HIGHLIGHTS
· Market Trend: Corn, CK Up $.0225; Soybeans, SK Up $.0450; Wheat, WK, Down $.03; KWN, Up 11.75
· Asia is off to strong start with Shanghai leading the way at +3.05% on its 3rd interest rate cut in 7 months; the Nikkei closed up 1.25% and the Hang Seng gained .51%. Europe is mostly weaker as talks with Greece continue today: DAX, off .6%; CAC 40, down 1.6% and the FTSE, up .11%. U.S. indices are all weaker: DOW, -7; NAS, -.30 and the S&P, down 1 ¼. In the outside markets; enery futures are mostly lower: the $ Index is a ¼ point higher at 95.50 and June gold is off $4.10 at $1,184.90
· T-storm Weather: A cool front and powerful system develop strong and severe thunderstorms with heavy rains across the central U.S. through today, slowing corn and soybean planting, turning HRW wheat wetter, and further alleviating drought in the northern Plains and Minnesota. Coolness follows the exit of rain in northern areas, helping frosts and freezes to unfold form northwest Kansas and points north through the northern Plains early this week. Sharp warming recurs Thursday-Saturday, while thunderstorms likely return with time, first focusing on the Plains around Friday, then further to the east around Sunday
· May Corn Up $.0250 at $3.61 July Up $.0025 at $3.6325. Dely: Corn, 162; ETOH, 0. Funds bought 3 K on Friday
· May SB Up $.0450 at $9.89; Up $.0525 at $9.8150. Dely: SB, 1; SBO, 115. Funds even on SB; sold 1 K SBM; bot 4 K SBO
· May Wheat Down $.03 at $4.7350; July Up $.0050 at $4.82. Dely: HRW, 0; SRW, 111. The funds bought 3 K Friday
CORN/SORGHUM         ;
· USDA Crop Progress: Conservative estimates have U.S. corn planting pegged near 70%--vs. approx. 55% last year and the five-year average of approx. 57%--though some believe it may reach 75%
· USDA Crop Progress: U.S. corn emergence est. at 25-30% vs. approx. 16% last year & the 5-year avg. of approx. 24%
· December 2015 corn futures closed at $3.78 ¼ Fri; one year ago, the December 2014 corn contract settled at $5.11 ½
· Export Inspections released at 10 AM CDT; Corn, 41.8 needed; 41.4 last week. Milo—4.9 needed; 10.8 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 12,920 contracts
SOYBEANS/WHEAT
· USDA Crop Progress: U.S. soybean planting est. near 30% vs. approx. 18% last year & the 5-year avg. of approx. 20%
· Export Inspections released at 10 AM CDT; Soybeans, 5.9 needed; 6.3 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 5,096 contracts
· USDA Crop Progress: U.S. spring wheat planting est. at 85-90% vs. approx. 33% last year & 5-year avg. of approx. 51%
· Export Inspections released at 10 AM CST; Wheat, 26.5 needed; 12.0 last week
· Commitment of Traders report: Non-Commercial long CBT wheat futures only positions decrease 2,268 contracts
ENERGY
· Weaker: CLM15, -$0.26; EBM, -$0.39; EBM-CLM, +5.88, RBM, -$.0031; NGM, +$.009; HOM, -$.0045
· Cash ethanol markets were steady to higher on Friday: Chicago up 5/8; New York added ½; Gulf gained 1 ½; Dallas and Tampa were steady; and LA was unchanged at $1.84 per gallon
· RINs were steady to higher: 2013’s steady at 73 ½-74 ½; 2014’s unch at 74 ½-75 ½; and 2015’s gained 3/8 to 73 ¼-74
· The June RBOB/June Ethanol spread lost 1 ¾ cents on Friday, closing at $.3328/gal; down $.0178 this morning
LIVESTOCK/POULTRY    
· Choice boxed beef values gained 54-cents on Friday and are up $3.48 compared to last week
· U.S. cattle slaughter for week ending May 9 up 0.2% compared to the previous week but down 5.5% vs. a year ago
· The USDA mandatory pork carcass cutout value gained 76-cents Fri., is up $5.98 v. last week & highest since Jan. 28
· CME Lean Hog Index up $1.16 to $77.14. May futures up $1.00 at $80.85 and are $3.71 above the index
· U.S. hog slaughter for week ending May 9 was estimated to be 2.2% lower v. last week but 5.2% higher v. last year
Sources: Bloomberg, Dow Jones, AP, T-storm Weather