HIGHLIGHTS

·         Market Trend:  Corn, Down 1-2; Soybeans, 2-4 Higher;  Wheat, Down 4-5

·         Overseas markets are mostly lower and a similar start to U.S. trading appears likely. Despite the best economic growth rate in almost 3 years (5.9% annualized) Japan’s Nikkei lost .8% overnight and Shanghai fell 1.1%.  The lone exception was the Hang Seng, up .7%.  QI EU growth at .3% fell short of consensus and price inflation was a sluggish .7% (2% target).  Both served to keep the DAX (-.02%) and the CAC (-.04%) in negative territory; the FTSE is up .08%.  U.S. futures are mixed:  S&P, -1; Dow, -2; Nasdaq, +2.  Gold is a $1 lower; energy futures are mostly in the red and the $ Index is up a ¼ point at 80.465

·         T-Storm Weather: Cool weather occurs across the Midwest into the weekend.  Although showers develop along the southern edge of coolness, most areas stay dry or receive minimal amounts.  Sharp warming begins Saturday-Sunday and then dominates next week.  A multi-day period of gusty winds and heat result across the central/southern Plains, while thunderstorms focus along the edge of warmthSunday-Tuesday – primarily across wettest areas of the northern Plains and Minnesota.  Although corn, soybean, and spring wheat planting conditions remain challenging here, they improve to the south until rain returns May 21-23

·         July Corn Down $.0150 at $4.94; September Down $.0150 at $4.8925.   Fund selling totaled 8 K at mid-week

·         July Soybeans Up $.02 at $14.8875; August Up $.02 at $14.  The funds were even on both  SB and SBM, bought 1 K SBO

·         July Wheat Down $.0450 at $6.8575; September Down $.0450 at $6.9450.  Fund selling continued with 7 K sold yesterday

 

CORN/SORGHUM

·         Expor​t Sales to be released at 7:30 AM CDT.  Trade expects 8 to 16mbu old-crop corn, 2-10 new-crop 

·         Ethanol grind: 922 thou barrels per day for week end May 9—up 28 thou vs. last week and up 7.6% vs. last year

·         ATI Research: Annualized U.S. corn grind for ethanol is 5.050Bbu, which is in line with the latest USDA estimate

·         National Weather Service to release updated forecasts—including U.S. Seasonal Drought Outlook—at 7:30 CDT

·         Corn deliveries:   6

SOYBEANS/WHEAT

• Export Sales: Trade expects -4 to +2mbu old-crop soybeans, 6-11 new-crop ; soymeal, 25-150 K MT old, 0-150 new; soyoil, 0-20 old,  0-10 new
• Private consultant boosts Argentina soybean crop estimate 1.0 MMT to 55 Million; late-season rainfall a benefit

·         Export Sales: Trade expects 4 to 11mbu old-crop wheat, 6-11 new-crop

·         U.S. spring wheat planting progress for week end May 18 was 64% in 2013 & the five-year average (2009-2013) is 68%

·         Soy complex deliveries:  44S B; 67 SBM; 89 SBO; Wheat: 0 KC; 64 CHI

ENERGY

·         Futures are mostly lower:  QCLM14, -$0.26 at $102.11; QRBM, -$0.0027; QNGM, -$.024; andQHOM, +$.0038

·         A firmer trend was noted Wednesday in cash ethanol markets: Chicago added a nickel; Gulf and New York added 3; Tampa and Dallas gained a penny; and LA was 6 higher at $2.46 per gallon

·         RINs were mostly lower: 2012’s steady at 46 ½-47; 2013’s off ½ to 46 ½-48; and 2014’s down ½ to 45 ½-46

·         The June RBOB/June ethanol spread rose another penny, to $.8037/gallon on Wednesday

LIVESTOCK/POULTRY                                 ​                        &​nbsp; 

• After increasing $3.35 during the previous two days, Choice boxed beef values fell $1.53 yesterday
• After falling $1.38 on Tuesday, the USDA pork carcass cutout value increased $1.38 yesterday
• The USDA’s Iowa/Minnesota average cash lean hog price eased 58-cents yesterday to $109.33
• Broiler egg set last week was down 0.3% from last year, but average set over the last four weeks is still up 1.0%

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