HIGHLIGHTS
· Market Trend: Corn, CN Down $.0025; Soybeans, SN Up $.03; Wheat, WN, Down $.0275; KWN, Up $.0125
· Major public works program announcement lifts Shanghai 2.02%; Hang Seng closes up .92% and the Nikkei, +.12%. Europe is mixed at mid-day on concerns over Greece’s debt repaying capability versus some decent earnings: DAX, off .43%; CAC 40, up .33% and the FTSE, off .30%. Data dump to hit Wall Street this morning: pre-markets are weaker with DOW, -18; S&P, -4 and the NAS, -9. Outside markets: $ Index, up 1.037 to 97.505; gold, $9.90 lower at $1,194.10; energies are lower; CLN down $.33
· T-storm Weather: Weekend rainfall was expectedly heavy in / adjacent the southern Plains, but less than expected elsewhere. Two systems move across the central U.S. over the week, resulting in 1.00” to 2.00” of rain across a large area. Temperatures average warmer than normal through 10 to 14 days, primarily due to mild minimum this week, then upper-level high pressure that develops near the Plains next week. Seasonably-scattered thunderstorms occur from June 1 forward, especially to the north of excessively wet wheat in the southern Plains
· July Corn Down $.0025 at $3.5950; Sep Down $.0050 at $3.6625. The funds sold 6 K on Friday; COT--directional trade short 76 K
· July SB Up $.03 at $9.2725; Aug Up $.0250 at $9.1875. Funds: sold 8 K SB; 2 SBM & 6 SBO; money managers reduce long to 27.7 K
· July Wheat Down $.0275 at $5.1250; Sep Down $.03 at $5.20. The funds sold 5 K Friday; directional net shorts down 22.4 to 59.9 K
CORN/SORGHUM ;      
·   USDA Crop Progress: Estimates have U.S. corn planting pegged at 90-95% vs. approx. 86% last year and the five-year average of approx. 88%. Good/Excellent crop condition ratings likely to be in the range of 75-80%
· December 2015 corn futures closed at $3.77 ¾ Fri; one year ago, the December 2014 corn contract settled at $4.73 ½
· Export Inspections released at 10 AM CDT; Corn, 43.2 needed; 43.6 last week. Milo—4.7 needed; 5.5 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 10,651 contracts
SOYBEANS/WHEAT
· November 2015 soybean futures closed at $9.07 on Friday—a new contract low settlement price
· USDA Crop Progress: U.S. soybean planting est. at 60-65% vs. approx. 55% for both last year & the 5-year avg.
· Export Inspections released at 10 AM CDT; Soybeans, 5.9 needed; 12.5 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 17,098 contracts
· Export Inspections released at 10 AM CST; Wheat, 30.2 needed; 11.4 last week
· Commitment of Traders report: Non-Commercial long CBT wheat futures only positions decrease 784 contracts
ENERGY
· Lower: CLN15, -$0.33 at $59.38; EBN, -$0.51; EBN-CLN, +5.61, off $.19, RBN, -$.0028; NGN, -$.050; HON, -$.0058
· A mixed trend was seen in cash ethanol markets on Friday: Chicago off 1/6; New York down 2 ½;Gulf up 1; Dallas gained 2; Tampa added 3; and LA was a penny firmer at $1.76 per gallon
· RINs were firmer: 2013’s up ¼ to 69-70; 2014’s added ¼ to 70-71; and 2015’s gained ¾ to 68 ½-69 ½
· The June RBOB/June Ethanol spread lost $.0265/gal, narrowing to $.4789 on Friday; currently at $.4630
LIVESTOCK/POULTRY  
· Choice boxed beef values were $1.97 lower on Friday and have lost $1.68 vs. a week ago
· USDA Cattle on Feed actual: May 1 on feed, 101%; April placements, 95%, April Marketings 92%
· USDA mandatory pork carcass cutout declined $1.16 on Friday but is $2.19 higher compared to last week
· CME Lean Hog Index was $0.08 lower at $83.12. June futures down $0.05 at $83.725 and are $0.605 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather