HIGHLIGHTS
· MARKET TREND—Mostly lower: CU: -$.0075; SQ: +$.03; WU: -$.02; KWU: -$.04
· MACRO: Global equities march higher; BOE expected to cut benchmark lending rate to stem possible fall-out from Brexit. ASIA: Nikkei, +2.46% ; Shanghai, +1.83%; Hang Seng, +1.65% . EUROPE: FTSE, off .05%; DAX, +1.60%; CAC, +1.65%. WALL STREET: Pre-market indicators are positive with DOW futures, +82; S&P, +10.75; NAS, +24.75. OUTSIDE MARKETS: The $ Index is .35 weaker @ 96.24; August Gold is off $3.60 @ $1,353 and August crude has jumped to $46.04, up $1.28. Deliveries: SBM, 100; SBO, 66; Corn, 528; SRW, 14
· T-storm Weather: A ring-of-fire pattern continues over the next week, leading to widespread rain of 1.00"-3.00" within key corn and soybean areas as thunderstorms affect varying areas of central U.S. each day. Temps initially turn hot through midweek, but heat breaks later this week, ultimately keeping most areas only slightly warmer than normal. A significant expansion of heat occurs early next week; small waves of energy will continue to trigger thunderstorms, most likely further north than recently
· Corn: CU Down $.0075 @ $.4750; CZ Down $.0050 @ $3.55. Funds, giveth and taketh away, sold 15 K on Monday
· SB: SQ Up $.03 @ $10.80; SX Up $.0075 @ $10.5575. Funds: sold 5 K SB, 4 SBM; 1 K SBO. Aug crush, -$.02, $.76; LY: $1.07
· Wheat: WU Down $.02 @ $4.2850; WZ Down $.0175 @ $4.5125. The funds sold 4 K to begin the week
CORN/SORGHUM       ;
· USDA WASDE at 11:00 AM CDT: Avg. trade guess for 15/16 U.S. corn carry-out is 1.807 bbu; avg. for 16/17, 2.213 bbu
· USDA WASDE: Avg. trade guess for 15/16 Brazil corn crop is 74.5 MMT vs. the USDA’s estimate of 77.5 in June
· USDA pegs U.S. corn silking at 32% vs. 23% in 2015 and the avg. of 26%. Good/Excellent crop ratings of 76% up one point v. last week and above 69% last year. Sorghum: Good/Excellent steady at 69% with last week vs. 67% in 2015
· ATI Research: U.S. corn balance sheet; 15/16 carryout est. at 1.800 bbu; 16/17 carry-out est. at 2.184 bbu
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 55 mbu; 16/17 carry-out pegged at 33 mbu
SOYBEANS/WHEAT
· USDA WASDE: Avg. trade guess for 15/16 U.S. soybean carry-out is 357 mbu; avg. guess for 16/17 is 295 mbu
· USDA pegs U.S. soybean blooming at 40% vs. 33% last year and 5-year avg. of 31%. Setting pods is 7% vs. 5% last year and the avg. of 5%. Good/Excellent crop ratings are 71% compared to 70% last week and 62% in 2015
· ATI Research: U.S. soybean balance sheet; 15/16 carryout at 305 mbu, while 16/17 carry-out is est. at 215 mbu
· USDA Crop Production report: Avg. trade guess--2016 winter wheat crop, 1.527 bbu; other spring, 0.558 bbu
· ATI Research: Updated 2016 U.S. spring wheat crop est. is 496 mbu—down 4 mil from last week
ENERGY
· Higher: CLQ16, +$1.28, $46.04; EBU, +$1.13; EBU-CLU, $0.92, +$.19; RBQ, +.0330; NGQ, +0.048; HOQ, +$.0358
· A mostly weaker tone was noted in cash ethanol markets on Monday: Chicago down ¾; New York off ½; Gulf eased 1 ¼; Dallas declined 1; Tampa slipped 1 ½; but LA was 1 ½ higher at $1.76 ½ per gallon
· Ethanol RINs jumped: 2014’s up 3 1/8 to 95 ¼-99 ¼; 2015’s added 3 1/8 to 95 ¼-99 ¼; & 2016’s plus 3 1/8 to 95-99
· The Aug RBOB/Aug ethanol inverse gave up $.0217 to begin the week, settling at -$.19550/gal  
LIVESTOCK/POULTRY    
·   Choice boxed beef values were 65-cents lower on Monday at $208.70, and are down 13-cents vs. last week
· 5-Area Weekly Weighted Average Steer price down $2.48 v. last week to $120.02/cwt and $30.98 lower vs. last year
· USDA mandatory pork carcass cutout value eased 61-cents on Monday to $88.96 but is 11-cents higher vs. a week ago
· CME Lean Hog Index was $0.31 lower Mon. at $82.27. July futures were down $0.425 & are $2.645 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather