HIGHLIGHTS

·       TRENDS—Higher: CU, +$.0550; SQ, +$.0625; WU, +$.0250; KWU, +$.0325.  Dely: SBM, 0, SBO, 61; HRW, 26; SRW, 84

·       What caught my eye:  U.S. corn exports have gotten a boost from a drop-off in Ukraine’s shipments during May-June; the former month was 37% lower vs LY at 94 million while June’s total was off 26/30% yr to yr at 61 mbu

·       Markets are mostly higher, following yesterday’s U.S. gains.  Asia: Higher--Nikkei, +0.40%; Shanghai, +1.39%; Hang Seng, +0.31%; EUROPE: Mostly firm—DAX, +1.30%; FTSE, -0.53%; CAC, +0.12%.  WALL STREET: Futures, slightly lower --DOW, -56; S&P, -1; NAS, +48.25.  EXTERNALS: Aug crude, -$0.14 @ $40.76; Gold: +$2.10 @ $1,823; Sep $ Index, +0.037 @ 96.405

·       T-storm Weather®: scattered thunderstorms affect most U.S. corn & soybeans through Fri. as a cool front approaches & passes, followed by a few more Sat. when separate wave of energy passes; 0.25"-0.75" with higher amounts of 1.00" in central & eastern KS-NE, & 0.50"-0.75" in northeast half of Corn Belt (including drying IN & OH).  Very warm & hot weather continues through today, then breaks as the cool front passes; several days of seasonable to slightly cool weather follow, with highs in the 80s & lows in 60s

• CU, up $.0550 @ $3.5175; CZ, up $.05 @ $3.5925.  Fund buying yesterday was estimated at 8 K                        
• SQ, up $.0625 @ $8.9875; SX, up $.0625 @ $9.035.  Funds: Sold 3 SB, 2 SBM & 3 SBO.  Board crush: $0.68 (Q/Q),-3; LY, $1.02
• WU, up $.0250 @ $5.19; WZ, up $.0150 @ $5.2325.  The funds bought 10 K                          

CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 12-24 mbu for 19/20 corn and 6-20 for 20/21

·       T-storm Weather®: sharp warming unfolds from west to east over July 13-14 across most U.S. corn, as a large field of southwesterly winds develops in response to a large system in Canada; only light rain is likely during that time

·       Ethanol grind: total of 914,000 barrels/day for the week ending July 3—up 14 thousand versus last week but down 12.7% compared to last year’s 1,081,000

·       T-storm Weather®: a total of 79% of corn in Ukraine was drier than normal over the last 14 days (ending Mon).  Corn in Ukraine continues to turn drier over the next 5-7 days, but with occasional cooling; some rain occurs in 1-2 weeks

SOYBEANS/WHEAT

·       Export Sales to be released at 7:30 am CDT.  Trade expects 11-29 mbu for 19/20 soybeans and 15-37 for 20/21; soymeal, 75-250 K MT for 19/20 and 0-50 for 20/21; soyoil, 5-25 for 19/20 and 0-5 for 20/21  

·       T-storm Weather®: sharp warming unfolds from west to east over July 13-14 across most U.S. soybeans, as a large field of southwesterly winds develops in response to a large system in Canada; only light rain is likely during that time

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

·       T-storm Weather®: favorably cool with some rain develop over the next 7 to 10 days across spring wheat in Canada. Occasional cooling with some additional rain develops over the same time period for spring wheat in the U.S.

ENERGY

·       Mixed: CLQ20, -$0.14 @ $40.76; EBU, +$0.10 @ $43.39; EBU-QCLU, +$0.25; RBQ, -.0059; NGQ, +.011; HOQ, +.0064

·       Chicago ethanol gained $.05 to $1.61; basis, mixed: NYC, +$.01 @ +$.0600; Gulf, unch @ +$.0050; Dallas, -$.02 @ -$.02; Tampa, -$.04 @ +$.14; LA, unch @ +$.23

·       Ethanol RIN values, firm: 2019’s, +1.25 @ 45- 46 ½ 2020’s: +1.50 @ 47 ½ -49                                                            &nbs​p;                        ​;                        ​                         ​          

·     ​;  The Aug RBOB/August ethanol inversion eased $$.0010 to -$.0691, premium ethanol

LIVESTOCK/POULTRY               &nbs​p;                       

• Choice boxed beef declined $1.47 on Wednesday to $203.83, and is down $1.55 versus a week ago
• Cash cattle trade developed on Wed. at $95 in the South- steady with this week's trade, but up $1.00 vs. week ago
• The mandatory pork carcass cutout value soared $5.07 on Wed. to $67.10, & is $3.65 higher versus last week 
• CME Lean Hog Index declined $0.55 on Wed. to $45.35.  July futures eased $0.475 and are $1.300 below the index

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