HIGHLIGHTS

• MARKET TREND—Lower: CN, -$.02; SN, -$.0750; WN, -$.05; KWN, -$.05 
• MACRO:  Global trade concerns remain as the group of  G6+1 meet in Canada; Macron and Trump share “niceties”; Eurozone data points to economic slow-down.  Asia—Definitey Lower: Nikkei, -0.56%; Shanghai, -1.36%; Hang Seng, -1.76%.  EUROPE: Also, lower: DAX, -1.13%; FTSE, -0.80%; CAC, -0.34%.  WALL STREET: Make it unanimous: DOW, -145; S&P, -14.50; NAS, -64.50.  EXTERNALS: July crude: -$0.37 @ $65.58; Aug Gold: +$1.10 @ $1,304; Dec $ Index, +.284 @ 92.750

·       T-storm Weather: In the U.S., several small-scale waves of energy precede the passage of a large system within Tue.-Thu., triggering thunderstorms in varying areas each day, and ultimately culminating in 1.50" to 3.00" across a wide area through next week.  Note that the next round of thunderstorms occurs today in / near Iowa, then spreads east with time through the weekend, including driest areas of Illinois, Indiana, and Missouri

·       CN, dn $.02 @ $3.7425; CU, dn $.0225 @ $3.83.  Heavy fund selling, 10K as weather remains promising                

• SN, dn $.0750 @ $9.6675; SQ, dn $.0725 @ $9.7250. Funds: Sold 15 SB, 8 SBM; 1 SBO.  Board Crush: $1.51 , +$.05; LY: $.86
• WN, dn $.05 @ $5.2175; WU, dn $.0525 @ $5.39.  The funds bought 5 K on Thursday          

            CORN/SORGHUM

·       December 2018 corn futures on Thu. closed at $3.96 ¾--the lowest settlement price for the contract since March 26

·       USDA WASDE report on June 12: Avg. trade guess 17/18 U.S. corn carryout, 2.163 bbu; avg. guess 18/19, 1.642 bbu

• USDA WASDE report: Avg. guess for 17/18 Brazil corn crop, 84.0 MMT (range 73.9-87.0); Argentina, 32.4 (31.0-33.0)
• T-storm Weather: U.S. temps later next week return to near-normal levels across a wide area for first time since April

·       ATI Research: U.S. 17/18 corn export sales of 33.0 mbu for week end May 31 were down 16% v. last week & 5% v. the 4-week avg.  However, unshipped export sales of 642 mbu are up 49% v. last year and a record for this time of year

SOYBEANS/WHEAT

·       USDA WASDE report June 12: Avg. trade guess 17/18 U.S. soybean carryout, 0.523 bbu; avg. guess 18/19, 0.435 bbu

• USDA WASDE: Avg. guess 17/18 Brazil soybean crop, 117.5 MMT (range 117.0-119.0); Argentina, 37.8 (36.0-39.0)

·       ATI Research: U.S. 17/18 soybean export sales of 6.1 mbu for week end May 31 were down 40% v. last week & 5% v. the 4-week avg.  However, unshipped export sales of 332 mbu are up 27% v. last year & a record for this time of year

·       USDA WASDE report June 12: Avg. trade guess 17/18 U.S. all wheat carryout, 1.079 bbu; avg. guess 18/19, 1.079 bbu

·       USDA Crop Production report June 12: Avg. guess for 2018 U.S. all winter wheat crop is 1.187 bbu (range 1.127-1.228)

·       ATI Research: U.S. 18/19 wheat export sales week end May 31: 9.2 mbu, which is well below last year’s 16.9 mbu

ENERGY

·       Weaker: CLN18, -$.37 @ $65.58; EBQ, -$.72 @ $76.60; EBQ-QCLQ, -$0.36; RBN,+.0054; NGN, -.041; HON, -.0078

·       On Thursday, cash ethanol markets were mostly higher: Chicago was quoted at $1.42375, up $0.00375; Basis to Chicago—New York, +$0.105; Gulf, +$0.09875; Dallas, +$0.08125; Tampa, +$0.21625; and LA, +$0.23125 

·       Ethanol RINs were notably weaker on Thursday: 2017’s down 4 at 15 ½-16 ½; & 2018’s were 5 lower at 21-22

·       The July RBOB/July ethanol spread widened $.0328, closing at +$.6688/gallon

  LIVESTOCK/POULTRY                 ​                    

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• Choice boxed beef values eased 56-cents on Thursday to $226.41 and are down $1.79 compared to last week 
• Dressed steer weight for week end May 26: 848 lbs, up 2 lbs v. last week, 848.25 for 4-week avg. & 838 last year
• USDA mandatory pork carcass cutout value firmed $1.27 on Thursday to $78.32 and are up $1.28 vs. a week ago
• CME Lean Hog Index increased $1.00 on Thu. to $73.50.  June futures firmed $0.225 and are $4.90 above the index

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