HIGHLIGHTS

• TRENDS—Ouch! : CN, -$.09; SN, -$.06; WN, -$.1350; KWN, -$.1675 
• What caught my eye: As much as 1 MMT corn is said to be booked into the Southeast in the coming weeks.  And, more indications that Mexico has bought somewhere between 2 and 3 MMT of Brazil corn
• 2^nd best day of year on Wall Street, gains to continues?  Asia: Mostly higher--Nikkei, +1.80%; Shanghai, -0.03%; Hang Seng, +0.50%.  EUROPE: Higher—DAX, +0.63%; FTSE, +0.56%; CAC, +0.59%.  WALL STREET—Futures are Higher--DOW, +170; S&P, +19.50; NAS, +62.50.  EXTERNALS: Aug crude: +$0.22 @ $53.41; Gold:  +$13.60 @ $1,342; $ Index: -.012 @ 96.950
• T-storm Weather: A couple waves of energy and a cool front trigger scattered thunderstorms within and near the Corn Belt today, generating scattered 0.20” to 0.80”, especially central and south.  Thereafter, a large system wobbles across a tropical air mass through the southern U.S. over Thu.-Sat., producing 1.00” to 3.00” within the Delta and southern half to thirds of the Corn Belt and Plains; most rain stays south of Interstate 80, which is slightly further south than indicated in recent forecasts.
• CN, dn $.09 @ $4.1625; CU, dn $.0925 @ $4.2550.  The funds bought 5 K on Tuesday as planting progress disappointed             
• SN, dn $.06 @ $8.7575; SQ, dn $.0650 @ $8.8225.  Funds: Bot 5 SB, 2 SBM, 2 SBO.  Board Crush: $1.27, 0; LY, $1.47
• WN, dn $.1350 @ $4.9375; WU, dn $.1325 @ $5.0150.  Tuesday, the funds sold back much of what they bought Monday, 7 K

CORN/SORGHUM

• T-storm Weather: A strong system and cool front sweep across the northern U.S. over Sat.-Mon. and trigger scattered thunderstorms within northwest half of central U.S., including much of northern Plains; 0.25”-0.75” most common 
• ATI Research: Bias on near-term U.S. corn exports is 30-40 mbu per week
• Ethanol margins: $0.09 per gallon—up vs. ($0.04) last week but well below $0.31 in 2018.  EIA report at 9:30 am CDT

·       Consultant: Brazil corn production est. is unchanged at 98.0 MMT with a neutral to slightly higher bias going forward

SOYBEANS/WHEAT

• T-storm Weather: A strong system and cool front sweep across the northern U.S. over Sat.-Mon. and trigger scattered thunderstorms within northwest half of central U.S., including much of northern Plains; 0.25”-0.75” most common  
• ATI Research: The 5-year average for U.S. soybean planting progress increases approx. 9% from June 2-9 to 88%

·       ATI Research: Combined unshipped export sales of old-crop and new-crop HRW wheat are 97 mbu—an 11-year high

• T-storm Weather: Dry weather impacts most U.S. spring wheat production areas into Saturday

ENERGY

·       Lower: CLQ19, -$0.22 @ $53.41; EBQ, +$0.2571 @ $62.22; EBQ-QCLQ, +.43;RBQ, -.0135; NGQ, -.005; HOQ, -.0096

·       EIA Report Estimates (API): crude oil, -1.3 (+3.5); Gasoline, +0.2 (+2.7); Distillates, +0.1 (+6.3).  Estimates for ethanol production avg. 1.056 mbpd (range: 1.035-1.071).  Avg. est. of ethanol stocks: 22.588 mb (range 22.424-22.900)

·       Chicago ethanol rose $.0125 to $1.5175; basis values were again mixed: New York, unch @ $.1250; Gulf, -$.0050 @ $.09; Dallas, +$.0075 @ $.0825; Tampa, -$.0025 @ $.1875; LA, -$.0125 @ $.2275  

·       Ethanol RINs were higher:  2018’s, +.25 @ 9 ½ -10; 2019’s, +.3750 @ 13 ½ - 14 ¼                              ​                         ​                  

&​middot;       The July RBOB/June ethanol spread continues to narrow, easing $.0171 Tuesday to +$.2112/gal

LIVESTOCK/POULTRY             <​wbr>                     ​     

• Choice boxed beef eased 20-cents on Tuesday to $223.090 and is 29-cents lower versus last week
• News reports on Tue. of BSE found in Brazil supported cattle futures, but little information is available at the moment

·       USDA mandatory pork carcass cutout value was $1.72 lower on Tue. to $82.25 & is down $2.70 versus a week ago

·       CME Lean Hog Index fell $0.38 on Wed. to $80.90.  June futures were $0.45 lower but are $0.225 above the index  

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