HIGHLIGHTS
· TRENDS—Higher: CU, +$.0450; SQ, +$.10; WU, +$.0275; KWU, +$.0450. Dely: SBM, 0, SBO, 217; RR, 0; HRW, 49; SRW, 133
· What caught my eye: T-Storm ® notes there is moderate likelihood that July could be among the 10% to 20% warmest in the Corn Belt going back 125 years
· Global markets all notably higher despite more cases of COVID-19 world-wide. Asia: Higher--Nikkei, +1.81%; Shanghai, +5.71%; Hang Seng, +3.81%; EUROPE: Higher—DAX, +1.90%; FTSE, +1.97%; CAC, +1.84%. WALL STREET: Futures, sharply higher --DOW, +399; S&P, +40; NAS, +131. EXTERNALS: Aug crude, -$0.02 @ $40.63; Gold: -$6.80 @ $1,783; Sep $ Index, -0.426 @ 96.875
· T-storm Weather®: a wide area will be warmer to much-warmer than normal over the next two weeks as upper-level high pressure fluctuates in & near the central U.S., despite several days of seasonableness starting Fri. Thunderstorms focus along the northern periphery of the high to produce near-normal totals, but most other areas are likely to be drier than normal as light mid-level winds & warm mid-level temps limit inevitable thunderstorms from forming into large clusters necessary for heavy rain
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CU, up $.0450 @ $3.48; CZ, up $.0425 @ $3.5775. The funds sold an estimated 9 K on Thursday
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SQ, up $.10 @ $9.0125; SX, up $.1175 @ $9.0850. Funds: Sold 2 SB, 2 SBO, 1 SBM. Board crush: $0.71 (Q/Q), +2; LY, $1.00
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WU, up $.0275 @ $4.9475; WZ, up $.0175 @ $5.0150. The funds were sellers of 3 K ahead of the 3-day weekend
CORN/SORGHUM
·   USDA Crop Progress report to be released at 3:00 pm CDT today. On average, U.S. corn silking increases approximately 10% from June 28-July 5. Last year’s pace as of July 5 was approx. 6%, & the 5-year avg. is approx. 17%
· T-storm Weather®: above- to much above-normal temps affect a wide area of U.S. corn the next two weeks averaging a substantial +4°F to +8°F from normal; 1.00”-2.00” of rain affects northern 20% of corn, with 0.50”-1.50” elsewhere
· Export Inspections released at 10 am CDT; Corn, 51.9 mbu needed; 48.6 last week. Milo—5.8 needed; 6.2 last week
· T-storm Weather®: some rain & breaks in heat occur over the next 7-10 days for corn in Ukraine, but not wet & cool
SOYBEANS/WHEAT
· USDA Crop Progress report to be released at 3:00 pm CDT today. On average, U.S. soybeans blooming increases approximately 14% from June 28-July 5. Last year’s pace as of July 5 was approx. 8%, & the 5-year avg. is approx. 25%
· T-storm Weather®: above- to much above-normal temps affect wide area of U.S. beans the next two weeks averaging a substantial +4°F to +8°F from normal; 1.00”-2.00” of rain affects northern 20% of beans, with 0.50”-1.50” elsewhere
· Export Inspections released at 10 am CDT; Soybeans, 33.1 mbu needed; 11.9 last week
· T-storm Weather®: the U.S. spring wheat drought is over, with most areas receiving an additional 1.00” to 2.00” over the next two weeks (which is near-normal)
· Export Inspections released at 10 am CDT; Wheat, 18.3 mbu needed; 18.9 last week
ENERGY
· Mixed: CLQ20, -$0.02 @ $40.63; EBU, +$0.58 @ $43.38; EBU-QCLU, +$0.61; RBQ, -.0018; NGQ, +.119; HOQ, +.0153
· Chicago ethanol was $.03 firmer at $1.3850; basis, steady/weaker: NYC, unch @ +$.1450; Gulf, unch @ +$.0950; Dallas, -$.0050 @ +$.10; Tampa, -$.01 @ +$.1950; LA, unch @ +$.2550
· Ethanol RIN values, mixed: 2019’s, +0.3750 @ 44 ½- 44 ¾; 2020’s: -1.6250 @ 43 ½ -47 ¾      
· The Aug RBOB/July ethanol went to an inverse Thursday, up $.0587 to -$.0508, premium ethanol
LIVESTOCK/POULTRY <wbr>  
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Choice boxed beef firmed $0.06 on Thursday to $205.44, but is still $2.82 lower compared to the previous week
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Cash cattle last week traded for $91 to $96 in the South, while Northern cattle traded for $148 to $155
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The mandatory pork carcass cutout value gained $3.01 on Thu. to $66.46, and is $2.62 higher versus a week ago
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CME Lean Hog Index declined $0.26 on Thu. To $45.01. July futures eased $0.075 and are $0.285 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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