HIGHLIGHTS

·       MARKET TREND—Firmer: CN, up $.01; SN, up $.0275; WN, up $.0175; KWN, up $.0275

·       MACRO—Fed leaning towards a rate boost if economic #’s continue to support steady growth. OPEC members expected to extend last year’s output cut.  ASIA—Higher: Nikkei, +0.36%; Shanghai, +1.43%; Hang Seng, +0.80%. EUROPE—Higher: DAX, +0.14%; FTSE, +0.12%; CAC, +0.31%.Wall Street-Futures are higher:  DOW, +76; S&P, +75; NAS, +19.  EXTERNALS: Sep $ Index, -.082 @ 97.870; June Gold, +3.2 @ $1,256; July Crude, -$0.44 @ $50.92 

·       T-storm Weather: Widespread rain affects the eastern Corn Belt through today.  Another system immediately follows and triggers thunderstorms across the southeast half of the central U.S. within Friday-Sunday, as well as parts of Kansas and Nebraska, and parts of Iowa.  Any warming through Saturday will be brief as the exiting system causes coolness to recur next week, leaving most areas considerably cooler than normal through the end of the month

·       Corn: CN up $.01 @ $3.7225;  CZ up $.0075 @ $3.9050.  Fund buying totaled 3 K at mid-week    

·       SB: SN up $.0275 @ $9.51; SX up $.01 @ $9.49.   Funds: even SB & SBM, sold 1 K SBO.  Board Crush: $.81, 0; LY; $1.41

·       Wheat: up $.0175 @ $4.3425; WU up $.0125 @ $4.4725.   The funds bought 2 K yesterday    

CORN/SORGHUM

·       Export Sales to be released at 7:30 AM CDT.  Trade expects 24-35 mbu for 16/17 corn

·       T-storm Weather: A drier period begins in many U.S. corn areas Sunday, but showers continue within the northeast third of Corn Belt from Sunday to Wednesday (May 28-31)

·       Ethanol grind: Total of 1,010,000 barrels/day for week end May 19—dn 17 thou v. prior week but up 6.8% v. last year

·       Consultant: The safrinha (double crop) corn in Parana was the biggest beneficiary of heavy rains over the weekend.  Corn in Parana is either starting to grain filling or in the midst of grain filling

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 7-15 mbu for 16/17 soybeans; soymeal, 50-150 K MT; soyoil, 5-22 K MT 

·       Consultant: The recent political turmoil in Brazil has resulted in a weaker Brazilian currency, which actually increased soybean prices in Brazil.  Uncertainty regarding future direction of the currency remains high

·       T-storm Weather: A notably warmer period begins June 1-2 across U.S. soybean areas, accompanied and followed by rain in at least central and southern areas

·       Export Sales report.  Trade expects 0-7 mbu for 16/17 all wheat and 9-17 mbu for 17/18

·       T-storm Weather: Rainfall remains limited for U.S. spring wheat across the northern Plains into early June

ENERGY

·       Weaker: CLN17, -0.44 @ $50.92; EBN, -.26 @ $53.70;EBN-QCLN, +.20; RBN,-.0074; NGN, +.012; HON, -.0013

·       A firmer trend was evident in cash ethanol markets on Wednesday: Chicago up 2 ¼; New York added 1 ½;Gulf increased 2; Dallas and Tampa climbed 1; and LA was a penny higher at $1.67 ½ per gallon

·       Ethanol RINs were lower on Wednesday: 2016’s eased 3 to 61-66; and 2017’s fell 2 ½ to 61-67 

·       The June RBOB/June ethanol spread tugged in $.0248 to+$.17260/gallon, premium RBOB on Wednesday

  LIVESTOCK/POULTRY                                   ​  

·       Choice boxed beef values increased 34-cents on Wednesday to $246.08 , and are still down $2.09 vs. last week

·       Light to moderate cash cattle trading occurred on Wednesday in the South at $132—about $2 lower than last week

·       USDA mandatory pork carcass cutout value was 63-cents lower Wed. at $88.90, but is still $3.23 higher vs. a week ago

·       CME Lean Hog Index was up $0.13 on Wed. at $76.07.  June futures gained $0.05 and are $4.13 above the index      

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather