HIGHLIGHTS

·       TRENDS—Firm: CN, +$.0175; SN, +$.03; WN, +$.0075; KWN, +$.0275

·       What caught my eye: Combined old and new crop soybean sales the past month are averaging 56 million per week; best mid-May/mid-June showing in at least 20 years and more than 2 ½ times the pace of both last year and the seasonal average 

·       Global equity markets are all higher in spite of lingering COVID worries.  Asia: Firm-- Nikkei, +0.55%; Shanghai, +0.96%; Hang Seng, +0.73%; EUROPE: Firm—DAX, +1.14%; FTSE, +1.51%; CAC, +1.46%.  WALL STREET: Futures, Happy Friday--DOW, +270; S&P, +29; NAS, +84.25.   EXTERNALS: July crude, +$1.05 @ $39.89; Gold: +$8.30 @ $1,739; Sep $ Index, +.045 @ 97.445

·       T-storm Weather®: a cold front causes periods of showers and thunderstorms to focus on the northwest half to two-thirds of U.S. corn and soybeans (and most HRW wheat) until decisively clearing the region Sunday, producing 1.00" to 2.00".  The southeast half also receive showers and thunderstorms as an upper-level system lingers to the immediate east today and as the cold front approaches and passes over Sat.-Mon., producing scattered 0.50" to 1.00"

• CN, up $.0175 @ $3.3275; CU, up $.0175 @ $3.3725.  Funds sold 1 K as an improving forecast weighed on early gains                       
• ​ SN, up $.03 @ $8.77; SQ, up $.03 @ $8.7550.  Funds: Bot 2 SB, 3 SBM, sold 2 SBO.  Board crush: $0.71 (N/N), 0; LY, $1.06
• WN, up $.0075 @ $4.8425; WU, up $.0025 @ $4.89.  The funds sold 4 K—harvest moving along and little export interest              

CORN/SORGHUM

·       T-storm Weather®: a strong system and cold front likely pass within June 23-26, causing scattered thunderstorms to form within the southeast half to two-thirds of U.S. corn for one to three days, producing 0.75" to 1.50" totals

·       ATI Research: Combined old and new-crop unshipped U.S. corn export sales as of June 11 were 548 mbu, which is 45% higher compared to the same period last year.  It is also very near the third highest total of the past 20 years

·       NWS Seasonal Drought Outlook released on Thu. forecast no drought development for U.S. Corn Belt through Sep. 30

·       T-storm Weather®: mild temperatures and periods of rain occur over the next 7 to 10 days in Ukraine corn production areas, with the heaviest rainfall totals in the west.  Overall, the near-term weather outlook is favorable for corn

SOYBEANS/WHEAT

·       T-storm Weather®: a strong system and cold front likely pass within June 23-26, causing scattered thunderstorms to form within the southeast half to two-thirds of U.S. soybeans for one to three days, producing 0.75" to 1.50" totals

·       ATI Research: Combined old and new-crop unshipped U.S. soybean export sales as of June 11 were 482 mbu, which is nearly unchanged compared to the same period last year.  However, it is second highest total of the past 7 years

·       Unshipped export sales U.S. HRW wheat for the week ending June 11 were 75 mbu—the 2^nd highest total in 9 years

·       T-storm Weather®: below-normal rainfall affects spring wheat in Canada over the next 10 days, likely leaving parts of Manitoba and Saskatchewan in need of more rain later this month

ENERGY

·       Firm: CLN20, +$1.05 @ $39.89; EBQ, +$0.86 @ $42.37; EBQ-QCLQ, -$0.11; RBN, +.0131; NGN, +.013; HON, +.0210

·       Chicago ethanol was $.0025 higher at $1.34; basis, mixed:  NYC, -$.0125 @ +$.11; Gulf, +$.0075 @ +$.075; Dallas, -$.0025 @ +$.08; Tampa, -$.0025 @ +$.1750; LA, -$.0025 @ +$.18

·       Ethanol RIN values, down: 2019’s, -3.00 @ 41 ½ – 43; 2020’s: -3.25 @ 43-45                                    ​;                        ​                        &​nbsp;                       &n​bsp;                       &nb​sp;        

·       T​he July RBOB/July ethanol spread is trading at $.04150 this morning, premium RBOB; closed +.02770 yesterday

LIVESTOCK/POULTRY             &​nbsp;                        &​nbsp;

• Choice boxed beef declined $4.37 on Thursday to $213.56, and is $22.00 lower versus a week ago   
• Est. for today’s USDA Cattle on Feed report: June 1 on feed, 99.0%; Placed in May, 97.5%; Marketed in May, 73.8%
• The mandatory pork carcass cutout value eased $0.50 on Thu. to $63.99, and is down $4.78 compared to last week
• CME Lean Hog Index was $0.93 lower on Thu. at $46.44.  July futures firmed $0.250 and are $3.46 above the index

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