·        MARKET TREND—Steady to Lower with weekend rain amounts generally as expected and tempertures, moderate

·        MACRO:  Rumors circulate the Brexit aftermath forces a financial services company to suspend a property fund after investors pull money. Markets are mixed:  ASIA: Nikkei, +.67%; Shanghai, +.62%; Hang Seng, -1.46% . EUROPE:The CAC is 1.36% lower; DAX, 1.45%; FTSE, +.27%.   WALL STREET: Pre-market indicators—DOW, -81; S&P, -10.55; NAS, -22.50. OUTSIDE  MARKETS: The $ Index is down .119 @ 95.6; July Gold  is $9.9 higher @ $1,346.50 and August crude is $1.12 lower @ $47.87.  Deliveries:  Corn, 385; SB, 237; SBO, 642; HRW, 11; SRW, 196

·        T-storm Weather: Weekend rain amounts ranged from ½ to close to 4” for NE, KS, MO, Southern IL and the ECB as well as southern IA with 25-30% coverage.  While temperatures are forecast for the mid-90’s the next few days, most of the high readings will not impact most of the key growing areas. There is some rain in the forecast for the remainder of this week with the longer term outlook calling for potential ridging and some heat in mid-July

·        Corn:  Funds:  sold 15 K on Friday

·        Soybeans:  Funds: sold 6 K SB, 4 K SM; 4 K SBO.  July crush, +1, $.63 LY: $0.99

·        Wheat:  The funds ended the week buying 10 K  

CORN/SORGHUM                           ​                        &​nbsp;                        &​nbsp;                       &n​bsp;                       &nb​sp;       

·        ​December 2016 corn futures closed at $3.67 on Friday—the lowest settlement price for the life of the contract, surpassing the previous low of $3.68 ¾ last seen on April 11

·        USDA Crop Progress: Good/Excellent U.S. corn crop rating could be unchanged to down 2% compared to last week’s 75% but above last year’s 69%

·        Export Inspections released at 10 AM CDT; Corn, 54.6 mbu needed; 57.1 last week.  Milo—3.9 needed; 4.7 last week

·        Consultant: U.S. corn pollination is advancing northward and a total of 50% of the 2016 crop could be pollinated by July 10-13

SOYBEANS/WHEAT

·        November 2016 soybean futures closed at $11.37 ½ Fri.; one year ago, November 2015 contract settled at $10.30 ¼

·        USDA Crop Progress: Good/Excellent U.S. soybean crop rating could be steady to 1% lower compared to last week’s 72% but above last year’s 63%

·        Export Inspections released at 10 AM CDT; Soybeans, 14.9 needed; 10.0 last week

·        USDA Crop Progress: U.S. winter wheat harvest est. at 55-60% vs. approx. 50% last year and 55% for the 5-year avg.

·        Export Inspections released at 10 AM CDT; Wheat, 17.1 needed; 18.8 last week

ENERGY

·        Lower: CLQ16, -$1.11, $47.87; EBU, -$1.10; EBU-CLU, $0.52, $.07; RBQ, -$.0403;  NGQ, -0.071; HOQ, -$.0373

·        Cash ethanol markets were mixed on Friday: Chicago down 5/8; New York off 1 ½; Gulf and Tampa unchanged; Dallas climbed ½; and LA was 1 higher at $1.78 ½ per gallon

·        Ethanol RINs gained: 2014’s firmed 1 3/8 to 93 ¼-93 ¾; 2015’s added 1 ½ to 93 ¼-93 ¾; & 2016’s up 1 ¼ to 93-93 ½

·        The Aug RBOB/July ethanol inverse lost $.0071 on Friday, settling at -$.11550/gal                      &nb​sp;          

 LIVESTOCK/POULTRY        ​;    ​                      &nb​sp;                  <​/p>

·        Choice boxed beef values increased 29-cents on Friday to $208.73, but are still $5.13 lower vs. a week ago

·        Dressed steer weight week end June 18: 867 lbs., up 3 pounds v. last week, 862.3 for the 4-week avg. & 872 last year

·        USDA mandatory pork carcass cutout value firmed $1.32 on Friday, and is 29-cents higher vs. last week

·        CME Lean Hog Index declined $0.46 on Friday to $84.45.  July futures were $0.175 lower $ are $1.775 below the index

             Sources: Bloomberg, Dow Jones, AP, T-storm Weather