HIGHLIGHTS
· MARKET TREND—Higher: CN: Up $.03; SN: Up $.1050; WN: Up $.0350; KWN: Up $.0475
· MACRO: Equities are mostly higher overseas--UK vote to leave/stay in the EU put on hold due to death of British parliament member. ASIA: Nikkei, +1.1%; Shanghai, +0.4%; Hang Seng, +0.7%. EUROPE: Higher as well with CAC, +1.1%; DAX, +1.2%; FTSE, +1.3%. WALL STREET: Not so in the U.S with futures weaker—DOW, -25; S&P, -4.5; NAS, -4.5. EXTERNALS: The $ Index is .156 lower @ 94.555; gold is $8.70 in the red at $1,288.10 and July crude is $.69 higher @ $46.90/barrel
· T-storm Weather: A huge upper-level high produces intense heat in the Plains, hot weather in the western Corn Belt, but leaves the eastern Corn Belt only slightly above-normal due to near-normal temps from a northeast wind the next few days. Extreme heat caused a thunderstorm to explode in central Kansason Wed., and as such and for that reason only, we are leaving a low chance for isolated thunderstorms in the western Corn Belt through tonight. A cool front breaks the heat wave for several days next week . It is most probable for 1 or 2 areas of thunderstorms to affect central U.S. next week, leading to 0.50"-1.00" of rain
· CN, Up $.03 @ $4.2825; CZ, Up $.03 @ $4.3875. More weather relating selling—10 K by the funds onThursday
· SN, Up $.1050 @ $11.45; SX, Up $.10 @ $11.2925. Heavy fund selling—20 K SB; 12 K SBM; 8 K SBO
· WN, Up $.0350 @ $4.76; WU, Up $.0425 @ $4.89. The funds sold 4 K, row crop pressure/macro influences
CORN/SORGHUM     ; ;
· ATI Research: The latest 4-week average for U.S. corn export sales, including old and new crop, is a record 57.5 mbu per week. This is double last year’s pace and nearly 2 1/3rd times the five-year average
· ATI Research: U.S. old-crop sorghum export sales of 2.0 mbu were down 59% vs. 4-week avg. & below last year’s 2.4
· T-storm Weather: Once coolness eases from later next week forward, it should open the door for an expansion of the upper-level high into the central U.S. Thunderstorms would form along its northern edge.
· ATI Research: Accumulated growing degree days since May 1 in Central Illinois are approx. 786 vs. the average of 665
· December 2016 corn futures on Thu. closed at $4.35 ¾; one year ago, the December 2015 contract settled at $3.73 ¼
SOYBEANS/WHEAT
· ATI Research: U.S. old-crop soybean export sales for week end June 9 of 30.0 mbu were up 8% from the prior week, 57% above the 4-week average and sharply higher compared to the year ago total of 4.9 mbu
· Consultant: Condition of the U.S. soybean crop is starting off better than last year and the long term average
· U.S. soybean planting progress for week ending June 19 projected to be well above last year’s total of approx. 89%
· ATI Research: U.S. all wheat export sales for week end June 9 of 28.0 mbu were more than double last year’s 11.6
· T-storm Weather: Hot, dry weather likely to support active HRW wheat harvest for Southern Plains short-term
ENERGY
· Higherr: CLN16, +$0.69, $46.90; EBQ, +$0.94; EBQ-CLN, $1.10,-$.14; RBN, +$.0307; NGN, +0.001; HON, +$.0301
· Cash ethanol markets maintained a weak tone on Thursday: Chicago off 2 7/8; New York down 1 ¾; Gulf slipped 1; Dallas declined 1 ½; Tampa eased ½; and LA was 2 lower at $1.78 ½ per gallon
· Ethanol RINs lower: 2014’s off 1 at 83 ¾-84 ¾; 2015’s down 1 at 83 ¾-84 ¾; and 2016’s declined 1 to 83 ½-84 ½
· The July RBOB/July inverse increased $.0091 to settle at -.1947/gallon. Trading -$.1742 this am  
LIVESTOCK/POULTRY    
·   Choice boxed beef values declined $2.94 lower on Thursday to $223.48, and are down $3.37 compared to last week
· Dressed steer weight week end June 4: 864 lbs., up 5 pounds v. last week, 861.5 for 4-week avg. & 866 last year
· USDA mandatory pork carcass cutout value gained 23-cents on Thu. to $86.68, but is 47-cents lower vs. a week ago
· CME Lean Hog Index was up $0.57 on Thu. at $82.19. July futures gained $0.25 and are $4.885 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather