HIGHLIGHTS
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TRENDS—Higher: CN, +$.0350; SN, +$.0575; WN, +$.0225; KWN, +$.0275
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What caught my eye: There’s the forecast below; still 3.7 million corn left to plant and 12.7 million acres of beans, more or less and Friday brings us the acreage report
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Global markets taking a respite ahead of the G-20 meeting. Asia: Lower--Nikkei, -0.43%; Shanghai, -0.87%; Hang Seng, -1.15%. EUROPE: Weaker—DAX, -0.08%; FTSE, -0.28%; CAC, -0.11%. WALL STREET—Futures are lower--DOW, -32 S&P, -4.50; NAS, -5.54. EXTERNALS: Aug crude: unch @ $57.90;Gold: +$17.60 @ $1,436; $ Index: +.170 @ 95.977
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T-storm Weather: Thunderstorms occur each day this week, especially over today-Friday in the Dakotas and northern half of the Corn Belt where 0.25”-0.75” occurs (locally more in / near MN). Thereafter, more of the same continues as some thunderstorms focus on central and northern areas this weekend. Temps turn sharply warmer from west to east today-Wed., leaving maximums in the mid-80s to mid-90s with minimums in the 60s-70s across a wide area for five to seven days (warmest west, coolest east)
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CN, up $.0350 @ $4.5025; CU, up $.0375 @ $4.5550. The funds began the week buying 12 K
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SN, up $.0575 @ $9.1475; SQ, up $.0550 @ $9.2025. Funds: Bot 5 SB; 3 K SBM; sold 1 K SBO. Board Crush: $1.02, -2; LY, $1.76
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WN, up $.0225 @ $5.0250; WU, up $.0225 @ $5.4475. Fund buying on Monday amounted to 8 K contracts
CORN/SORGHUM
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USDA Crop Progress report pegs U.S. corn planting at 96% compared to 92% last week and 100% for both 2018 & the 5-year avg. Good/Excellent crop ratings are 56%, which is down 3 points vs. last week and well below 77% in 2018
· T-storm Weather: Most likely scenario for U.S. corn remains for near-normal rain in northern areas to contrast with below-normal totals south through the first week of July. Temps revert to near- or slightly below-normal next week
· Corn export inspections were just 24.3 mbu—less than half of the 53.9 mbu needed to reach annual USDA forecast
· June 28 USDA reports: Trade pegs U.S. corn acreage at 87.0 mil (92.8 in March); June 1 corn stocks est. 5.335 bbu
SOYBEANS/WHEAT
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U.S. soybean planting: 85% vs. 100% last year & 5-year avg. of 97%. Crop ratings: Good/Excellent, 54% v. 73% in 2018
· T-storm Weather: Most likely scenario for U.S. soybeans remains for near-normal rain in northern areas to contrast with below-normal totals south through first week of July. Temps revert to near- or slightly below-normal next week
· June 28 USDA reports: Trade pegs U.S. soybean acres at 84.7 mil (84.6 in March); June 1 bean stocks est. 1.865 bbu
· ATI Research: U.S. winter wheat Good/Excellent dn 3 points to 61%; ATI crop model est. the 2019 crop @ 1.289 bbu
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June 28 USDA reports: Trade pegs U.S. wheat acres at 45.6 mil (45.8 in March); June 1 wheat stocks est. 1.089 bbu
ENERGY
· Lower: CLQ19, unch @ $57.90; EBQ, -$0.05 @ $64.83; EBQ-QCLQ, -.02; RBQ, -.0084; NGQ, -.013; HOQ, -.0066
· Chicago ethanol was $.0080 higher at $1.5880; basis values slipped: New York, -$.0230 @ $.1270; Gulf, -$.00300 @ $.1020; Dallas, -$.0030 @ $.1070; Tampa, -$.00800 @ $.2220; LA, -$.00300 @ $.2120
· Ethanol RINs were firmer: 2018’s, +2.00 @ 17 ½ -18 ½ 2019’s, +1.50 @ 19 ¾- 21 ¼    
· The July RBOB/July ethanol spread eased $.0012 on Monday to $.2799/gal
LIVESTOCK/POULTRY    
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Choice boxed beef eased 8-cents on Monday to $219.74 and is down $2.08 versus last week
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5-Area Weekly Weighted Average Steer price was dn $3.14 v. last week at $110.48/cwt, but is up $1.74 v. last year
· USDA mandatory pork carcass cutout value firmed $1.02 on Mon. to $75.91 but is still $5.60 lower versus a week ago
· Current nearby board hog crush value is $42.94/cwt vs. last week’s $44.80, last month’s $60.39 & last year’s $42.25
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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