HIGHLIGHTS
· MARKET TREND—Lower: CN, Down $.0475; SN: Down $.0625; WN: Down $.0425; KWN: Down $.0450
· MACRO: Fed meeting today and Wednesday; EU awaiting UK outcome; weak May Chinese investment, factory output all pushing equities lower. ASIA: Nikkei, down 1%; Shanghai, up .35%; Hang Seng, off .6%. EUROPE: Lower, again—DAX, -.75%; FTSE, -1.24%; CAC, -1.35%. WALL STREET: Pre-markets are down—DOW futures, -36; S&P, - 5 ¼; NAS, -22.50. EXTERNALS: The $ Index is up .419 @ 94.84; gold is $4.10 lower at $1,281.30 and July crude is $.60 lower $48.27/barrel
· T-storm Weather: A strong wave moves across the central U.S. through midweek. Heat breaks for a few days in the eastern Corn Belt and Delta once the wave can develop a feed of northeast wind. Areas of thunderstorms occur with highest coverage and amounts most likely within central and northern corn and soybean areas. Rainfall amounts are slightly decreased to 0.50" to 1.50" through midweek. The most favored location for unabated heat with limited rainfall is from Nebraska south (after thunderstorms today)
· CN, Down $.0475 @ $4.2525; CZ, Down $.0475 @ $4.3525. The funds were active buyers on Monday, at 15 K
· SN, Down $.0625 @ $11.6250; SX, Down $.1050 @ $11.4850. Funds: sold 5 K SB; 4 K SBM and 4 K SBO
· WN, Down $.04 @ $4.8725; WU, Down $.0425 @ $4.99. The funds sold 4 K to begin the week
CORN/SORGHUM        
· USDA pegs nationwide U.S. corn emergence at 96% vs. 95% in 2015 and the avg. of 94%. Good/Excellent crop ratings of 75% are steady with last week but above 73% last year. Sorghum planting at 76% vs. 67% last year the 75% avg.
· ATI Research: U.S. corn balance sheet; 15/16 carryout est. at 1.651 bbu; 16/17 carry-out est. at 1.980 bbu
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 55 mbu; 16/17 carry-out pegged at 56 mbu
· T-storm Weather: Heat continues through at least early next week in the central and southern Plains. Waves of energy move along the edge of heat, leading to rain chances in northern and/or eastern areas within Sunday-Tuesday
SOYBEANS/WHEAT
· USDA pegs U.S. soybean planting as of June 12 at 92% vs. 85% last year and 5-year avg. of 87%. Soybean emergence is 79% vs. 72% in 2015 and the avg. of 72%. Good/Excellent crop ratings are 74% vs. 72% last week and 67% in 2015
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 366 mbu; 16/17 carry-out estimated at 353 mbu
· T-storm Weather: Only scattered rainfall forecast through Thu. in U.S. Southern Plains, favoring HRW harvest progress
· ATI Research: U.S. HRS wheat balance sheet; 15/16 carryout pegged at 306 mbu; 16/17 carry-out est. at 271 mbu
· ATI Research: Updated 2016 U.S. winter wheat production estimates (in mbu): HRW, 931 (model now incorporates USDA forecast for Kansas); SRW, 356; and White, 214. The updated U.S. HRS production estimate is 483 mbu
ENERGY
· Lower: CLN16, -$0.61, $48.27; EBQ, -$0.64; EBQ-CLN, +$1.44,-$0.03; RBN, -$.0065; NGN, -0.019; HON, -$.0168
· A mixed trend was evident in cash ethanol markets on Monday: Chicago increased 2; New York declined 1 ¼; Gulf firmed 3; Dallas and Tampa added 2; Tampa increased ½; and LA was steady at $1.82 per gallon
· Ethanol RINs mixed: 2014’s steady at 82 ½-83; 2015’s up 1/8 at 82 ½-83 ¼; and 2016’s gained 1/8 to 82 ¼-83
· The July RBOB/July inverse widened further on Monday, up $.0614 to-.1588/gallon
LIVESTOCK/POULTRY <wbr>  
· Choice boxed beef values were 11-cents lower on Monday at $227.56, but are still $3.46 higher vs. a week ago
· 5-Area Weekly Weighted Average Steer price down $1.68 v. last week to $127.52/cwt and $25.96 lower vs. last year
· USDA mandatory pork carcass cutout value increased 80-cents on Mon. to $86.64, and is 51-cents higher vs. last week
· CME Lean Hog Index up $0.35 on Mon. at $80.77. June futures were $0.45 lower but are still $1.055 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather