HIGHLIGHTS
· Market Trend: Corn, 2 to 3 Higher; Soybeans, Old, Up 9-10-New, Up 4; Wheat, CHI, Down 1-2; KC, Up 1-2
· Wall Street makes new highs on Monday, most overseas markets follow suit. The Nikkei closes up 1.95%; the Hang Seng gains .41% but Shangha slips .10% after April retail sales, factory production and investment spending slowed, still rather robust. Early #’s from Europe are positive with the FTSE up .08%; the DAX, .67% higher and France’s CAC 40, .21% to the plus side. U.S. gov shows big surplus in April, deficit on track to be the smallest in 6 years. U.S. futures are all higher—S&P, +2.75; Dow, +29 and the Nasdaq, +6.75. Gold is $3.75/oz cheaper at $1,292; energy futures are mostly higher; solid as a $, $ Index up .172 at 80.25
· T-Storm Weather: Areas of rain shift from the western Corn Belt (and / or adjacent areas of the central / northern Plains) through the eastern Corn Belt today. A secondary system causes a separate shield of rain to focus on the eastern Corn Belt and Delta Wednesday-Thursday. Cool and showery weather follow the exit of organized rainfall for 3-5 days at any location. The cool pattern breaks Saturday-Sunday as above-average warmth begins to envelop the central U.S.; maximums in the 70s-80s become commonplace with 90s in southwest Plains for much of next week. Rain begins forming May 18-20, most likely in wettest areas
· May Corn Up $.02 at $4.9950; July Up $.03 at $5.0250. The funds sold another 10 K to begin the week
· May SB Up $.1025 at $14.94; July Up $.09 at $14.7425. Funds: sold 10 K SB, 7 K SBM and 2 K SBO
· May Wheat NA; July Down $.0125 at $7.14. Fund selling estimated at 5 K on Monday
CORN/SORGHUM
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USDA Crop Progress: U.S. corn planting at 59% complete as of Sunday vs. 26% in 2013 and the 5-year average of 58%.
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ATI Research: Updated balance sheet for 13/14 corn carryout up 20mbu to 1.256Bbu; 14/15 up 25 to 1.630Bbu
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Export Inspections; Corn, 47.2mbu (43.9 needed) with zero to China; Milo, 3.1 (3.6), China in for 2.3 million bushels
· Corn deliveries: 0
SOYBEANS/WHEAT
· USDA Crop Progress: U.S. soybean planting at 20% complete vs. 5% in 2013 and the 5-year average of 21%.
· ATI Research: Updated balance sheet for 13/14 soybeans carryout unch at 116mbu; 14/15 down 35 million to 281
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Export Inspections: Soybeans, 8.8mbu (4.3 needed) with zero to China
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ATI Research: Updated balance sheet for 13/14 all wheat carryout unch at 585mbu; 14/15 down 23 million to 555
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ATI Research: SRW harvested acreage lowered slightly; crop estimates—HRW, 741mbu; SRW, 454; White, 197
· Soy complex deliveries: 0 SB; 2 SBM; 117 SBO; Wheat: 0 KC; 111 CHI
ENERGY
· Futures are again mostly positive: QCLM14, +$0.67 at $101.27; QRBM, +$0.0150; QNGM, -$.002; and QHOM, +$.0148
· Mostly weaker tone in cash ethanol markets on Monday: Chicago. Tampa and New York all off 2; Gulf slipped 4; Dallas down 3; but LA gained 4 to $2.41 ½ per gallon
· RINs were firmer: 2012’s climbed 2 ½ to 45 ½-46 ½; 2013’s up 2 at 46 ½-47; and 2014’s nudged 2 higher to 44-45
· The June RBOB/June ethanol spread gained $.0416 yesterday, settling at $.7766 per gallon
LIVESTOCK/POULTRY   ;
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After falling $5.64 during the previous four trading days, Choice boxed beef values firmed 56-cents yesterday
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The USDA 5-area weekly average steer price for last week was $148.20, up 22-cents from the week before
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After easing 54-cents over the previous two trading days, the USDA pork carcass cutout value gained $1.98 today
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The USDA’s Iowa/Minnesota average cash lean hog price fell $2.42 Friday to $108.35
Sources: Bloomberg, Dow Jones, AP, T-storm Weather