HIGHLIGHTS

·       TRENDS—Firm: CN, +$.0225; SN, +$.03; WN, +$.0225; KWN, +$.0425

·       What caught my eye: Not a huge item but interesting to note that the poultry industry is gearing back up with Eggs Set at 102% of a year ago and Chicks Placed just 1% less

·       Possible 2^nd wave of COVID has traders jittery.  Asia: Mostly lower-- Nikkei, -0.45%; Shanghai, +0.12%; Hang Seng, -0.07%; EUROPE: Lower—DAX, -0.33%; FTSE, -0.14%; CAC, -0.50%.  WALL STREET: Futures, Mixed--DOW, -45; S&P, -4.75; NAS, +1.50.   EXTERNALS: July crude, +$0.35 @ $38.31; Gold: -$2.50 @ $1,733; Sep $ Index, -.014 @ 97.130

·       T-storm Weather®: heat finally ends today in the Plains as a seasonable to cool period dominates the central U.S. for 10 days.  A series of systems and cool fronts trigger thunderstorms in varying areas at varying times, though the exact setup at any point is difficult to determine.  The most likely scenario is for thunderstorms to focus on the northwest half of corn and soybeans into next week, then the southeast half next week

• CN, up $.0225 @ $3.3250; CU, up $.0250 @ $3.3750.  The funds were buyers of 3 K yesterday, weather & disappointing corn grind                      
• SN, up $.03 @ $8.7425; SQ, up $.0275 @ $8.7450.  Funds: Bot 4 SB, 1 SBM, 2 SBO.  Board crush: $0.71 (N/N), -3; LY, $1.06
• WN, up $.0225 @ $4.91; WU, up $.02 @ $4.96.  The funds were again sellers of 6 K              

CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 18-33 mbu for 19/20 corn and 2-12 for 20/21

·       T-storm Weather®: a complex forecast persists; 1.00” to 2.00” of rain is probable on most U.S. corn over the next two weeks (which is ~50% to ~100% of normal), aiding some, but leaving others needing more

·       Ethanol grind: total of 841,000 barrels/day for the week ending June 12—up 4 thousand versus last week but down 22.2% compared to last year’s 1,081,000

·       T-storm Weather®: heavy rain is forecast to impact corn across western growing areas of Ukraine into the weekend, while rain develops across eastern areas in 5 to 10 days; overall weather outlook for corn remains slightly favorable

SOYBEANS/WHEAT

·       Export Sales to be released at 7:30 am CDT.  Trade expects 18-44 mbu for 19/20 soybeans and 22-48 for 20/21; soymeal, 150-300 K MT for 19/20 and 0-50 for 20/21; soyoil, 5-30 for 19/20 and 0-5 for 20/21  

·       T-storm Weather®: a complex forecast persists; 1.00” to 2.00” of rain is probable on most U.S. soybeans over the next two weeks (which is ~50% to ~100% of normal), aiding some, but leaving others needing more

·       Export Sales to be released at 7:30 am CDT.  Trade expects 9-18 mbu for 20/21

·       T-storm Weather®: rain affects most spring wheat in Canada today; dryness follows until a stormier period unfolds in 10-14 days, perhaps leaving some areas drier than ideal given extensive 60-day dryness in Manitoba & Saskatchewan

ENERGY

·       Firm: CLN20, +$0.35 @ $38.31; EBQ, +$0.45 @ $41.16; EBQ-QCLQ, +$0.05; RBN, +.0064; NGN, +.002; HON, +.0052

·       Chicago ethanol rose $.0275 at $1.3375; basis, weaker:  NYC, -$.01 @ +$.0975; Gulf, -$.0175 @ +$.0675; Dallas, -$.0175 @ +$.0825; Tampa, -$.0225 @ +$.1775; LA, -$.0075 @ +$.1825

·       Ethanol RIN values, down: 2019’s, -2.875 @ 44 ½ – 46; 2020’s: -2.00 @ 46-48                                ​;                        ​                                                  ​                        &​nbsp;          

·     ​;  The July RBOB/July ethanol spread reverted to an inverse, gaining $.03890 to -$.0317, premium ETOH

LIVESTOCK/POULTRY                                     &nb​sp; 

• Choice boxed beef was $9.96 lower on Wednesday at $217.93, and is down $18.13 versus last week   
• Light cash cattle trade seen on Wed.; Southern sales were mostly $102, unch to $4.00 higher than rest of this week
• The mandatory pork carcass cutout value firmed $0.95 on Wed. to $64.49, but is still $3.48 lower versus a week ago
• CME Lean Hog Index eased $0.73 on Wed. to $47.37.  July futures were unchanged and are $2.28 above the index

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