HIGHLIGHTS
· MARKET TREND-Higher: CN, +3/4; CK, +1 ¼; SN, +¾; SK, +1 ¼; WN, +1/4; WK, +1/2; KWN, -1 ¼; KWK, NA
· MACRO: Markets nervous ahead of U.S. jobs report this morning with 202-205 K expected and unemployment holding at 5%. ASIA: The Nikkie re-opened .3% lower; Shanghai dropped 2.8% and the Hang Seng fell 1.6%. EUROPE: Definitely in the red—DAX, -.86%; FTSE, -.99% & the CAC 40, -1.24%. U.S. PRE-MARKETS: Negative. DOW futures, -35; S&P, -5; NAS, -11.50. EXTERNALS: Gold, +$10.60 @ $1,282; the $ Index is off .228 @ 93.645 & June WTI is $0.27 lower @ $44.05
· T-storm Weather: Mainly dry & increasingly mild weather affect all areas into Sat. Changes occur Sat.-Sun. when a cool front triggers a few thunderstorms in central Plains & Corn Belt, but well-organized rain is not expected outside of parts of Nebraska. More notable changes begin Sun. & continue next week when a large system triggers areas of rain & thunderstorms within the central / southern Plains, Corn Belt & Delta. The exact setup that follows is difficult to assess, but widespread coverage of at least near-normal rain is probable from late next week forward; above-normal rain is most likely in central & southern areas
· CN, Up $.0075 @ $3.7450; CK, Up $.0125 @ $3.73. The funds sold 10 K on Thursday. Deliveries, 109 Corn; 0 ETOH
· SN, Up $.0075 @ $10.13; SK, Up $.0125 @ $10.0475. Funds: Sold 8 SB; 6 K SBM; 3 K SBO. Dely: SBO-944; SB-299
· WN, Up $.0025 @ $4.6350; WK, Up $.0050 @ $4.5350. Funds liquidated 5 K yesterday. Dely: 141 HRW; 266 SRW
CORN/SORGHUM     ;  
· May 10 USDA WASDE: Avg. trade guess for 15/16 U.S. corn carryout is 1.834 bbu; avg. guess for 16/17 is 2.256 bbu
· May 10 USDA Crop Production: Avg. guess for 2016 U.S. corn production is 14.181 bbu (range 13.590-14.431)
· ATI Research: U.S. 15/16 corn export sales for week end April 28 of 30.3 mbu near low end of trade range of 30-43.
· ATI Research: U.S. sorghum export sales week end April 28 of 7.1 mbu were up sharply from the 4-week avg. of 1.4
· T-storm Weather: Drought worsens for a majority of Brazil corn through two weeks and longer in / near Goias and Mato Grosso. That said, southern third of winter corn production receives heavy to very-heavy rain from Fri. forward
SOYBEANS/WHEAT
· May 10 USDA WASDE: Avg. trade guess for 15/16 U.S. soybean carryout is 426 mbu; avg. guess for 16/17 is 412 mbu
· May 10 USDA Crop Production: Avg. guess for 2016 U.S. soybean production is 3.794 bbu (range 3.703-3.930)
· ATI Research: U.S. 15/16 soybean export sales for week end April 28 of 30.0 mbu well above the trade range of 15-22
· T-storm Weather: Well-organized rainfall is not foreseen through 10 days in wettest Argentina soybean areas
· May 10 USDA WASDE: Avg. trade guess for 15/16 U.S. all wheat carryout is 984 mbu; avg. guess for 16/17 is 1013 mbu
· May 10 USDA Crop Production: Avg. guess 2016 U.S. winter wheat, 1.372 bbu; HRW, 0.810, SRW, 0.360, White, 0.202
· ATI Research: U.S. wheat new-crop export sales for week end April 28 of 5.1 mbu were below the trade range of 7-15
ENERGY
· Weaker: CLM16, -$0.27, $44.05; EBN, -$0.39; EBN-CLM, +$0.52, -$0.16; RBM, +$.0063; NGM, -0.013; HOM, -$.0078
· A steady to slightly weaker tone was evident in cash ethanol markets on Thursday:Chicago down ½; New York steady; Gulf off ¼; Tampa eased ½; Dallas was steady; and LA was ½ lower at $1.68 per gallon
· Ethanol RINs steady to up: 2014’s gained 1/8 to 74 ¾-75; 2015’s unch at 74 ¼-74 ¾; and 2016’s firmed ¼ to 74-74 ½
· The June RBOB/June Ethanol inverse eased $.0096 to -$.00360/gallon yesterday
LIVESTOCK/POULTRY      
· Choice boxed beef values eased 32-cents on Thursday, and at $204.42 are $8.08 lower compared to a week ago
· Dressed steer weight for week end April 23: 870 lbs., dn 3 lbs v. last week, 882.25 for 4-week avg. & 866 last year
· USDA mandatory pork carcass cutout value firmed $1.19 on Thursday to $82.49 and is $1.21 higher vs. last week
· CME Lean Hog Index was up $0.95 on Thu. at $73.59. May futures increased $0.20 and are $3.985 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather