HIGHLIGHTS

• TRENDS—Lower: CN, -$.0750; SN, -$.0150 WN, -$.12; KWN, -$.1375     
• What caught my eye: Despite lower markets overnight, noted there area still 7.4 million acres of corn to plant along with 18.6 million acres of soybeans
• Little news, Europe higher on more stimulus from the ECB.  Asia: Mostly lower--Nikkei, -0.72%; Shanghai, +0.09%; Hang Seng, +1.00%.  EUROPE: Higher—DAX, +1.02%; FTSE, +0.67%; CAC, +1.34%.  WALL STREET—Futures are up--DOW, +79; S&P, +10.25; NAS, +49.50.  EXTERNALS: Aug crude: -$0.20@ $51.97; Gold:  +$6.70 @ $1,350; $ Index: +.011 @ 97.67
• T-storm Weather: Scattered thunderstorms form today in/near the Delta & far southeast Corn Belt, while separately a couple waves of energy trigger thunderstorms in/near the central & southern Plains (& esp. NE) where 0.50”-1.50” falls.  Widespread rain follows Wed.-Mon. with generalized totals of 1.25”-2.75” within most corn, soybean, spring wheat, & winter wheat areas.  Unseasonable coolness affects northwest two-thirds of the central U.S. the next 7-10 days; temps will be seasonable elsewhere
• CN, dn $.0750 @ $4.4725; CU, dn $.0775 @ $4.5375.  Fund buying on Monday totaled 10 K                    
• SN, dn $.0150 @ $9.1125; SQ, dn $.0150 @ $9.1775.  Funds: Bought 12 SB, 2 SBM, 6 SBO.  Board Crush: $1.10, -9; LY, $1.65
• WN, dn $.12 @ $5.2750; WU, dn $.1250 @ $5.3025.  Managed money accounts were said to be even in Monday’s trade          

CORN/SORGHUM

• USDA Crop Progress report pegs U.S. corn planting at 92% compared to 83% last week and 100% for both 2018 & the 5-year avg.  Good/Excellent crop ratings are 59%, which is unchanged vs. last week but well below 78% in 2018

·       T-storm Weather: In the U.S., a sharply warmer period develops June 25-July 1; highs in mid-80s to mid-90s and lows in 60s-70s.  Some rain accompanies warmth, but with less frequency and vigor; 0.50”-1.50” north, 0.25”-0.50” south

·       Corn export inspections were just 25.7 mbu—less than half of the 53.9 mbu needed to reach annual USDA forecast

• December 2019 corn futures on Monday posted a new contract high of $4.73 and closed $0.05 higher at $4.68 ½

SOYBEANS/WHEAT

• USDA Crop Progress report pegs U.S. soybean planting at 77% vs. 60% last week, 96% last year & 5-year avg. of 93%

·       T-storm Weather: In the U.S., a sharply warmer period develops June 25-July 1; highs in mid-80s to mid-90s and lows in 60s-70s.  Some rain accompanies warmth, but with less frequency and vigor; 0.50”-1.50” north, 0.25”-0.50” south

·       Soybean export inspections were just 24.8 mbu—well below the 35.5 mbu needed to reach annual USDA forecast

·       ATI Research: U.S. winter wheat Good/Excellent is unchanged at 64%; ATI crop model est. the 2019 crop @ 1.294 bbu

·       T-storm Weather: Very warm, dry weather recently for Russia winter wheat & not much rain forecast next two weeks

ENERGY

·       Lower: CLQ19, -$0.20 @ $51.97; EBQ, -$0.51 @ $60.43; EBQ-QCLQ, -.30; RBQ, -.0173; NGQ, +.004; HOQ, -.0135

·       Chicago ethanol was off $.0025 at $1.60850; basis values were again mixed: New York, -$.01475 @ $.13150; Gulf, -$.00475 @ $.09150; Dallas, +$.00025 @ $.07150; Tampa, +$.02525 @ $.18650; LA, -$.00525 @ $.18650  

·       Ethanol RINs weakened:  2018’s, -1.1250 @ 13 ¾ -15; 2019’s, -0.3750 @ 17 ¾ -19                                      &n​bsp;                       &nb​sp;             

·    &​nbsp;  The July RBOB/July ethanol spread lost $.0347 on Monday to +$.0878/gal; trading +$.0936 this morning 

LIVESTOCK/POULTRY                                     ​;  

• Choice boxed beef eased 41-cents on Monday to $221.82 but is still 16-cents higher compared to a week ago
• 5-Area Weekly Weighted Average Steer price was dn $0.14 v. last week at $113.62/cwt, but is up $2.34 v. last year

·       USDA mandatory pork carcass cutout value fell 44-cents on Mon. to $81.51 and is down $1.48 versus last week

·       Current nearby board hog crush value is $44.80/cwt vs. last week’s $49.20, last month’s $62.12 & last year’s $43.84       

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

 

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