HIGHLIGHTS

·       TRENDS—Higher: CU, +$.0450; SQ, +$.10; WU, +$.0275; KWU, +$.0450.  Dely: SBM, 0, SBO, 217; RR, 0; HRW, 49; SRW, 133

·       What caught my eye:  T-Storm ® notes there is moderate likelihood that July could be among the 10% to 20% warmest in the Corn Belt going back 125 years

·       Global markets all notably higher despite more cases of COVID-19 world-wide.  Asia: Higher--Nikkei, +1.81%; Shanghai, +5.71%; Hang Seng, +3.81%; EUROPE: Higher—DAX, +1.90%; FTSE, +1.97%; CAC, +1.84%.  WALL STREET: Futures, sharply higher --DOW, +399; S&P, +40; NAS, +131.   EXTERNALS: Aug crude, -$0.02 @ $40.63; Gold: -$6.80 @ $1,783; Sep $ Index, -0.426 @ 96.875

·       T-storm Weather®: a wide area will be warmer to much-warmer than normal over the next two weeks as upper-level high pressure fluctuates in & near the central U.S., despite several days of seasonableness starting Fri.  Thunderstorms focus along the northern periphery of the high to produce near-normal totals, but most other areas are likely to be drier than normal as light mid-level winds & warm mid-level temps limit inevitable thunderstorms from forming into large clusters necessary for heavy rain

• CU, up $.0450 @ $3.48; CZ, up $.0425 @ $3.5775.  The funds sold an estimated 9 K on Thursday                       ​      
• SQ, up $.10 @ $9.0125; SX, up $.1175 @ $9.0850.  Funds: Sold 2 SB, 2 SBO, 1 SBM.  Board crush: $0.71 (Q/Q), +2; LY, $1.00
• WU, up $.0275 @ $4.9475; WZ, up $.0175 @ $5.0150.  The funds were sellers of 3 K ahead of the 3-day weekend                       

CORN/SORGHUM

·   &nbs​p;   USDA Crop Progress report to be released at 3:00 pm CDT today.  On average, U.S. corn silking increases approximately 10% from June 28-July 5.  Last year’s pace as of July 5 was approx. 6%, & the 5-year avg. is approx. 17%

·       T-storm Weather®: above- to much above-normal temps affect a wide area of U.S. corn the next two weeks averaging a substantial +4°F to +8°F from normal; 1.00”-2.00” of rain affects northern 20% of corn, with 0.50”-1.50” elsewhere

·       Export Inspections released at 10 am CDT; Corn, 51.9 mbu needed; 48.6 last week.  Milo—5.8 needed; 6.2 last week

·       T-storm Weather®: some rain & breaks in heat occur over the next 7-10 days for corn in Ukraine, but not wet & cool

SOYBEANS/WHEAT

·       USDA Crop Progress report to be released at 3:00 pm CDT today.  On average, U.S. soybeans blooming increases approximately 14% from June 28-July 5.  Last year’s pace as of July 5 was approx. 8%, & the 5-year avg. is approx. 25%

·       T-storm Weather®: above- to much above-normal temps affect wide area of U.S. beans the next two weeks averaging a substantial +4°F to +8°F from normal; 1.00”-2.00” of rain affects northern 20% of beans, with 0.50”-1.50” elsewhere

·       Export Inspections released at 10 am CDT; Soybeans, 33.1 mbu needed; 11.9 last week

·       T-storm Weather®: the U.S. spring wheat drought is over, with most areas receiving an additional 1.00” to 2.00” over the next two weeks (which is near-normal)

·       Export Inspections released at 10 am CDT; Wheat, 18.3 mbu needed; 18.9 last week

ENERGY

·       Mixed: CLQ20, -$0.02 @ $40.63; EBU, +$0.58 @ $43.38; EBU-QCLU, +$0.61; RBQ, -.0018; NGQ, +.119; HOQ, +.0153

·       Chicago ethanol was $.03 firmer at $1.3850; basis, steady/weaker: NYC, unch @ +$.1450; Gulf, unch @ +$.0950; Dallas, -$.0050 @ +$.10; Tampa, -$.01 @ +$.1950; LA, unch @ +$.2550

·       Ethanol RIN values, mixed: 2019’s, +0.3750 @ 44 ½- 44 ¾; 2020’s: -1.6250 @ 43 ½ -47 ¾                                                            ​;                        ​                        &​nbsp;                        &​nbsp;         

·  ​     The Aug RBOB/July ethanol went to an inverse Thursday, up $.0587 to -$.0508, premium ethanol

LIVESTOCK/POULTRY             <​wbr>                 &nbs​p;        

• Choice boxed beef firmed $0.06 on Thursday to $205.44, but is still $2.82 lower compared to the previous week   
• Cash cattle last week traded for $91 to $96 in the South, while Northern cattle traded for $148 to $155
• The mandatory pork carcass cutout value gained $3.01 on Thu. to $66.46, and is $2.62 higher versus a week ago
• CME Lean Hog Index declined $0.26 on Thu. To $45.01.  July futures eased $0.075 and are $0.285 below the index

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