HIGHLIGHTS

• MARKET TREND—Mostly Lower: CN, -$.0125; SN, -$.0175; WN, -$.0050; KWN, +$.0075 
• MACRO:  Trend seems to be higher . . . there are trade tensions but tech & financials remain strong; strong growth continues in the retailing sector.  Asia—Mostly higher: Nikkei, +0.48%; Shanghai, -0.48%; Hang Seng, +0.34%.  EUROPE: Higher: DAX, +0.46%; FTSE, +0.73%; CAC, +0.09%.  WALL STREET: Futures are mixed:DOW, +43; S&P, +1.00; NAS, -3.12.  EXTERNALS: July crude: -$0.71 @ $65.03; Aug Gold: -$3.60 @ $1,299; Dec $ Index, +.048 @ 92.690

·       T-storm Weather: U.S. weekend rainfall was within expectations as some drier (and wetter) corn and soybeans received heavy rain.  Through Tuesday, several waves of energy and a cool front trigger thunderstorm clusters in varying areas of the Corn Belt at varying times, producing generalized totals of 1.00” to 2.00”.  The same setup also produces 0.50” to 1.50” in spring wheat areas of/near North Dakota today, while the rest of the central U.S. stays dry

·       CN, dn $.0125 @ $3.7650; CU, dn $.0125 @ $3.8525.  Fund buying totaled 2 K on Friday                 

• SN, dn $.0175 @ $9.6750; SQ, dn $.0225 @ $9.7250. Funds: Sold 6 SB, 3 SBM; 3 SBO.  Board Crush: $1.54 , +$.03; LY: $.87
• WN, dn $.0050 @ $5.1950; WU, dn $.01 @ $5.3575.  The funds sold 5 K to close out the week                      

      ​;     CORN/SORGHUM

• Consultant: USDA Crop Progress report to peg U.S. corn Good/Excellent at 77-78% vs. 78% last week and 67% in 2017
• T-storm Weather: U.S. forecast over Wed.-Sun. is much warmer & drier than previously (highs in mid-80s to mid-90s across a wide area) in response to probable development of a tropical system in the Gulf of Mexico later this week

·       ATI Research: Unshipped U.S. corn export sales of old-crop are a record for this time of year.  Projected June-August corn exports are 685 mbu compared to 518 mbu last year (+32%)

·       Export Inspections released at 10 am CDT; Corn, 51.3 mbu needed; 61.2 last week.  Milo—4.9 needed; 0.0 last week

SOYBEANS/WHEAT

• Consultant: USDA Crop Progress report to peg U.S. soybean Good/Excellent at 74-75% v. 75% last week & 66% in 2017

·       Export Inspections released at 10 am CDT; Soybeans, 26.6 mbu needed; 20.5 last week

·       T-storm Weather: Significant rainfall for U.S. soybeans is not expected within Wed.-Sun. as warmth unfolds

·       ATI Research: Unshipped U.S. soybean export sales of old-crop are a record for this time of year.  Projected June-August soybean exports are 297 mbu compared to 262 mbu last year (+13%)

·       T-storm Weather: Drought continues for wheat in the southern half of Russia this week although temps remain cool

·       Export Inspections released at 10 am CDT; Soybeans, 17.8 mbu needed; 12.5 last week

ENERGY

·       Weaker: CLN18, -$.71 @ $65.03; EBQ, -$.74 @ $75.72; EBQ-QCLQ, -$0.06; RBN,-.0254; NGN, +.055; HON, -.0150

·       On Friday, cash ethanol markets were mixed: Chicago was quoted at $1.4215, down $0.00225; Basis to Chicago—New York, +$0.1235; Gulf, +$0.101; Dallas, +$0.0885; Tampa, +$0.2235; and LA, +$0.26335 

·       Ethanol RINs were slightly higher on Friday: 2017’s up 1 at 16-18; & 2018’s firmed 1 ¾ to 22 ½-24

·       The July RBOB/July ethanol spread was little changed Friday, off $.0005 to+$.6683/gallon

  LIVESTOCK/POULTRY                   &n​bsp;                 

• Choic​e boxed beef values fell 20-cents on Friday to $226.21 and are $1.32 lower vs. a week ago 
• Cash cattle trading increased significantly on Friday, with prices in the South marked at $115—up $5 vs. last week
• USDA mandatory pork carcass cutout value gained 20-cents on Friday to $78.52 and are $3.52 higher vs. last week
• CME Lean Hog Index was $1.07 higher on Fri. at $74.57.  June futures increased $1.475 & are $5.305 above the index

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