HIGHLIGHTS
· Market Trend: Corn, CN Up $.0250; Soybeans, SN Up $.0050; Wheat, WN, Down $.0250; KWN, Down $.02
· Asia finished mixed as uneasiness over the Chinese market persists: Shanghai lost .15%; the Hang Seng was .11% lower; the Nikkei edged up .06% and the Kospi was .19% to the plus side. Greece is still lingering over: both the DAX and CAC 40 are .76-.84% lower at mid-day; the FTSE is .16% to the plus side. U.S. markets will be looking at 2nd quarter GDP estimates, the Chicago PMI and May U of MI consumer sentiment. Premarkets look lower: DOW, -6; &P, -.75; NAS, -2.50. Outside markets: energy is higher—CLN, +$.70/bl; $ Index, off .014; gold, $.80 at $1,188.90 on the June contract
· T-storm Weather: A cool front triggers scattered thunderstorms across much of the central U.S. through today-Saturday. Two days of coolness follow before a sharply warmer pattern assembles in the Plains. Warmth shifts the main storm track northward, helping scattered thunderstorms return to the northern Plains over Monday-Wednesday. Thunderstorms are probable elsewhere after a five to six day stretch of drying, though the exact setup is unclear as an upper-level system somewhere in the Southeast attempts to disrupt the flow and keep best rain chances east and west of the central U.S.
· July Corn Up $.0250 at $3.56; Sep Up $.0275 at $3.6225. The funds reversed course and bought 4 K yesterday
· July SB Up $.0050 at $9.2650; Aug Up $.0075 at $9.15. Funds: even on SB; sold 5 K SB and bought 3 K SBO
· July Wheat Down $.0250 at $4.8625; Sep Down $.03 at $4.9150. The funds bought 2 KThursday
CORN/SORGHUM ;        
· Export Sales to be released at 7:30 AM CDT. Trade expects 22 to 30 mbu old-crop corn, 4-12 new-crop
· ATI Research: The vessel count expected for arrival within the next 10 days is below 2014 and is consistent with expectations for a reduced U.S. corn export program in the coming weeks relative to a year ago
· T-storm Weather: Beyond next week, seasonable to mild weather occur for U.S. corn with areas of seasonable rainfall
· Ethanol grind: 969,000 barrels per day for week end May 22--up 11 thou vs. last week and 4.5% higher vs. a year ago
SOYBEANS/WHEAT
· November 2015 soybean futures made a contract low of $8.98 ¼ Thurs.; one year ago, the contract settled at $12.08
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, 6 to 11 mbu old-crop, 4-11 new-crop; soymeal, 75-175 old-crop, 50-150 new-crop; soyoil, 0-15 old-crop, zero new-crop
· ATI Research: U.S. soybean crush margins are good despite bird flu issues with both exports and crush running at higher than seasonal levels
· T-storm Weather: Total of 21% of HRW wheat received at least 90 days’ worth of rain over the last 30 days
· Export Sales to be released at 7:30 AM CDT. Trade expects -3 to +4 mbu for old-crop all wheat, 4-11 new-crop
ENERGY
· Higher: CLN15, +$0.70 at $58.38; EBN, +$0.67; EBN-CLN, +4.84, -$.06, RBN, +$.0190; NGN, -$.001; HON, +$.0190
· Cash ethanol markets were mixed on Thursday: Chicago gained 1 7/8; New York added 1; Gulf up 2 ½; Dallas down 2; Tampa off 2 ½; and LA was ¾ lower at $1.65 ¾ per gallon
· RINs declined markedly: 2013’s down 6 ½ to 53-66; 2014’s eased 7 ½ to 54-67; and 2015’s slid 7 to 52-65 ½
· The June RBOB/June Ethanol spread gained $.0266 to close at $.4401 per gallon Thursday
LIVESTOCK/POULTRY   ;
·   Choice boxed beef values were $1.86 lower on Thursday and are down $2.97 compared to last week
· Dressed steer weight for week ending May 16: 867 lbs vs. 870 last week, 868.25 for 4-week avg. and 840 last year
· USDA mandatory pork carcass cutout eased $1.72 on Thursday and is $2.19 lower vs. a week ago
· CME Lean Hog Index was down $0.31 at $82.20. June futures up $0.825 at $84.60 and are $2.40 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather