HIGHLIGHTS
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MARKET TREND—Down a fair amount: CN, -$.0325; SN, -$.10; WN, -$.1150; KWN, -$.11
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MACRO: Trade worries and immigration concerns are back on the front burner, all major markets are lower. Asia—Lower: Nikkei, -0.79%; Shanghai, -1.04%; Hang Seng, -1.29%. EUROPE: Lower: DAX, -1.16%; FTSE, -0.98%; CAC, -0832%. WALL STREET: Dow futures sharply lower: DOW, -161; S&P, -15.50; NAS, -60.25. EXTERNALS: Aug crude: +$0.17 @ $66.20; Aug Gold: +$0.10 @ $1,271; Dec $ Index, +.06 @ 93.800
· T-storm Weather: The last in a series of strong upper-level systems moves passes through Tue.-Wed., producing areas of thunderstorms within central Plains & Corn Belt, & resulting in generalized amounts of 1.00”-2.00” within each region. Some rain also affects northern Delta & northern Plains, but not heavy totals. Temps turn sharply warmer west to east over Tue.-Thu. as highs in mid- to upper-90s coincide with lows in mid-70s across southern two-thirds of central U.S., or ~+10°F from normal
· CN, dn $.0325 @ $3.54; CU, dn $.0350 @ $3.63. The funds were even in Friday’strade
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SN, dn $.10 @ $8.8450; SQ, dn $.10 @ $8.90. Funds: bot 4 SB, 5 SBM; 2 SBO. Board Crush: $1.73 , +$.02; LY: $.89
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WN, dn $.1150 @ $4.7975; WU, dn $.11 @ $4.9325. The funds sold 4 K Friday
CORN/SORGHUM
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December 2018 corn futures on Friday closed at $3.78; since May 25, December futures have declined $0.47 (11.1%)
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Consultant: Today’s USDA Crop Progress report is expected to peg U.S. corn Good/Excellent at 77-79% compared to 78% last week and 67% last year
· ATI Research: The 5-year average for U.S. corn silking as of June 24 is ~3%
· T-storm Weather: We expect temperatures to average warmer to much-warmer than normal from late-week forward (June 27 - July 8). Some thunderstorms are likely, especially in northern areas, but less-so to the south
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Export Inspections released at 10 am CDT; Corn, 56.5 mbu needed; 65.7 last week. Milo—4.2 needed; 1.2 last week
SOYBEANS/WHEAT
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November 2018 soybean futures on Fri. closed at $9.16 ¼; since May 25, Nov. futures have declined $1.37 ¼ (13.0%)
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Consultant: USDA Crop Progress report to peg U.S. soybean Good/Excellent at 72-74% v. 73% last week, 66% last year
· Export Inspections released at 10 am CDT; Soybeans, 26.4 mbu needed; 30.1 last week
· T-storm Weather: Only 13% of U.S. soybean production was drier than normal over the last 30 days
· Export Inspections released at 10 am CDT; Wheat, 18.4 mbu needed; 13.7 last week
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T-storm Weather: Most of Russia’s winter wheat remains considerably drier & warmer than normal the next 10 days
ENERGY
· Weaker: CLQ18, +$.17 @ $68.75; EBQ, -$0.97 @ $74.58; EBQ-QCLQ, -$1.14; RBQ, -.0247; NGQ, -.038; HOQ, -.0206
· On Friday, cash ethanol markets were steady to slightly higher: Chicago was quoted at $1.405, unchanged; Basis to Chicago—New York, +$0.135; Gulf, +$0.0875; Dallas, +$0.1025; Tampa, +$0.2375; and LA, +$0.265
· Ethanol RINs were weaker on Friday: 2017’s fell 2 to 21-25; and 2018’s declined 2 ½ to 26-30
· The July RBOB/July ethanol spread gained $.0602 on Friday to +$.6525/gallon
LIVESTOCK/POULTRY  
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Choice boxed beef values fell 25-cents on Friday to $217.16 and are down $4.43 compared to a week ago
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Cattle on Feed: June 1 on feed, 104.1% (103.4% avg est); May placed, 100.2% (96.0%); May Market, 105.4% (105.2%)
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USDA mandatory pork carcass cutout value firmed 43-cents on Friday to $84.73 and is up $1.65 v. last week
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CME Lean Hog Index gained $0.38 on Friday to $86.17. July futures eased $0.65 and are $6.345 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather