HIGHLIGHTS
· MARKET TREND: CORN: CU, up 3 ¾; SOYBEANS: SQ, up 9; WHEAT: WU, up 3 ¼; KWU, up 1 ½
· Chinese officials impose regulations to curb short selling, Shanghai gains 3.69%; Hang Seng and Nikkei close slightly lower, -.02% and -.14%. Europe’s lower: weakness in oil; poor earnings; Abengoa loses 13% on divestment plans to shore up cash flow issues; Credit Agricole under U.S regulatory microscope. DAX and FTSE both down .25-.30%; CAC 40 off .59%. Pre-markets point to a lower U.S. opening: DOW, -35; NAS, -14.2; S&P, - 4 3/4 . Outside markets have the $Index off .206 at 97.41; gold is up $1.70 at $1,091.10 and the energy complex is higher with Sep WTI up $.75/bbl
· T-storm Weather: A seasonable to cool pattern produces areas of rain over the next week with the main (but unresolved) issue regarding whether to increase amounts in the southeast Corn Belt; near-normal remains probable across a large area. A warmer pattern follows next week, but heat is unlikely because any warmth will de-stabilize the atmosphere to make it easier-than-normal for thunderstorms to form, also keeping most areas seasonably wet. Although coverage of topsoil dryness increased in recent days, the coverage of subsoil dryness remains incomparably lower than each of the last 4 years for U.S. corn and soybeans
· Sep Corn Up $.0375 at $3.7025; Dec Up $.0325 at $3.7975. The funds sold 6 K on Monday
· Aug SB Up $.09 at $9.8650; Nov Up $.0950 at $9.45. Funds: sold 5 K SB; bot 3 K SBM; sold 5 K SBO. Dely: SBO, 1,082
· Sep Wheat Up $.0325 at $5.0225; Dec Up $.0350 at $5.0850. The funds were again even in Monday’s trade
CORN/SORGHUM ; ;          
· ATI Research: U.S. corn balance sheet; 14/15 carryout down 3 mbu v. last week, 1.731 bbu; 15/16 up 46 to 1.565 bbu
· ATI Research: U.S. sorghum balance sheet; 14/15 carryout down 10 mbu at 22 mbu; 15/16 down 5 million at 92 mbu
· USDA Crop Progress pegs Good/Excellent corn crop ratings steady at 70% with ATI crop estimate at 13.469 bbu
· USDA Crop Progress, corn silking: 90%, which is above both last year’s 88% and the 5-year average of 89%
· T-storm Weather: Upcoming U.S. weather is viewed as favorable for corn since cool and wet weather are ideal at this time of year
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 14/15 carryout down 2 at 259 mbu; 15/16 up 118 million to 366 mbu
· USDA Crop Progress pegs Good/Excellent soybean crop ratings up one point to 63% with ATI crop est at 3.771 bbu
· ATI Research: ATI 2015 Spring Wheat Tour finds high North Dakota yield potential; total HRS crop estimate is 595 mbu
· USDA Crop Progress, winter wheat harvest: 90% vs. 89% for last year and the 85% avg. SRW winding down
· ATI Research: U.S. SRW wheat balance sheet, 15/16 carryout up 6 at 182 mbu vs. 153 million for 14/15
ENERGY
· Firmer: CLU15, +0.75, $46.92; EBU, +$0.82; EBU-CLU, +4.45, +-$.10, RBU, +$.0267; NGU, +$.044; HOU, +$.0270
· Cash ethanol markets were lower to begin the week on Monday: Chicago off 2 ¼; New York down 3 ½; Gulf eased 4; Dallas and Tampa declined 2; and LA was 1 ¼ lower at $1.63 ½ per gallon
· Ethanol RINs were weaker: 2013’s off ¾ at 37 ½-38; 2014’s down 1 at 37 ½-38 ½; and 2015’s eased 7/8 to 37 ¾-38 ½
· The Sep RBOB/Aug Ethanol spread collapsed 14 ½ cents to $.1905/gallon in Monday’s trading
LIVESTOCK/POULTRY   ;
· ; Choice boxed beef values increased 74-cents on Monday to $233.99 and are $1.73 higher vs. last week
· 5-Area Weekly Weighted Average Steer price gained $1.89 last week to $147.37/cwt but is $15.33 lower vs. last year
· On Monday, USDA mandatory pork carcass cutout was up 5-cents, and at $87.30 is $3.36 higher vs. a week ago
· CME Lean Hog Index down $0.07 to $78.68. August futures up $1.70 at $80.20 and are $1.52 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather