HIGHLIGHTS
· Market Trend: Corn, CN Up $.0275; Soybeans, SN Up $.0275; Wheat, WN, Up $.0350; KWN, Up $.0350
· Shanghai finished the day off 1.57% as investors remains unsettled over a possible surge in new market offerings; the Hang Seng posted a 1.96% gain and the Nikkie closed up .83%. ECB President Draghi says the bond-buying program will stay in place as long as is needed—this helped to lift the DAX and CAC 40 between .37% and .47% on Friday; the FTSE is up .41% at mid-day. Futures suggest a positive start for U.S. equity markets: DOW, +35; NAS, +14.50 and the S&P, +3.75. Data releases include the U of MI consumer sentiment and Empire State mfg index. $ Index, +.35; energy weaker with WTI off $.34 at $59.54; gold, off $10.80
· T-storm Weather: A large system slowly approaches and then moves across the central U.S. through Monday. In its wake, a sharp north-south temperature contrast develops, causing the jet stream to flow directly across the central and southern Plains. Widespread rains result through Sunday-Monday, then again at times next week, further increasing the intensity of wetness for HRW wheat; as noted numerous times in recent days, a large proportion of HRW wheat is too wet, currently including 37% of U.S. production that received at least 60 days of rain over the last 30 days
· July Corn Up $.0275 at $3.7075; Sep Up $.0275 at $3.7725. Dely: Corn, 56; ETOH, 0. The funds bought 7 K yesterday
· July SB Up $.0275 at $9.5975; Aug Up $.0325 at $9.5350. Dely: SB, 1; SBO, 64. Funds: even SB; sold 1 K SBM; bot 1 K SBO
· July Wheat Up $.0350 at $5.1775; Sep Up $.0350 at $5.2450. Dely: HRW, 0; SRW, 5. Fund buying totaled 10 K Thursday
CORN/SORGHUM        
·   ATI Research: Since 2009, the increase in U.S. corn planting from May 10-17 has ranged from a low of 6% in 2010 to a high of 36% in 2013. If widespread weekend rain is realized, 2015 progress may be toward the low of that range
· Year-to-date 14/15 export sales commitments of sorghum are 319.3 mbu, or 91.2% of the latest USDA forecast for 350 million. Outstanding sales: 71 mbu vs. 50 last year
· U.S. corn export sales for 14/15 of 14.6 mbu were a marketing year low and 53% below the 4-week average
· T-storm Weather: Corn planting likely occurs slowly over the next 7-10 days
SOYBEANS/WHEAT
· ATI Research: Since 2009, the increase in U.S. soybean planting from May 10-17 has ranged from a low of 9% in 2010 to a high of 26% in 2012. If widespread weekend rain is realized, 2015 progress may be toward the low of that range
· U.S. soybean export sales for 14/15 of 5.0 mbu down 60% vs. last week and 54% from the prior 4-week avg.
· T-storm Weather: Dry weather supports soybean harvesting across Argentina through at leastSaturday
· KC July wheat futures had their biggest one-day gain since September of 2012 on Thursday; rust concerns increasing
· T-storm Weather: May 2007 was also wet for HRW wheat in much of the U.S. Plains, but May 2015 may end wetter
ENERGY
· Weaker: CLM15, -$0.34 EBM, +$0.40; EBN-CLM, +7.18, RBM, -$.0091; NGM, -$.014; HOM, -$.0099
· A steady to firmer trend was noted in cash ethanol markets on Thursday: Chicago up 3; New York steady; Gulf gained 4 ½; Dallas added 1; Tampa unchanged; and LA was ¾ higher at $1.80 ¾ per gallon
· RINs were higher: 2013’s up 1 5/8 to 73 ½-75; 2014’s added ½ to 74 ½-75 ½; and 2015’s gained 7/8 to 72 ½-73 ½
· The June RBOB/June Ethanol spread lost $.004 Thursday to $.3915; trading $.3646 this morning
LIVESTOCK/POULTRY  
· Choice boxed beef values gained $1.57 on Thursday and are now at the highest level for calendar year 2015
· Dressed steer weight for week ending May 2: 865 lbs vs. 866 last week, 869.5 for 4-week avg. and 840 last year
· USDA mandatory pork carcass cutout gained 37-cents Thur., is up $4.91 v. last week & has risen 14 consecutive days
· CME Lean Hog Index up $0.86 to $81.04. June futures down $0.825 at $83.95 but are $2.91 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather