HIGHLIGHTS
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MARKET TREND—Lower: CU, down $.0375; SQ, down $.1025; WU, down $.05; KWU, down $.05
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MACRO: Strong U.S. jobs report on Friday bolsters market momentum—outweighs trade worries. Asia—Higher: Nikkei, +1.21%; Shanghai, +2.49%; Hang Seng, +1.32%. EUROPE: Firmer: DAX, +0.34%; FTSE, +0.41%; CAC, +0.67%. WALL STREET: U.S. futures, higher: DOW, +119; S&P, +11.25; NAS, +30.75. EXTERNALS: Sep crude: +$0.02 @ $71.59; Aug Gold: +$8.70 @ $1,255; Dec $ Index, -.209 @ 93.135. Dely: BO, 941; RR, 0; C, 253; ETOH, 48; HRW, 41; O, 1; SB, 4787, SRW, 0
· T-storm Weather: Over the next week, temps will average moderately warmer than normal by 3F to 6F as hot periods (highs in the 90s, low in the 70s) last longer than seasonable periods (highs in the 80s, lows in the 60s). Most areas will be fairly dry over the next five days as widely-scattered thunderstorms continue in the Delta. A stormier period begins Fri.-Sun. within the northern third to half of the Corn Belt and Plains; 0.75"-1.50" (including wettest areas of MN & northern IA), but not to the south
· CU, down $.0375 @ $3.5670; CZ, down $.0375 @ $3.6925. The funds closed out the week buying 12 K
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SQ, dn $.1025 @ $8.6725; SU, dn $.1075 @ $8.7250. Funds: Bought 15 SB, 10 SBM; 7 SBO. Board Crush: $1.86, -+$.07; LY: $.88
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WU, down $.05 @ $5.1025; WZ, down $.0450 @ $5.2550. The funds bought 5 K on Friday
CORN/SORGHUM
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Consultant: Today’s USDA Crop Progress report is expected to peg U.S. corn Good/Excellent condition at 74-76% compared to 76% last week and 68% last year
· T-storm Weather: Compared to this week, a more pronounced period of seasonable coolness occurs in ~10 days for U.S. corn, but upper-level high pressure remains nearby; thus, the chance for central areas to remain cool is only low
· ATI Research: Unshipped 17/18 U.S. corn export sales are up 53% vs. 16/17 and near record for this time of year
· Export Inspections released at 10 am CDT; Corn, 55.4 mbu needed; 60.5 last week. Milo—4.7 needed; 0.4 last week
SOYBEANS/WHEAT
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Consultant: Today’s USDA Crop Progress report is expected to peg U.S. soybean Good/Excellent condition at 69-71% compared to 71% last week and 64% last year
· ATI Research: Unshipped 17/18 U.S. soybean export sales are up 13% vs. 16/17 and near record for this time of year
· Export Inspections released at 10 am CDT; Soybeans, 26.6 mbu needed; 31.2 last week
· Export Inspections released at 10 am CDT; Wheat, 18.7 mbu needed; 11.9 last week
· ATI Research: Unshipped 18/19 U.S. wheat export sales are down 20% vs. 17/18, 24% below the 5-year average and a 9-year low
ENERGY
· Firm: CLU18, +$.02 @ $71.59; EBU, +$0.69 @ $77.80; EBU-QCLU, +$0.68; RBU, +.0198; NGU, +.006; HOU, +.0241
· On Friday, cash ethanol markets were higher: Chicago was quoted at $1.4325, up $0.01375; Basis to Chicago—New York, +$0.1525; Gulf, +$0.0875; Dallas, +$0.1125; Tampa, +$0.2475; and LA, +$0.3375
· Ethanol RINs were slightly weaker on Friday: 2017’s eased ½ to 16-17 and 2018’s fell ½ to 24-25
· The August RBOB/August ethanol spread narrowed further, $.0568 to close at +$.6695/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef values eased 40-cents on Friday to $208.03 and are down $3.93 vs. a week ago
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Dressed steer weight for week end June 23: 858 lbs, up 2 lbs v. last week, 851.5 for 4-week avg. & 855 last year
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USDA mandatory pork carcass cutout value fell 49-cents on Fri. to $84.45 and is $2.18 lower compared to last week
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CME Lean Hog Index was $0.13 lower on Fri. at $82.11. July futures were $1.925 lower & are $0.735 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather