HIGHLIGHTS
· Market Trend: Corn, Down 5-6; Soybeans, 3-4 Lower Old, 5-6 Higher New; Wheat, 3-4 Lower
· Good U.S. employment #’s on Friday along with strong Q1 Japanese growth of 6.7% (5.9% forecast) has overseas markets in positive territory. The Nikkei closed up .31%; the Hang Seng finished .73% higher and Shanghai edged up .03%. The FTSE is .2% to the plus side; the DAX is .08 higher and only the CAC-40 which is down .11%, is lower. U.S. markets are a bit more cautious: Dow futures are 9 lower; the S&P is quoted 2 weaker and the NAS, down 1.75 points. Gold: +$3.50 @ $1,255.70; energy futures are higher and the $ Index is up .105 at 80.635
· T-Storm Weather: Temps remain near to warmer than usual through 10-14 days as widespread coverage of near-and above-average rainfall occurs. The potential for large-scale heat and dryness later this year is being lowered by ongoing and upcoming rains–if heat were to develop, it would most likely be quickly followed by thunderstorms: heat evaporates soil moisture in the summer, providing a source of humidity that does not exist other times of the year. In 2012, dry soil moisture was widespread by now, which precluded thunderstorms from forming later in the summer. This is part of the reason large-scale drought developed
· July Corn Down $.05 at $4.54; September Down $.0525 at $4.51. The funds bought 8 K on Friday
· July Soybeans Down $.0375 at $14.5325; August Down $.04 at $13.97. Friday, the funds bought 3 K SB; 1 K SBM and 4 K SBO
· July Wheat Down $.0375 at $6.1450; September Down $.04 at $6.2625. The funds closed out the week buying 5 K
CORN/SORGHUM
· Wire services report China has suspended imports of U.S. origin DDGs—MIR 162; LY China took 34% of U.S. exports
· ATI Research: USDA Crop Progress likely to show U.S. corn crop Good/Excellent 75-80% vs. 63% in 2013 & 66% in 2012
· Export Inspections released at 10 AM CDT; Corn, 44.2 needed; 38.4 last week. Milo—3.5 needed; 4.7 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 14,468 contracts
· Avg. trade guess for June 11 USDA Supply/Demand report: U.S. 13/14 corn carryout, 1.164Bbu; 14/15, 1.709Bbu
SOYBEANS/WHEAT
· ATI Research: Crop Progress report likely to show U.S. soybean planting at 85-90% vs. 69% last year and 81% avg. Good/Excellent conditions likely to be 75-80% as of Sunday (no data available for 2013; total was 60% in 2012)
· Export Inspections released at 10 AM CDT; Soybeans, 4.0 needed; 5.7 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 7,369 contracts
· Avg. trade guess for June 11 USDA Supply/Demand report: U.S. 13/14 soybean carryout, 127mbu; 14/15, 319mbu
· ATI Research: U.S. spring wheat planting progress likely to show 93-96% vs. 86% last year and the 5-year avg. of 93%
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions increase 1,457 contracts
· Avg. trade guess for June 11 USDA Supply/Demand report: U.S. 13/14 all wheat carryout, 590mbu; 14/15, 547mbu
ENERGY
· Futures are higher: QCLN14, +$0.62 at $103.28; QRBN, +$0.0124; QNGN, +$.029; and QHON, +$.0010
· Mini-rebound noted in cash ethanol markets on Friday: Chicago gained 4 ¾; Gulf rebounded 4 ½; Dallas and New York bounced 4; Tampa nudged up 3; and LA was 2 ½ higher at $2.61 per gallon
· Steady to weaker RINs: 2012’s off ½ to 43-44; 2013’s down 1 to 43 ½-47; and 2014’s steady at 43-44
· The July RBOB/July ethanol spread lost $.0673 on Friday, settling at $.7840 per gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values eased 13-cents Friday and have declined $1.80 over the last three trading days
· Cash cattle trading developed late Friday afternoon at mostly $145, up $1 to $2 from the week before
· After falling $1.01 Thursday, the USDA mandatory pork carcass cutout value gained $2.93 Friday
· The USDA’s Iowa/Minnesota average cash lean hog price fell $1.11 Friday to $110.16
Sources: Bloomberg, Dow Jones, AP, T-storm Weather