HIGHLIGHTS
· Market Trend: Corn, CK Down $.0075 ; Soybeans, SK Up $.0125 Wheat, WK, Up $.0275; KWN, Down $.0250
· China’s equity markets continue to benefit from the 3rd rate cut in 6 months as Shanghai closed up 1.58% overnight. However the Nikkei was only marginally higher, up .02% while the Hang Seng fell 1.12% and the Kospi was off .03%. Greece continues to weigh on Europe’s markets: FTSE down 1.7%; DAX, off 2.02% and the CAC 40, 1.69% lower. Wall Street appears headed lower this morning with futures showing the DOW 112 weaker; the NAS off 32.50 and the S&P, down 12 ¾. Weakness said to be tied to the sell-off in bonds. Externals: $ Index, down .680 @ 94.75; energy, higher and gold, +$9.20 at $1,192.20
· T-storm Weather: Despite coolness the next few days, temperatures soar to above-average levels within Wednesday-Saturday as maximums reach the mid-70s to mid-80s and minimums stay in the 50s-60s, which is more typical of June and continues the unusually warm May. Sustained southerly winds cause humidity levels to surge later this week, setting the stage for areas of rain and thunderstorms from Wednesday forward as a large system approaches and ultimately passes around May 17-18. Widespread coverage of moderate to heavy rainfall results (generally in the 1.00" to 2.00" range with higher amounts in Oklahoma and Texas)
· May Corn Down $.0075 at $3.5750; July Down $.0150 at $3.59. Dely: Corn, 169; ETOH, 0. Funds sold 5 K to start the week
· May SB Up $.0125 at $9.8425; July Down $.0075 at $9.7325. Dely: SB, 1; SBO, 48. Funds sold 3 K SB; ; sold 4 K SBM; bot 3 K SBO
· May Wheat Up $.0275 at $4.79; July Down $.0075 at $4.8050. Dely: HRW, 0; SRW, 20. The funds were even on Monday
CORN/SORGHUM        
· USDA WASDE at 11:00 AM: Avg. trade guess for 14/15 U.S. corn carryout is 1.856 bbu; avg. for 15/16 is 1.759 bbu
· USDA Crop Production at 11:00 00 AM: Avg. guess for 2015 U.S. corn production is 13.580 bbu (range 13.257-13.944)
· USDA Crop Progress: U.S. corn planting as of May 10 at 75% vs. 55% last year and the 5-year average of 57%.
· ATI Research: U.S. corn balance sheet; 14/15 carryout declines 7 mbu vs. last week to 1.877 bbu
· ATI Research: U.S. sorghum balance sheet; 14/15 carryout unchanged vs. last week to 22 mbu
SOYBEANS/WHEAT
· USDA WASDE at 11:00 AM: Avg. guess for 14/15 U.S. soybean carryout is 362 mbu; avg. guess for 15/16 is 446 mbu
· USDA Crop Production at 11:00 AM: Avg. guess for 2015 U.S. soybean production is 3.829 bbu (range 3.700-4.187)
· USDA Crop Progress: U.S. soybean planting as of May 10 at 31% vs. 18% last year and the 5-year average of 20%
· ATI Research: Updated U.S. soybean balance sheet; 14/15 carryout decreases 5 mbu vs. last week to 351 mbu
· USDA WASDE at 11:00 AM: Avg. guess for 14/15 U.S. all wheat carryout is 691 mbu; avg. guess for 15/16 is 751 mbu
· USDA Crop Production: Avg. guess 2015 U.S. winter wheat, 1.464 bbu; HRW, 0.836, SRW, 0.422, White, 0.206
· ATI Research: U.S. winter wheat crop model up 4 mbu to 1.434 bbu; HRW, 840; SRW, 401; and White, 193
ENERGY
· Firmer: CLM15, +$1.09; EBM, +$1.42; EBM-CLM, +5.98, RBM, +$.0406; NGM, +$.034; HOM, -$.0376
· A mixed trend was seen in cash ethanol markets on Monday: Chicago down ¼; New York steady;Gulf off 2 ¼; Dallas up 2; Tampa eased 1; and LA was ½ lower at $1.83 ½ per gallon
· RINs were steady to lower: 2013’s down ½ at 73-74; 2014’s unch at 74 ¾-75 ¼; and 2015’s off ½ at 73-73 ¼
· The June RBOB/June Ethanol edged $.0026 higher to $.3354 on Monday
LIVESTOCK/POULTRY   ;
· Choice boxed beef values increased $1.45 on Monday and are $3.93 higher vs. a week ago
· 5-Area Weekly Weighted Average Steer price increased $1.24 last week to $161.93/cwt and is up $13.73 vs. last year
· The USDA mandatory pork carcass cutout value gained $1.30 Mon., is up $6.95 v. last week & highest since Jan. 28
· CME Lean Hog Index up $0.84 to $77.98. May futures down $0.15 at $80.70 but are $2.72 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather