HIGHLIGHTS

• TRENDS—Lower: CN, -$.0250; SN, -$.06 WN, -$.0475; KWN, -$.0425     
• What caught my eye: overdoing it to the down side?  Still 7.4 million acres of corn left to plant as of Sunday (more or less) and 19.5 million acres of soybeans, though some state comments regarding “percent of what” added to the confusion      
• Fed comments suggest rate cuts possible later in year; markets surge, note gold.  Asia: Higher--Nikkei, +0.60%; Shanghai, +2.38%; Hang Seng, +1.23%.  EUROPE: Higher—DAX, +1.02%; FTSE, +0.34%; CAC, +0.74%.  WALL STREET—Futures are firm--DOW, +222; S&P, +25.00; NAS, +95.00.  EXTERNALS: Aug crude: +$1.52 @ $52.49; Gold:  +$36.90 @$1,386; $ Index: -.07 @ 97.57
• T-storm Weather: Through Tuesday (June 25), numerous waves of energy and cool fronts trigger thunderstorms in varying areas each day, producing 1.50” to 3.50” in the Corn Belt and nearby areas of the eastern Plains, and 1.00” to 2.00” elsewhere.  Unseasonable coolness affects the northwest half of the central U.S. through June 24-25 as a couple cool fronts pass and leave temps moderately below normal by 4°F to 8°F; temps will fluctuate more freely across the southeast half, averaging near normal
• CN, dn $.0250 @ $4.3850; CU, dn $.02 @ $4.4425.  Funds again sold 8 K on more correction                     
• SN, dn $.06 @ $8.9725; SQ, dn $.05 @ $9.0450.  Funds: sold 7 SB; 6 K SBM; bot 2 SBO.  Board Crush: $1.06, 0; LY, $1.67
• WN, dn $.0475 @ $5.1750; WU, dn $.0550 @ $5.2125.  The funds were again sellers, 6 K on Wednesday           

CORN/SORGHUM

·        Export Sales report to be released at 7:30 am CDT.  Trade expects 4-16 mbu for 18/19 corn

• T-storm Weather: Much less rain occurs from next Wed. (June 26) forward for U.S. corn; some thunderstorms occur with highest coverage and amounts in the Dakotas, but only 0.25” to 0.75” elsewhere
• Ethanol grind: Total of 1,081,000 barrels/day for week end June 14—dn 15 thou v. prior week but up 1.6% v. last year
• Consultant: Brazil corn production estimate is increased 1.0 MMT this week to a record 100.0 MMT.  According to AgRural, the safrinha (double crop) corn is 10.2% harvested compared to 2.9% last year and the 5-year avg. of 3.5%

SOYBEANS/WHEAT

·        Export Sales report.  Trade expects 4-15 mbu for 18/19 soybeans; soymeal, 100-300 K MT; soyoil, 5-25 K MT 

• T-storm Weather: Much less rain occurs from next Wed. (June 26) forward for U.S. soybeans; some thunderstorms  occur with highest coverage and amounts in the Dakotas, but only 0.25” to 0.75” elsewhere

·        Consultant: Argentina soybean production est. is unchanged at 56.0 MMT with a neutral bias.  Harvest at 98.5% 

·        Export Sales report.  Trade expects 7-18 mbu for 19/20 all wheat

• T-storm Weather: Several rounds of thunderstorms occur in spring wheat areas of U.S. northern Plains through Fri. 

ENERGY

·        ​Higher: CLQ19, +$1.52 @ $52.49; EBQ, +$1.44 @ $63.26; EBQ-QCLQ, -.07; RBQ, +.0311;NGQ, +.011; HOQ, +.0374

·        Chicago ethanol was off $.02125 at $1.57875; basis values were generally weaker: New York, -$.0075 @ $.14; Gulf, -$.00125 @ $.09625; Dallas, -$.00125 @ $.08875; Tampa, -$.0875 @ $.20625; LA, +$.02625 @ $.22125  

·        Ethanol RINs were lower:  2018’s, -1.250 @ 15 ½ -17; 2019’s, -1.1250 @ 19 ½-21                                         &n​bsp;                       &nb​sp;          

·       &​nbsp;The July RBOB/July ethanol spread moved out $.0511 yesterday to +$.1725/gal 

LIVESTOCK/POULTRY                  ​                         ​           

​
• Choice boxed beef increased $1.06 on Wednesday to $221.59 but is still 56-cents lower compared to a week ago
• Estimates for Friday USDA Cattle on Feed: June 1 on feed, 101.3%; May placements, 95.9%; Marketed in May 100.8%

·        USDA mandatory pork carcass cutout value plummeted $3.47 on Wed. to $76.47 & is down $4.26 lower v. last week

·        The collapse in pork cutout on Wed. was largest one-day drop since April 25; cutout is at lowest level since March 21       

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