HIGHLIGHTS
· Market Trend: Corn, CN Down $.02 ; Soybeans, SN Up $.0325 Wheat, WN, Up $.0025; KWN, Down $.0175
· Weak April consumer spending in China pressured Shanghai and the Hang Seng overnight which closed .56% and .58% lower while the Nikkei managed a .71% gain. Despite QI growth of .4%, which was below expectations European markets are higher: FTSE, +.48%; DAX, +.92% and CAC 40, +1.29%. Futures suggest Wall Street should open on a positive note in hopes April retail sales date will show some modest growth: DOW, +49; S&P, +6.50 and the NAS, +17.50. External markets find energy mosty firmer; the $ Index is off .076 to 94.900 and gold is $.70-$.80 higher at $1,193 per oz
· T-storm Weather: A large system slowly approaches and then passes the central U.S. through Monday, sharply increasing humidity and temperatures, and ultimately resulting in widespread rainfall of 1.00" to 3.00"+ -- heaviest across the Plains and western Corn Belt. Heavy rain returns to Oklahoma-Texas today, then again Friday-Saturday, which is unneeded because 15% of U.S. HRW wheat production received at least 90 days of rain over the last 30 days, which appears to be sharply wetter than existed at the end of May 2007 (when wetness was last widespread in late-spring across the Plains)
· May Corn Down $.0025 at $3.5675; July Down $.02 at $3.59. Dely: Corn, 185; ETOH, 0. The funds bought 2 K Tuesday
· May SB Up $.0625 at $9.7325; July Up $.0325 at $9.5875. Dely: SB, 1; SBO, 33. Funds sold 8 K SB; 74 K SBM and 4 K SBO
· June Wheat Up $.0025 at $4.8075; Sep Down $.0025 at $4.8725. Dely: HRW, 2; SRW, 14. Fund buying totaled 2 K
CORN/SORGHUM ;      
·   ATI Research: USDA Supply/Demand report suggests potential for stiff export competition for U.S. corn this fall on the heels of 2014/15 production increases of 3.0 MMT and 0.5 MMT for Brazil and Argentina, respectively
· T-storm Weather: It is most probable for a weather pattern similar to that of this week to repeat next week as a brief period of coolness is quickly followed by muggier, warmer, and wetter weather
· ATI Research: U.S. corn planting progress for week end May 17 was approx. 71% last year; 5-year avg. is approx. 75%
· Ethanol margins: $0.59 per gallon--up vs. $0.55 last week but below $0.86 last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· ATI Research: Supply/Demand report--U.S. to face aggressive soymeal competition in 15/16 from S. America and India
· ATI Research: U.S. soybean planting progress for week end May 17 approx. 31% last year; 5-year avg. is approx. 36%
· Private crop consultant: Argentina soybean crop estimated at 59.0 MMT but could move a little higher (USDA at 58.5)
· ATI Research: Supply/Demand report--World wheat ending stocks for 15/16 forecast at 203.3 MMT--a 14-year high
· T-storm Weather: HRW wheat turns wetter next 7 days; pockets of flooding imminent in at least Oklahoma and Texas
ENERGY
· Mostly firmer: CLM15, +$0.60; EBM, +$0.34; EBM-CLM, +5.85, RBM, +$.0042; NGM, -$.011;HOM, +$.0087
· EIA estimates: crude, +0.1 (API: -2.0); Gasoline, +0.4 (-1.6); Distillates, +0.5 (-2.5)
· Cash ethanol markets were weaker on Tuesday: Chicago off 1; New York eased 1 ½; Gulf down 1 ¼; Dallas slipped 2; Tampa dropped ½; and LA was 1 ½ lower at $1.82 per gallon
· RINs were lower: 2013’s off 7/8 at 72 ¼-73; 2014’s also eased 7/8 to 73 ½-74 ¾; and 2015’s down 5/8 at 72-73
· The June RBOB/June Ethanol spread gained $.0689 cents to $.4043 per gallon Tuesday
LIVESTOCK/POULTRY    
·  Choice boxed beef values gained $1.39 on Tuesday and have increased $5.40 over the past 5 days
· Daily estimated cattle slaughter on Tuesday was 114,000 vs. 114,000 a week ago and 120,000 last year
· The USDA mandatory pork carcass cutout value gained $2.03 Tues., is up $7.17 v. last week & highest since Jan. 26
· CME Lean Hog Index up $1.11 to $79.09. May futures up $0.60 at $81.30 and are $2.21 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather