HIGHLIGHTS
· Market Trend: Corn, CK Down $.0550 (deliveries); Soybeans, SK Up $.0125; Wheat, WN Steady
· Yellen’s insight on stocks cast a shadow over global markets: Shanghai fell 2.75% overnight; the Nikkie was 1.23% lower and the Hang Seng fell 1.27%. Yesterday’s 1st quarter decline in labor productivity didn’t help, nor did ADP’s report April private sector hiring hit an 18-month low. Europe is not faring much better: DAX, -.96%; FTSE, -1.61% and the CAC 40, down 1.50%. Why break the trend? U.S. stock futures don’t bode well either: DOW futures, 114 lower; NAS, down 31 and the S&P, off 13 ½. $ Index, +.082; gold, -$7.60 with energy futures mixed
· T-storm Weather: Two large systems dump heavy rainfall across most of the central U.S. through Monday-Tuesday, thereby: 1) slowing and stopping corn and soybean planting from west to east, 2) turning HRW wheat wet to excessively wet, and 3) alleviating drought in corn, soybean, and / or spring wheat areas of the Dakotas and Minnesota. Three to five days of drying likely follow the exit of rain as a brief period of cool and less-humid air passes from this weekend through early next week. Thereafter, sharp warming recurs within next Thursday-Saturday (May 14-16) with widespread coverage of at least near-average rainfall
· May Corn Down $.0550 at $3.61; July Down $.0250 at $3.6425. Dely: Corn, 330; ETOH, 0. Funds bought 4 K on Wednesday
· May SB Up $.0125 at $9.9175; July Up $.02 at $9.8450. Dely: SB, 1; SBO, 321. The Funds bot 4 K SB; even on SBM; sold 1 K SBO
· July Wheat Steady at $4.7950; Sep Up $.0025 at $4.8750 Dely: HRW, 10; SRW, 56. The funds bought an estimated 4 K
CORN/SORGHUM ;      
· ATI Research: Possible 1.0 bpa increase in national avg. corn yield in May 12 WASDE vs. USDA Ag Forum est. of 166.8
· Export Sales to be released at 7:30 AM CDT. Trade expects 18-30 mbu old-crop corn, 0-6 new-crop
· Ethanol grind: 887,000 barrels per day for week end May 1--down 34 thou vs. last week and 0.1% lower vs. a year ago
· May 12 USDA WASDE: Avg. trade guess for 14/15 U.S. corn carryout is 1.856 bbu; avg. guess for 15/16 is 1.759 bbu
· May 12 USDA Crop Production: Avg. guess for 2015 U.S. corn production is 13.580 bbu (range 13.257-13.944)
SOYBEANS/WHEAT
· Export Sales: Trade pegs soybeans, 0-13 mbu old, 11-18 new; soymeal, 90-150 old, 0-50 new; soyoil, 0-10 old, 0 new
· May 12 USDA WASDE: Avg. trade guess for 14/15 U.S. soybean carryout is 362 mbu; avg. guess for 15/16 is 446 mbu
· May 12 USDA Crop Production: Avg. guess for 2015 U.S. soybean production is 3.829 bbu (range 3.700-4.187)
· Export Sales: Trade expects -4 to +4 mbu for old-crop all wheat, 11-22 new-crop
· May 12 USDA WASDE: Avg. trade guess for 14/15 U.S. all wheat carryout is 691 mbu; avg. guess for 15/16 is 751 mbu
· May 12 USDA Crop Production: Avg. guess 2015 U.S. winter wheat, 1.464 bbu; HRW, 0.836, SRW, 0.422, White, 0.206
ENERGY
· Mixed: CLM15, -$0.13; EBM, +$0.21; EBM-CLM, +7.21, RBM, -$.0139; NGM, +$.006; HOM, +$.0004
· Cash ethanol markets were higher on Wednesday: Chicago and New York climbed 4; Gulf adde 2 ¼; Dallas and Tampa up 1 ½; and LA was 2 ½ higher at $1.83 ½ per gallon
· RINs were lower: 2013’s off 5/8 to 74 ½-75; 2014’s down 1/8 to 76-76 ½; and 2015’s eased ¼ to 74 ¼-75
· The June RBOB/June Ethanol spread settled at $.3846/gal, down $.0238 on Thursday
LIVESTOCK/POULTRY    
· On Wednesday, choice boxed beef values were 59-cents higher but are $2.40 lower compared to a week ago
· Daily estimated cattle slaughter on Wednesday was 106,000 vs. 115,000 a week ago and 121,000 last year
· The USDA mandatory pork carcass cutout value gained $1.59 on Wed., is up $5.94 v. last week & highest since Feb. 2
· CME Lean Hog Index up $1.53 to $74.57. May futures $1.35 higher at $80.35 and are $5.78 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather