HIGHLIGHTS

·       TRENDS—Mixed: CN, -$.01; SN, -$.0175; WN, +$.0250; KWN, unch

·       What caught my eye:  Trade expecting some pretty hefty soybean sales today . . . 15-33 million old crop along with 15-37 million for new. Former needs to average just 2.4 per week to reach the forecast 

·       Pandemic worries and trade concerns weigh.  Asia: Lower-- Nikkei, -1.22%; Shanghai, closed; Hang Seng, closed; EUROPE: Mostly firm—DAX, +0.25%; FTSE, -0.16%; CAC, +0.09%.  WALL STREET: Futures, lower --DOW, -125; S&P, -12; NAS, -17.75.   EXTERNALS: Aug crude, -$0.42 @ $37.59; Gold: -$6.30 @ $1,769; Sep $ Index, +.211 @ 97.340

·       T-storm Weather®: rain occurs in the Dakotas today & Corn Belt Fri.-Sat.; scattered 0.50"-1.50" totals result in the transition to a much warmer period.  Beyond that, the most likely scenario is for a wide area to be warmer than normal June 28-July 8 from highs around 90F and/or lows around 70F.  Scattered rain also forms as a Pacific-origin wave of energy floats into central U.S. around Mon., then drifts for a few days.  Rain is most likely in central & western areas (0.50"-1.50" most probable, wettest in the Dakotas)

• CN, dn $.0125 @ $3.23; CU, dn $.0175 @ $3.2525.  The funds sold 2 K yesterday                        
• ​ SN, dn $.0175 @ $8.69; SQ, dn $.02 @ $8.6550.  Funds: sold—3 SB, 5 SBO, bot 1 SBM.  Board crush: $0.64 (N/N), -1; LY, $0.99
• WN, up $.0250 @ $4.8375; WU, up $.01 @ $4.8675.  Fund selling was estimated at 4 K Wednesday                  

CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 12-31 mbu for 19/20 corn and 4-12 for 20/21

·       T-storm Weather®: a drier period most likely develops over July 4-8 for the U.S. Corn Belt, except north where additional thunderstorms form along the northern edge of a warm to hot period

·       Ethanol grind: total of 893,000 barrels/day for the week ending June 19—up 52 thousand versus last week but down 16.7% compared to last year’s 1,072,000

·       T-storm Weather®: corn in Ukraine appears to have some risks from a continuation of unseasonable warmth near-term, while areas of high pressure are also likely to limit rainfall (though corn was moist in recent weeks)

SOYBEANS/WHEAT

·       Export Sales to be released at 7:30 am CDT.  Trade expects 15-33 mbu for 19/20 soybeans and 15-37 for 20/21; soymeal, 100-250 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 drier period most likely develops over July 4-8 for the U.S. Corn Belt, except north where additional thunderstorms form along the northern edge of a warm to hot period

·       Export Sales to be released at 7:30 am CDT.  Trade expects 9-24 mbu for 20/21

·       T-storm Weather®: a stormy period is probable next week for spring wheat (and canola) in Canada and the U.S., as the main storm track aligns overhead in response to heat to the south

ENERGY

·       Lower: CLQ20, -$0.42 @ $37.59; EBQ, -$0.32 @ $39.99; EBQ-QCLQ, +$0.12; RBN, -.0389; NGN, -.031; HON, -.0170

·       Chicago ethanol was $.0205 weaker at $1.2850; basis, mostly firm:  NYC, -$.01825 @ +$.12125; Gulf, +$.0155 @ +$.12; Dallas, +$.0055 @ +$.11; Tampa, +$.01550 @ +$.1950; LA, +$.0205 @ +$.29

·       Ethanol RIN values, firm: 2019’s, +0.50 @ 39 – 42; 2020’s: +0.375 @ 42 ½ -44 ¼                          &nb​sp;                     &​nbsp;                       &n​bsp;                       &nb​sp;                       &nbs​p;                    

·       The July RBOB/July ethanol spread swung $.1370 to -$.07760, premium ethanol

LIVESTOCK/POULTRY                        ​;               

• Choice boxed beef was $2.12 lower on Wednesday at $209.69, and is down $8.24 versus a week ago   
• Light to moderate cash cattle trade noted on Wed.; Northern cattle selling for $155-$156, & Southern cattle for $97
• The mandatory pork carcass cutout value firmed $4.84 on Wed. to $67.09, and is $2.60 higher versus last week  
• Trade est. for USDA Quarterly Hogs & Pigs report: All Hogs & Pigs, 103.7%; Breeding, 98.1%, Marketing, 104.2%

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