HIGHLIGHTS

• MARKET TREND—Lower: CN, -$.01; SN, -$.0325; WN, -$.0125; KWN, -$.0350
• MACRO:  More of the same as trade concerns linger; Kudlow says White House posture towards China is not necessarily softening.  Asia—Mostly weaker: Nikkei, -0.01%; Shanghai, -0.97%; Hang Seng, +0.50%.  EUROPE: Lower:  DAX, -0.67; FTSE,-0.10%; CAC, -.32%.  WALL STREET: Futures are slightly positive: DOW, +24; S&P, +3.50; NAS, +10.00.  EXTERNALS: Aug crude: +$0.12 @ $72.88; Aug Gold: -$3.10 @ $1,253; Dec $ Index, -.019 @ 94.505

·       T-storm Weather: Expanding heat triggers some thunderstorms through Friday in the Corn Belt, but widespread and organized rainfall is not expected.  Heat lasts for several days as maximums reach the mid- to upper-90s and minimums hold in the low-70s to low-80s, or +10F to +15F from normal.  Heat initially breaks Saturday in the Dakotas andSunday within the northern Corn Belt, also causing some heavy thunderstorms to erupt – especially in / near Minnesota and northern Iowa

·       CN, dn $.01 @ $3.5150; CU, dn $.01 @ $3.6075.  The funds were even in Wednesday’strading                   

• SN, dn $.0325 @ $8.6425; SQ, dn $.0350 @ $8.6950.  Funds: 0 SB, sold 1 SBM; bot 1 SBO.  Board Crush: $1.86, +$.01; LY: $.87
• WN, dn $.0125 @ $4.7825; WU, dn $.0075 @ $4.8775.  The funds reversed course and bought 3 K yesterday                               ​  

CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 24-39 mbu for 17/18 corn

• T-storm Weather: Weekend cooling occurs, but heat returns Mon.-Tue. & lasts at least 5 days.  Highs in 90s coincide with lows in 70s; warmest with westward extent.  Rain forms along periphery of heat, but heavy totals not expected
• Ethanol grind: Total of 1,072,000 barrels/day for week end June 22—up 8 thou v. prior week and up 5.6% v. last year
• Consultant: Argentina corn production estimate is steady at 32.0 MMT with a neutral bias.  Corn harvest is pegged at 51.3% as of late last week, which is up 6.3% for the week  

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 11-22 mbu for 17/18 soybeans; soymeal, 100-250 K MT; soyoil, 0-20 K MT 

·       T-storm Weather: Isolated thunderstorms form along expanding edge of heat through today, namely in narrow swath from parts of NE & SD east-southeast through IA, IL & KY.  Better-organized rain affects NW half of central U.S. Fri-Sun 

·       MGE July 2018 wheat futures on Wednesday closed at $5.27; one year ago, MGE July 2017 futures settled at $7.04 ¾

·       Export Sales report.  Trade expects 9-18 mbu for 18/19 all wheat

·       T-storm Weather: Drought intensifies over the next 7-10 days across the driest winter wheat areas of southwest Russia.  Drier and warmer than normal weather also impacts wheat across Germany over the same time period

ENERGY

·       Higher: CLQ18, +$.12 @ $72.88; EBQ, +$0.41 @ $78.03; EBQ-QCLQ, +$0.30; RBQ, +.0052; NGQ, -.008; HOQ, +.0166

·       On Wednesday, cash ethanol markets were higher: Chicago was quoted at $1.41375, up $0.02125; Basis to Chicago—New York, +$0.14125; Gulf, +$0.08375; Dallas, +$0.10375; Tampa, +$0.22875; and LA, +$0.26625 

·       Ethanol RINs were significantly lower on Wednesday: 2017’s off 4 ¼ to 16 ½-18; and 2018’s fell 3 to 24-25

·       The July RBOB/July ethanol spread was again wider, up $.0380 to +$.7186/gallon on rising crude prices

  LIVESTOCK/POULTRY                          &nb​sp;          

• Choice boxed beef values plummeted $1.53 on Wednesday to $215.30 and are $2.99 lower vs. last week
• Light to moderate cash cattle trading developed on Wednesday, with most deals in Kansas marked at $106—down $2
• USDA mandatory pork carcass cutout value was 6-cents lower on Wed. at $86.59 but is still up $2.61 vs. a week ago
• Trade est. for today’s USDA Quarterly Hogs & Pigs: All Hogs & Pigs, 103.0%; Breeding, 101.7%, Marketing, 103.1%

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