Information provided may include opinions of the author and is subject to disclosures found at the end of this document.

HIGHLIGHTS

·       TRENDS—Lower: CN, -$.0175; SN, -$.0425; WN, -$.01; KWN, -$.0250

·       What caught my eye: Board crush is off $.14 the past week with pressure coming from SBO futures and at $.64 per bushel this morning, is very near a 4-year low

·       Markets/global economies not out of the woods yet, COVID-19.  Asia: Lower-- Nikkei, -3.47%; Shanghai, -1.02%; Hang Seng, -2.16%; EUROPE: Weak—DAX, -0.75%; FTSE, -0.72%; CAC, -0.51%.  WALL STREET: Futures, Lower--DOW, -481; S&P, -49.25; NAS, -125.   EXTERNALS: July crude, -$0.73 @ $35.53; Gold: -$23.60 @ $1,714; Sep $ Index, -.220 @ 97.110

·       T-storm Weather®: heat in the U.S. Plains contrasts with seasonable to cool weather in the Corn Belt over the next few days.  All areas turn cooler later this week when a front passes, triggering scattered thunderstorms across the northwest half of corn and soybeans Thu.-Fri.  Better-organized rain likely follows for most corn and soybeans next weekend and the following week as additional systems and cool fronts pass.  In the end, near-normal rains and temps are most probable over the next two weeks

• CN, dn $.0175 @ $3.2825; CU, dn $.0175 @ $3.3275.  The funds were even in Friday’s trade, increasing their net short from LW                    
• SN, dn $.0425 @ $8.67; SQ, dn $.05 @ $8.6750.  Funds: Bot 3 SB, even SBM, sold 1 SBO.  Board crush: $0.67 (N/N), -7; LY, $1.28
• WN, dn $.01 @ $5.01; WU, dn $.0125 @ $5.0650.  The funds bought 2 K; shorts in all 3 classes increased last week             

CORN/SORGHUM

·    ​   U.S. corn Good/Excellent crop condition ratings in today’s USDA Crop Progress report are projected to be 74-76% compared to 75% last week, 59% last year & 5-year avg. of 70%

·       T-storm Weather®: low humidities over the next few days leave most of the central U.S. dry.  A cool front then triggers scattered rain Thu.-Fri. across the northwest half of corn, producing 0.25”-0.75” with 0.75” to 1.50” in IA

·       Export Inspections released at 10 am CDT; Corn, 50.8 mbu needed; 43.3 last week.  Milo—5.1 needed; 7.7 last week

·       T-storm Weather®: some thunderstorms affect far southern Brazil the next two weeks as a series of cool fronts pass, but generally focus on Rio Grande do Sul, which is south of where second-crop corn is produced & being harvested

SOYBEANS/WHEAT

·       U.S. soybean planting progress in today’s USDA Crop Progress report is projected to be ~94% v. 86% last week, 72% last year and the 5-year average of 88%; Good/Excellent crop condition ratings could be 71-73% v. 72% last week

·       T-storm Weather®: low humidities over the next few days leave most of the central U.S. dry.  A cool front then triggers scattered rain Thu.-Fri. across the northwest half of soybeans, producing 0.25”-0.75” with 0.75” to 1.50” in IA

·       Export Inspections released at 10 am CDT; Soybeans, 28.4 mbu needed; 7.8 last week

·       T-storm Weather®: heavy rain over next two weeks impacts a wide swath of wheat across the European Union

·       Crop Progress: U.S. winter wheat harvest in Crop Progress report projected at 17-18% v. 7% last week & the 15% avg.

ENERGY

·       Lower: CLN20, -$0.73 @ $35.53; EBQ, -$0.23 @ $38.50; EBQ-QCLQ, +$0.48; RBN, -.0043; NGN, -.003; HON, -.00042

·       Chicago ethanol was a penny weaker Friday at $1.24625; basis, mixed:  NYC, +$.01 @ +$.09375; Gulf, unch @ +$.09875; Dallas, -$.0050 @ +$.11875; Tampa, -$.01 @ +$.22875; LA, -$.01 @ +$.24375

·       Ethanol RIN values, firmer: 2019’s, +0.75 @ 45 – 47; 2020’s: +0.50 @ 47-49                           &nb​sp;                        &nb​sp;                       &nbs​p;                        ​;                        ​              

· &nbs​p;     The July RBOB/July ethanol inverse edged up $.0005 to $.0737/gallon, premium ethanol

LIVESTOCK/POULTRY                                    &nbs​p;  

• Choice boxed beef was $4.92 lower on Friday at $230.64, and is down $30.64 compared to a week ago  
• Southern cash cattle last week traded for $98 to $108, which was $7 to $10 lower than the previous week
• The mandatory pork carcass cutout value gained $0.46 on Fri. to $69.23, but is still $2.75 lower versus last week
• CME Lean Hog Index declined $1.02 on Fri. to $48.97.  July futures fell $0.45 but are still $2.705 above the index

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