HIGHLIGHTS

·       TRENDS—Mostly Firm:  CN, +$.0275; SN, +$.0050; WN, unch; KWN, +$.0275

·       What caught my eye: Trade expects the USDA to add 65 million to its corn carry-out estimate for 19-20 to 2.163 billion with the average 20-21 forecast edging 38 mbu higher to 3.36 billion

·       Futures are higher, hoping to add to last week’s gains.  Asia: Firm-- Nikkei, +1.37%; Shanghai, +0.24%; Hang Seng, +0.03%; EUROPE: Mostly weaker—DAX, +0.51%; FTSE, +0.17%; CAC, +0.53%.  WALL STREET: Futures, higher--DOW, +123; S&P, +10.25; NAS, +2.   EXTERNALS: July crude, +$0.27 @ $38.92; Gold: +$15.10 @ $1,698; Sep $ Index, +0.003 @ 96.895

·       T-storm Weather®: a large system, cold front, and the remnant of Tropical Storm Cristobal converge over the next few days to produce moderate to heavy rain in the western Corn Belt and eastern Plains, but likely much less in the eastern Corn Belt and HRW wheat belt.  Cool and mainly dry surface-level high pressure then dominate for five days, followed by a return to near- and above-normal warmth in 7 to 10 days 

• CN, up $.0275 @ $3.34; CU, up $.0275 @ $3.3825.  The funds ended the week buying 6 K                    
• SN, up $.0050 @ $8.6825; SQ, up $.01 @ $8.71.  Funds: bot 3 SB, 1 SBM, 5 SBO.  Board crush: $0.78(N/N), +2; LY, $1.32
• WN, unch @ $5.1525; WU, dn $.0025 @ $5.20.  The funds sold 5 K on Friday, harvest expectations and rains in Europe          

CORN/SORGHUM

· &nbs​p;     U.S. corn planting progress in today’s USDA Crop Progress report is projected to be ~95% v. 93% last week, 78% last year & the 5-year avg. of 95%; Good/Excellent could be unch to 2 points higher v. 74% last week & 5-year avg. of 71%

·       T-storm Weather®: waves of energy trigger some rain across the U.S. Corn Belt within June 14-20, but influxes of humidities may be limited by high pressure to the south, most likely keeping amounts near- or below-normal

·       Export Inspections released at 10 am CDT; Corn, 50.3 mbu needed; 44.4 last week.  Milo—5.3 needed; 4.9 last week

·       T-storm Weather®: periods of rain affect far southern Brazil the next two weeks, but sharply drier weather develops to the immediate north & south, leaving second-crop corn with mixed to favorable weather for harvest

SOYBEANS/WHEAT

·       U.S. soybean planting progress in today’s USDA Crop Progress report is projected to be ~79% v. 75% last week, 54% last year & 5-year avg. of 79%; Good/Excellent could be unch to 2 points higher v. 70% last week & 5-year avg. of 61%

·       T-storm Weather®: waves of energy trigger some rain across the U.S. Corn Belt within June 14-20, but influxes of humidities may be limited by high pressure to the south, most likely keeping amounts near- or below-normal

·       Export Inspections released at 10 am CDT; Soybeans, 28.8 mbu needed; 14.6 last week

·       T-storm Weather®: rain over next 10-14 days eases dryness across wheat in France, Germany, Hungary & the U.K.

·       Crop Progress: U.S. winter wheat ratings estimated to be up 1 point at 52%, versus 64% LY and the 5-year avg. of 51%

ENERGY

·       Up: CLN20, +$0.27 @ $38.92; EBQ, +$0.51 @ $42.81; EBQ-QCLQ, +$0.27; RBN, +.02578; NGN, -.013; HON, +.0189

·       Chicago ethanol was $.0165 higher Friday at $1.2550; basis, mostly weaker:  NYC, -$.00375 @ +$.0650; Gulf, -$.00625 @ $.09; Dallas, +$.00875 @ +$.1050; Tampa, +$.01875 @ +$.2150; LA, -$.00125 @ +$.2250

·       Ethanol RIN values, lower: 2019’s, -2.25 @ 42 - 44; 2020’s: -1.25 @ 44 -46                               &nbs​p;                        &nbs​p;                        ​;                        ​                        &​nbsp;       

·       The July RBOB/July ethanol inverse slipped $.0176 on Friday to $.0184/gallon, premium ethanol  

LIVESTOCK/POULTRY              &n​bsp;                        

• Choice boxed beef was $10.78 lower on Friday to $261.48, and is down $101.86 versus the previous week
• August live cattle futures on Friday closed at $96.175—the lowest settlement price for the contract since May 6
• The mandatory pork carcass cutout value was $1.75 lower on Fri. at $71.98, and is down $15.18 versus last week
• CME Lean Hog Index declined $2.03 on Fri. to $53.35.  June futures fell $0.975 and are $5.900 below the index

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