HIGHLIGHTS

• TRENDS—Lower: CN, $.0525; SN, -$.04; WN, -$.0725; KWN, -$.0450 
• What caught my eye: Export impact, if any on proposed immigration-related tariffs for Mexico. Soybeans, not much given Brazil premium to the Gulf; corn, perhaps up to 3 MMT since Brazil corn is estimated some 25-30 cents per bushel cheaper, delivered
• Uncertainty with the U.S., China and Mexico over trade issues pressures markets.  Asia: Lower--Nikkei, -0.92%; Shanghai, -0.30%; Hang Seng, -0.03%. EUROPE: Lower—DAX, -0.04%; FTSE, -0.24%; CAC, -0.07%.  WALL STREET—Futures are Lower--DOW, -62; S&P, -6.75; NAS, -28.  EXTERNALS: Aug crude:+$0.60 @ $54.24; Gold:  +$8.70 @ $1,320; $ Index: -.049 @ 97.701
• T-storm Weather: Scattered thunderstorms form today from NE south as some waves of energy pass, while the rest of the central U.S. stays dry.  Scattered thunderstorms expand eastward Tue. and affect eastern NE, the southern half of IA, and the northern halves of IL and MO as more waves produce 0.67” to 1.33”.  Scattered thunderstorms then affect areas further the east Wed., turning IN and OH wetter.  Some showers and thunderstorms also occur elsewhere, but likely miss much of the Dakotas and MN
• CN, down $.0525 @ $4.31; CU, down $.0525 @ $4.40.  The funds sold 7 K on Friday             
• SN, dn $.04 @ $8.85; SQ, down $.0375 @ $8.9175.  Funds: Sold 6 SB, 5 SBM, 3 SBO.  Board Crush: $1.37, +2; LY, $1.49
• WN, dn $.0725 @ $5.0725; WU, dn $.0750 @ $5.1475.  The funds ended the week selling 6 K      

CORN/SORGHUM

• ATI Research: The 5-year average for U.S. corn planting increases approx. 6% from May 26-June 2 to 96%.  There are mixed ideas on last week’s progress with some believing it could reach 70% in today’s USDA Crop Progress report
• T-storm Weather: A large and slow-moving system produces areas of heavy rain and thunderstorms over Thu.-Sun. within the southern 40% to 60% of the central U.S. where 1.25”-3.50” falls (generally along and south of Interstate 80)

·       Export Inspections released at 10 am CDT; Corn, 55.8 mbu needed; 43.3 last week.  Milo—2.3 needed; 1.1 last week

·       December 2019 corn futures on Friday closed at $4.49, up $0.77 (21%) from May 10

SOYBEANS/WHEAT

• ATI Research: Some believe today’s USDA soybean planting progress could be 40%--well below the 5-year avg. of 79%
• T-storm Weather: A large and slow-moving system produces areas of heavy rain and thunderstorms over Thu.-Sun. within the southern 40% to 60% of the central U.S. where 1.25”-3.50” falls (generally along and south of Interstate 80)

·       Export Inspections released at 10 am CDT; Soybeans, 38.3 mbu needed; 19.6 last week

• ATI Research: Some believe today’s USDA spring wheat planting progress could top 90%--near the 5-year avg. of 93%

·       T-storm Weather: Heavy rain of 1.50”-3.50” this week impacts most HRW wheat in the central and southern Plains 

ENERGY

·       Mixed: CLQ19, +$0.60 @ $54.24; EBQ, +$0.31 @ $62.29; EBQ-QCLQ, -.27; RBQ, +.0012; NGQ, -.018; HOQ, +.0058

·       Chicago etanol off $.00375 Friday at higher at $1.51; basis values were mixed: New York, +$.00375 @ $.1450; Gulf, +$.00375 @ $.0950; Dallas, -$.00125 @ $.07; Tampa, -$.00625 @ $.1850; LA, -$.00125 @ $.2450  

·       Ethanol RINs were weaker:  2018’s, -.25 @ 9 -10; 2019’s, -.375 @ 13 ¼ -13 ½                                          &​nbsp;                       &n​bsp;    

·       The July RBOB/June ethanol spread tightened further, losing $.1042 to+$.2544/gal

LIVESTOCK/POULTRY                          ​;             

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• Choice boxed beef firmed was 37-cents lower on Friday at $223.21 but is still up $1.57 versus the previous week
• August live cattle futures on Friday made a contract low of $102.30 and are down $16.675 (14%) since April 18

·       USDA mandatory pork carcass cutout value firmed 93-cents on Friday to $81.62 but is down 34-cents vs. a week ago

·       CME Lean Hog Index fell $0.30 on Fri. to $81.92.  June futures declined $1.95 and are now $0.195 below the index

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