HIGHLIGHTSMARKET TREND—Mixed: CN, +$.0025; SN, +$.06; WN, -$.0125; KWN, -$.0150
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MACRO: Investors will be watching the OPED conflab to see if a new agreement will be reached to expand output—the Saudis favor a boost, Iran is opposed. Asia—Mostly firmer: Nikkei, -0.78%; Shanghai, +0.49%; Hang Seng, +0.15%. EUROPE: Higher: DAX, +0.30%; FTSE, +0.74%; CAC, +0.72%. WALL STREET: A Positive end to the week? DOW, +91; S&P, +11.25; NAS, +23.50. EXTERNALS: Aug crude: +$0.66 @ $66.20; Aug Gold: +$0.20 @ $1,271; Dec $ Index, -.094 @ 93.875
· T-storm Weather: Areas of rain and thunderstorms focus on the Corn Belt into today (especially IL, IN, OH, MI, and WI), and then end as a large upper-level system swirls away and exits. Additional systems follow, especially within Mon.-Thu. when the last in the series of systems passes. A hot period then starts from west to east over June 26-28. Heat then lasts in some fashion over the following week, but will be interrupted by some thunderstorms from time to time – especially in northern and eastern areas
· CN, up $.0025 @ $3.5725; CU, up $.0025 @ $3.6675. The funds bought 3 K on Thursday
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SN, up $.06 @ $8.8650; SQ, up $.06 @ $8.9150. Funds: sold 5 SB, 4SBM; 3 SBO. Board Crush: $1.71 , +$.04; LY: $.89
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WN, dn $.0125 @ $4.94; WU, dn $.0150 @ $5.0550. The funds also bought 3 K yesterday
CORN/SORGHUM</strong>
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December 2018 corn futures on Thursday closed at $3.78 ¼--one year ago, December 2017 futures settled at $3.80 ¾
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T-storm Weather: A sharply warmer period develops over central U.S. corn over June 28-July 5 as highs in the 90s coincide with lows in the 70s in most areas. It is most likely for rain of 0.50”-1.00” to affect most corn over the period
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ATI Research: U.S. 17/18 corn export sales of 6.5 mbu for week end June 14 were dn 82% v. the previous week & the 4-week avg. Unshipped export sales for 17/18 of 560 mbu are still up 44% v. last year & a record for this time of year
· NWS U.S. Seasonal Drought Outlook released Thu.: No drought development for any major corn area through Sep. 30
SOYBEANS/WHEAT
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November 2018 soybean futures on Thu. closed at $9.01 ½--one year ago, November 2017 futures settled at $9.13 ¼
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ATI Research: U.S. 17/18 soybean export sales of 11.1 mbu for week end June 14 were dn 42% vs. previous week, but up 48% v. the 4-week avg. Unshipped export sales of 303 mbu are up 22% v. last year & a record for this time of year
· T-storm Weather: Only 20% of U.S. soybean production was drier than normal over the 30-day period ending June 20
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ATI Research: Unshipped all wheat export sales as of June 14 were just 156 mbu—dn 30% v. last year & a 9-year low
· T-storm Weather: Drier and warmer than normal conditions are forecast for winter wheat in Russia over the next 7 to 10 days, while some rain is added Ukraine production areas
ENERGY
· Higher: CLQ18, +$.66 @ $66.20; EBQ, +$0.89 @ $73.94; EBQ-QCLQ, +$0.23; RBQ, +.0168; NGQ, -.008; HOQ, +.0267
· On Thursday, cash ethanol markets were firmer: Chicago was quoted at $1.405, up $0.015; Basis to Chicago—New York, +$0.115; Gulf, +$0.0875; Dallas, +$0.095; Tampa, +$0.23; and LA, +$0.265
· Ethanol RINs were significantly higher on Thursday: 2017’s gained 6 ¼ to 23-27; and 2018’s increased 4 ½ to 28-33
· The July RBOB/July ethanol spread narrowed $.0282 to +$.5923/gallon
LIVESTOCK/POULTRY   </wbr>
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Choice boxed beef values eased 88-cents on Thursday to $217.41 and are $4.67 lower vs. last week
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Estimates for today’s USDA Cattle on Feed: June 1 on feed, 103.4%; May placements, 96.0%; Marketed in May 105.2%
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USDA mandatory pork carcass cutout value increased 32-cents on Thu. to $84.30 and is $3.24 higher v. a week ago
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CME Lean Hog Index was $0.65 higher on Thu. at $85.79. July futures firmed $0.45 but are $5.315 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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