HIGHLIGHTS

·       TRENDS—Weaker: CN, -$.0150; SN, -$.0125; WN, -$.0250; KWN, -$.0050

·       What caught my eye: Rain received in some of the drier parts of the Corn Belt but parts could use more. Corn market appears to be viewing the weekend precipitation as slightly favorable. Ratings will be viewed with interest  

·       U.S. futures firm; overseas, mixed/lower as COVID-19 cases escalate.  Asia: Weaker-- Nikkei, -0.18%; Shanghai, -0.08%; Hang Seng, -0.54%; EUROPE: Mixed—DAX, -0.02%; FTSE, +0.10%; CAC, unch.  WALL STREET: Futures, higher --DOW, +190; S&P, +25; NAS, +84.   EXTERNALS: July crude, -$0.21 @ $39.54; Gold: +$7.60 @ $1,761; Sep $ Index, -.197 @ 97.380

·       T-storm Weather®: weekend rainfall coverage was less than expected, but included some drier areas of IL, ND, and the Delta.  A strong cool front triggers scattered thunderstorms on most U.S. corn and soybeans within the next 48 hours.  Several cool days follow with inconsequential showers.  A transitional period between cool and hot weather begins Thu.-Fri. and ends June 28-29, triggering scattered thunderstorms, but unlikely enough to break dryness in the central and eastern Corn Belt

• CN, dn $.0150 @ $3.31; CU, dn $.0175 @ $3.3550  The funds bought 3 K heading into the weekend                        
SN, dn $.0125 @ $8.7525; SQ, dn $.0125@ $8.7475.  Funds: Bot 2 SB, 5 SBO, sold 2 SBM.  Board crush: $0.69 (N/N), -2; LY, $1.10
• WN, dn $.0250 @ $4.7875; WU, dn $.0275 @ $4.8250.  The funds sold 2 K on Friday               

CORN/SORGHUM

&mid​dot;       U.S. corn Good/Excellent crop condition ratings in today’s USDA Crop Progress report are projected to be 68-69%, down 2-3 points compared to 71% last week but above 56% last year

·       T-storm Weather®: a heat wave likely begins June 29-30 for the U.S. Corn Belt; highs reach the 90s while lows stay in the 70s for at least 3-5 days (+5°F to +10°F from normal); best rain chances likely to be limited to northern fringe area

·       Export Inspections released at 10 am CDT; Corn, 51.9 mbu needed; 35.8 last week.  Milo—4.8 needed; 8.8 last week

·       T-storm Weather®: 0% of corn Ukraine was drier than normal over the last 30 days.  However, near- to drier-than-normal and warmer-than-normal weather is forecast over the next 7-10 days, keeping a neutral outlook for the crop

SOYBEANS/WHEAT

·       July 2020 soybean futures on Friday closed at $8.76 ½, the highest settlement price for the contract since March 31

·       U.S. soybean Good/Excellent crop condition ratings in today’s USDA Crop Progress report are projected to be 70-71%, down 1-2 points compared to 72% last week but above 54% last year

·       Export Inspections released at 10 am CDT; Soybeans, 31.6 mbu needed; 13.8 last week

·       T-storm Weather®: a warm to hot period beginning June 29-30 in the heart of the central U.S. causes thunderstorms to focus on spring wheat in Canada, MT, and the Dakotas

·       Export Inspections released at 10 am CDT; Wheat, 18.5 mbu needed; 16.3 last week

ENERGY

·       Mixed: CLN20, -$-.21 @ $39.54; EBQ, -$0.03 @ $42.16; EBQ-QCLQ, +$0.05; RBN, -.0013; NGN, +.035; HON, +.0043

·       Chicago ethanol was $.01 weaker on Friday at $1.33; basis, firm:  NYC, +$.0275 @ +$.1375; Gulf, +$.01 @ +$.085; Dallas, +$.005 @ +$.0850; Tampa, +$.005 @ +$.18; LA, +$.09 @ +$.27

·       Ethanol RIN values, steady/firm: 2019’s, unch @ 42 – 43; 2020’s: +1.50 @ 45-46                              ​                         ​                        &​nbsp;                       &n​bsp;                       &nb​sp;            

·&​nbsp;      The July RBOB/July ethanol spread widened $.0039 on Friday to +.03160

LIVESTOCK/POULTRY                                &nbs​p;      

• Choice boxed beef increased $0.16 on Friday to $213.72, but is still down $16.92 compared to the previous week   
• Cattle on Feed: June 1 on feed, 99.5% (99.0% avg est); May placed, 98.7% (97.5%); May Marketed, 72.5% (73.8%)
• The mandatory pork carcass cutout value fell $0.29 on Fri. to $63.70, and is $5.53 lower versus a week ago
• CME Lean Hog Index eased $0.83 on Fri. to $45.61.  July futures declined $1.45 but are still $2.84 above the index

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