HIGHLIGHTS
· TRENDS—Mixed: CN, +$.0150; SN, -$.0025; WN, -$.0075; KWN, +$.0050
· What caught my eye: The June Hogs and Pigs Report indicated considerably more numbers on hand than were expected, and versus a year ago with the # over 180 lbs up nearly 13% and those in the 129-179 pound range up 11.8%--higher feed demand?
· Global stocks mostly higher as U.S. reduces some banking regulations. Asia: Nikkei, +1.13%; Shanghai, closed; Hang Seng, closed; EUROPE: Firm—DAX, +0.96%; FTSE, +1.52%; CAC, +1.61%. WALL STREET: Futures, mostly firm --DOW, -50; S&P, +1.50; NAS, +16.75. EXTERNALS: Aug crude, +$0.34 @ $39.06; Gold: +$2.30 @ $1,773; Sep $ Index, -.108 @ 97.370
· T-storm Weather®: above-normal temperatures dominate a wide area of U.S. crops going forward as persistent southerly winds form in response to a large system in the Northwest (warmth driven by mild nights). The transition to the warmer period is underway now, which will trigger scattered thunderstorms across the Corn Belt Fri.-Sun. (especially Friday evening in eastern IA, northeastern IA, northern IL, and WI, and again within IL-IN-OH Sat.-Sun.); 0.50" to 1.50" most common
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CN, up $.0150 @ $3.1875; CU, dn $.0125 @ $3.2175. The funds sold 15 K yesterday on lack of weather concerns
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SN, dn $.0025 @ $8.69; SQ, unch @ $8.6550. Funds: sold—3 SB, 2 SBO, 3 SBM. Board crush: $0.62 (N/N), -2; LY, $1.01
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WN, dn $.0075 @ $4.86; WU, dn $.0075 @ $4.8750. The funds bought 3 K Thursday
CORN/SORGHUM
· T-storm Weather®: attention next week remains on a couple waves of energy that drift with little direction and trigger some thunderstorms in U.S. central and western corn production areas (but less-so east)
· June 30 USDA reports: trade pegs U.S. corn acreage at 95.2 mil (vs. 97.0 in March); June 1 corn stocks est. 4.951 bbu
· ATI Research: Combined old and new-crop unshipped U.S. corn export sales as of June 18 were 517 mbu, which is 41% higher compared to 367 mbu last year but 27% lower versus 704 mbu two years ago
· T-storm Weather®: above-normal temperatures and below-normal rainfall is being monitored for corn in Ukraine, though most production areas were wet in recent weeks
SOYBEANS/WHEAT
· ATI Research: Combined old & new-crop unshipped U.S. soybean export sales as of June 18 were 514 mbu, up 9% vs. 472 mbu last year. This is one of the higher totals in recent years & suggests a very strong Sep-Nov export program
· June 30 USDA reports: Trade pegs U.S. soybean acres at 84.7 mil (vs. 83.5 in March); June 1 bean stocks est. 1.392 bbu
· ATI Research: unshipped export sales U.S. HRW wheat for week end June 18 of 75 mbu are 2nd highest total in 7 years
· T-storm Weather®: attention next week remains on a couple waves of energy that drift with little direction, bringing the best chance for needed rainfall to spring wheat in North Dakota and Canada over Sun.-Wed. (Jun. 28 - Jul. 1)
· June 30 USDA reports: Trade pegs U.S. wheat acres at 44.7 mil (vs. 44.7 in March); June 1 wheat stocks est. 0.980 bbu
ENERGY
· Firm: CLQ20, +$0.39 @ $39.06; EBQ, +$0.39 @ $41.44; EBQ-QCLQ, +$0.11; RBN, +.0163; NGN, -.039; HON, +.0085
· Chicago ethanol was $.0250 weaker at $1.26; basis, mixed: NYC, -$.00125 @ +$.12; Gulf, unch @ +$.12; Dallas, +$.005 @ +$.1150; Tampa, +$.0050 @ +$.20; LA, +$.0050 @ +$.2950
· Ethanol RIN values, firm: 2019’s, +0.50 @ 40 ½- 41 ½; 2020’s: +0.625 @ 43 ½ -44 ¼    
· The July RBOB/July ethanol spread swung back the other way, $.11368, to $.0592, premium RBOB
LIVESTOCK/POULTRY  
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Choice boxed beef eased $1.43 on Thursday to $208.26, and is $5.30 lower compared to last week
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Light cash cattle trade occurred on Thursday in Texas at $95 -- $6.00 lower than last week's weighted average
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The mandatory pork carcass cutout value declined $3.25 on Thu. to $63.84, & is $0.15 lower compared to a week ago
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Hogs and Pigs: All hogs & pigs, 105.2% (103.7% avg. est); Kept for breeding, 98.7% (98.1%); Market, 105.8% (104.2%)
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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