HIGHLIGHTS

·       TRENDS—Mostly higher: CN, +$.0325; SN, +$.0250; WN, -$.0025; KWN, +$.0075

·       What caught my eye: Corn ratings. The nationwide figure was 4 lower TW at 71% G/E.  Individual states saw NE fall 12 points to 71% G/E; TX was 10 lower at 61%; KS lost 6 to 54% and SD went down 5 to 77%

·       Fed to buy corporate bonds to keep cash flowing; $1 trillion public works?  Asia: Higher-- Nikkei, 4.88%; Shanghai, +1.44%; Hang Seng, +2.39%; EUROPE: Higher—DAX, +3.08%; FTSE, +2.37%; CAC, +2.53%.  WALL STREET: Futures, Lower--DOW, +481; S&P, +41.25; NAS, +127.75.   EXTERNALS: July crude, +$0.55 @ $37.67; Gold: +$11.40 @ $1,739; Sep $ Index, -.085 @ 96.565

·       T-storm Weather®: heat in U.S. Plains contrasts with seasonable to cool weather in Corn Belt & Delta the next few days.  A cool front then slides across central U.S. later this week, turning all areas seasonable to cool through much of next week.  Scattered thunderstorms form when the front reaches western Corn Belt & Plains Thu.-Fri., followed by scattered rain across a wide area Sat.-Tue. as the front shifts east; wettest across northwest half of corn & soybeans, lesser totals (0.50"-1.50") for southeast half

• CN, up $.0325 @ $3.3225; CU, up $.04 @ $3.3775.  The funds sold 2 K on Monday                     
• SN, up $.0250 @ $8.7150; SQ, up $.0250 @ $8.7250.  Funds: Sold 3 SB, 1 SBM, bot 3 SBO.  Board crush: $0.71 (N/N), +4; LY, $1.19
• WN, dn $.0025 @ $5.0450; WU, up $.0025 @ $5.10.  The funds again bought 2 K            

CORN/SORGHUM

·      &n​bsp;USDA estimates U.S. corn emergence as of June 14 at 95% vs. only 74% last year and the 5-year avg. of 92%; updated corn crop conditions peg combined Good/Excellent rating at 71% compared to 75% last week and 59% last year

·       T-storm Weather®: a cool period next week in the U.S. Corn Belt may be accompanied by some showers, but the setup turns more conducive to rains within June 25-30 as a warmer and muggier air mass intersects the jet stream

·       ATI Research: U.S. ending stocks of corn for 20/21 pegged at 3.113 bbu compared to the USDA forecast of 3.323 bbu

·       T-storm Weather®: pockets of rain, accompanied by very mild temps, are forecast over the next 10 days in Ukraine, supporting a slightly favorable outlook for corn

SOYBEANS/WHEAT

·       USDA estimates U.S. soybean planting progress as of June 14 at 93% vs. 72% last year and the 5-year average of 88%;   soybean crop conditions peg combined Good/Excellent rating at 72%, which is unchanged versus last week

·       T-storm Weather®: only 19% of U.S. soybeans were drier than normal the last 30 days due to rains the last half of May

·       ATI Research: U.S. soybean ending stocks for 19/20 pegged at 0.603 bbu compared to the USDA forecast of 0.585 bbu

·       T-storm Weather®: only 3% & 1% of winter wheat production in Russia & Ukraine was drier than normal last 30 days

·       ATI Research: after increasing OK production estimate based on harvest results, model pegs ‘20 winter wheat crop @ 1.219 bbu; increase in ND spring wheat planted acreage estimate boosts HRS crop model est. 19 mbu to 0.537 bbu

ENERGY

·       Firm: CLN20, +$0.55 @ $37.67; EBQ, +$0.68 @ $40.38; EBQ-QCLQ, +$0.09; RBN, +.0259; NGN, -.006; HON, +.0218

·       Chicago ethanol gained $.02375 Monday to $1.27; basis, mostly weaker:  NYC, -$.00875 @ +$.0850; Gulf, -$.00875 @ +$.09; Dallas, +$.00125 @ +$.12; Tampa, -$.00875 @ +$.22; LA, -$.04875 @ +$.1950

·       Ethanol RIN values, firmer: 2019’s, +1.25 @ 47 – 47 ½; 2020’s: +0.6250 @ 48-49 ¼                                        ​                        &​nbsp;                        <​wbr>                        &n​bsp;                       &nb​sp;  

·       The July RBOB/July ethanol inverse went to a carry of $.0057 as it lost $.0794 on Monday

LIVESTOCK/POULTRY                      &nb​sp;                

• Choice boxed beef fell $2.03 on Monday to $228.61, and is $25.97 lower versus last week  
• 5-Area Weekly Weighted Average Steer price was dn $7.92 v. last week at $104.47/cwt, and is dn $9.15 v. last year
• The mandatory pork carcass cutout value declined $4.67 on Mon. to $64.56, and is down $5.39 versus a week ago
• Current nearby board hog crush value is $26.00/cwt vs. last week’s $26.33, last month’s $25.15 & last year’s $38.33

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