HIGHLIGHTS

·      TRENDS—Mixed: CN, +$.0150; SN, -$.0025; WN, -$.0075; KWN, +$.0050

·      What caught my eye:  The June Hogs and Pigs Report indicated considerably more numbers on hand than were expected, and versus a year ago with the # over 180 lbs up nearly 13% and those in the 129-179 pound range up 11.8%--higher feed demand?

·      Global stocks mostly higher as U.S. reduces some banking regulations.  Asia:  Nikkei, +1.13%; Shanghai, closed; Hang Seng, closed; EUROPE: Firm—DAX, +0.96%; FTSE, +1.52%; CAC, +1.61%.  WALL STREET: Futures, mostly firm --DOW, -50; S&P, +1.50; NAS, +16.75.   EXTERNALS: Aug crude, +$0.34 @ $39.06; Gold: +$2.30 @ $1,773; Sep $ Index, -.108 @ 97.370

·      T-storm Weather®: above-normal temperatures dominate a wide area of U.S. crops going forward as persistent southerly winds form in response to a large system in the Northwest (warmth driven by mild nights).  The transition to the warmer period is underway now, which will trigger scattered thunderstorms across the Corn Belt Fri.-Sun. (especially Friday evening in eastern IA, northeastern IA, northern IL, and WI, and again within IL-IN-OH Sat.-Sun.); 0.50" to 1.50" most common

• CN, up $.0150 @ $3.1875; CU, dn $.0125 @ $3.2175.  The funds sold 15 K yesterday on lack of weather concerns                        
• ​ SN, dn $.0025 @ $8.69; SQ, unch @ $8.6550.  Funds: sold—3 SB, 2 SBO, 3 SBM.  Board crush: $0.62 (N/N), -2; LY, $1.01
• WN, dn $.0075 @ $4.86; WU, dn $.0075 @ $4.8750.  The funds bought 3 K Thursday                   

COR​N/SORGHUM

·      T-storm Weather®: attention next week remains on a couple waves of energy that drift with little direction and trigger some thunderstorms in U.S. central and western corn production areas (but less-so east)

·      June 30 USDA reports: trade pegs U.S. corn acreage at 95.2 mil (vs. 97.0 in March); June 1 corn stocks est. 4.951 bbu

·      ATI Research: Combined old and new-crop unshipped U.S. corn export sales as of June 18 were 517 mbu, which is 41% higher compared to 367 mbu last year but 27% lower versus 704 mbu two years ago

·      T-storm Weather®: above-normal temperatures and below-normal rainfall is being monitored for corn in Ukraine, though most production areas were wet in recent weeks

SOYBEANS/WHEAT

·      ATI Research: Combined old & new-crop unshipped U.S. soybean export sales as of June 18 were 514 mbu, up 9% vs. 472 mbu last year.  This is one of the higher totals in recent years & suggests a very strong Sep-Nov export program

·      June 30 USDA reports: Trade pegs U.S. soybean acres at 84.7 mil (vs. 83.5 in March); June 1 bean stocks est. 1.392 bbu

·      ATI Research: unshipped export sales U.S. HRW wheat for week end June 18 of 75 mbu are 2^nd highest total in 7 years

·      T-storm Weather®: attention next week remains on a couple waves of energy that drift with little direction, bringing the best chance for needed rainfall to spring wheat in North Dakota and Canada over Sun.-Wed. (Jun. 28 - Jul. 1)

·      June 30 USDA reports: Trade pegs U.S. wheat acres at 44.7 mil (vs. 44.7 in March); June 1 wheat stocks est. 0.980 bbu

ENERGY

·      Firm: CLQ20, +$0.39 @ $39.06; EBQ, +$0.39 @ $41.44; EBQ-QCLQ, +$0.11; RBN, +.0163; NGN, -.039; HON, +.0085

·      Chicago ethanol was $.0250 weaker at $1.26; basis, mixed:  NYC, -$.00125 @ +$.12; Gulf, unch @ +$.12; Dallas, +$.005 @ +$.1150; Tampa, +$.0050 @ +$.20; LA, +$.0050 @ +$.2950

·      Ethanol RIN values, firm: 2019’s, +0.50 @ 40 ½- 41 ½; 2020’s: +0.625 @ 43 ½ -44 ¼                                                                         ​                        &​nbsp;                       &n​bsp;                    

·      The July RBOB/July ethanol spread swung back the other way, $.11368, to $.0592, premium RBOB

LIVESTOCK/POULTRY                     ​;                   

• Choice boxed beef eased $1.43 on Thursday to $208.26, and is $5.30 lower compared to last week   
• Light cash cattle trade occurred on Thursday in Texas at $95 -- $6.00 lower than last week's weighted average
• The mandatory pork carcass cutout value declined $3.25 on Thu. to $63.84, & is $0.15 lower compared to a week ago  
• Hogs and Pigs: All hogs & pigs, 105.2% (103.7% avg. est); Kept for breeding, 98.7% (98.1%); Market, 105.8% (104.2%)

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