HIGHLIGHTS

• TRENDS—Lower: CN, -$.0425; SN, -$.06; WN, -$.0725; KWN, -$.0575 
• What caught my eye: There is said to be a wide range on Monday’s corn planting progress numbers, varying from a low of 76% to a high of 85%; that and the USDA’s first pass at crop conditions will be eagerly anticipated
• Job data in focus this morning—trade tensions impact on growth/inflation.  Asia: Mostly firm--Nikkei, +0.53%; Shanghai, closed; Hang Seng, closed. EUROPE: Higher—DAX, +0.76%; FTSE, +0.74%; CAC, +1.44%.  WALL STREET—Futures are higher--DOW, +74; S&P, +8.75; NAS, +31.25.  EXTERNALS: Aug crude: +$0.56 @ $53.29; Gold:  -$4.80 @ $1,338; $ Index: +.063 @ 97.107
• T-storm Weather: Through Sat., a large system wobbles across the southern U.S. & produces 1.00”-2.00” of rain in Delta & 0.50”-1.00” in far southern Corn Belt; dry weather prevails elsewhere.  Temps stay mild central & north, but not south due to cloudiness from the system.  Separately, a strong system & cold front sweep across northwest half of central U.S. Sat-.Sun., producing 0.25”-0.75” of rain across northwest half of Plains & northwest Corn Belt; highest totals from western NE through the eastern Dakotas 
• CN, dn $.0475 @ $4.1575; CU, dn $.0450 @ $4.25.  Fund buying estimated at 12 K Thursday as acreage/yield worries remain               
• SN, dn $.06 @ $8.6275; SQ, dn $.0575 @ $8.6950.  Funds: Sold 2 SB, 4 SBM, bought 5 SBO.  Board Crush: $1.32, +3; LY, $1.51
• WN, dn $.0725 @ $5.0275; WU, dn $.0750 @ $5.0675.  Funds buy 7 K—quality and yield concerns       

CORN/SORGHUM

• T-storm Weather: In the U.S., a sharply cooler period begins west to east Sat.-Mon.  Temps stay very cool June 10-14, avg. 5°F to 10°F below normal; some showers accompany coolness but high coverage of substantial rain not expected
• USDA WASDE report on June 11: Avg. guess for 2019 U.S. corn crop, 14.040 bbu (range 12.988-14.859); avg. yield est., 171.1 bpa (162.5-176.0)

·       USDA WASDE report: Avg. trade guess 18/19 U.S. corn carryout, 2.149 bbu; avg. guess 19/20, 1.772 bbu

·       Unshipped U.S. old-crop corn export sales as of May 30 of 310 mbu are down 52% v. last year’s total of 642

SOYBEANS/WHEAT

• T-storm Weather: In the U.S., a sharply cooler period begins west to east Sat.-Mon.  Temps stay very cool June 10-14, avg. 5°F to 10°F below normal; some showers accompany coolness but high coverage of substantial rain not expected
• USDA WASDE report: Avg. guess 2019 U.S. soybean crop, 4.118 bbu (3.850-4.240); avg. yield, 49.0 bpa (47.5-49.6)

·       USDA WASDE report: Avg. trade guess 18/19 U.S. soybean carryout, 1.012 bbu; avg. guess 19/20, 0.990 bbu

·       USDA Crop Production report June 11: Avg. guess for 2019 U.S. all winter wheat crop is 1.255 bbu (range 1.194-1.316)  

·       USDA WASDE report: Avg. trade guess 18/19 U.S. all wheat carryout, 1.119 bbu; avg. guess 18/19, 1.106 bbu

ENERGY

·       Firm: CLQ19, +$0.5601 @ $53.29; EBQ, +$0.68 @ $62.35; EBQ-QCLQ, +.13;RBQ, +.0153; NGQ, +.015; HOQ, +.0166

·       Chicago ethanol was $.01125 higher at $1.48875/gallon; basis values were mixed: New York, +$.00375 @ $.15125; Gulf, -$.00625 @ $.11125; Dallas, -$.01125 @ $.09125; Tampa, -$.01625 @ $.19625; LA, +$.00875 @ $.24125  

·       Ethanol RINs were higher:  2018’s, +.1250 @ 10 -10 ½; 2019’s, +.1250 @ 14 - 14 ¼                                       ​;                        ​          

·       The July RBOB/June ethanol spread expaneded $.0048 to +$.219648/gal, trading $.2347 this morning

LIVESTOCK/POULTRY                 ​                      ​

• Choice boxed beef firmed 14-cents on Thursday to $222.25 but is still $1.33 lower versus last week 
• Outstanding beef export commitments for the current marketing year remain about 24% higher than last year

·       USDA mandatory pork carcass cutout value gained 24-cents on Thu. to $82.16 and is $1.47 higher vs. week ago

·       CME Lean Hog Index fell $0.11 on Thu. to $80.56.  June futures declined $0.475 and are $1.185 below the index  

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