, +$.17; RBQ, -.0075; NGQ, -.014; HOQ, +$.0081
· EIA estimates: crude, -1.7 (API: -2.3); Gasoline, -0.1 (+0.8); Distillates, +0.7 (-0.5)
· Cash ethanol markets were significantly weaker on Tuesday: Chicago and Dallas down 4; New York off 2 ¼; Gulf slid 4 ¼; Tampa declined 3; and LA was 2 ½ lower at $1.72 per gallon
· Ethanol RINs firmer: 2014’s up ¼ at 94 ½-95 ¼; 2015’s gained ¼ to 94 ½-95 ¼; and 2016’s added ¼ to 94 ¼-95
· The Aug RBOB/Aug ethanol inverse remains volatile, losing $.0365 to -$.14530/galon Tuesday
 LIVESTOCK/POULTRY <wbr>   </wbr>
· Choice boxed beef values were 29-cents lower on Tuesday at $202.28, and are down $4.10 vs. last week
· Estimates for Friday’s USDA Cattle on Feed: July 1 on feed, 101.6%; June placement, 106.5%; Marketed in June 109.4%
· USDA mandatory pork carcass cutout value gained 38-cents on Tuesday to $90.11—the highest level since June 28
· CME Lean Hog Index was $0.77 lower on Tue. at $79.13. August futures declined $0.02 & are $1.78 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather