HIGHLIGHTS
· MARKET TREND-Higher: CK, Up $.0325; SK, Up $.1025; WK, Up $.0175; KWN, Up $.0225
· MACRO: Global equity markets mixed. ASIA: Nikkei is closed; Shanghai ended up 1.8%; the Hang Seng lost 1.8% & the Kospi, +.4%. EUROPE: Influenced by weak Chinese mfg data and lower with the DAX off 1.9%; the CAC 40 is 1.7% weaker and the FTSE is down 1.1%. U.S. PRE-MARKETS: decidedly weaker with DOW futures shedding 115 points; the S&P is 14 ¼ lower and the NAS points to a 32 ¾ lower start. EXTERNALS: Gold is $3.20 to the plus side; the $ Index is off .413 @ 92.3 & June WTI is $.59 lower
· T-storm Weather: Coolness continues through Wed.-Thu. across the eastern Corn Belt and Delta, while sharp warming unfolds Thu.-Fri. in the Plains. Mildness spreads eastward this weekend, breaking the cool pattern that began in earnest last Wed. when U.S. corn and soybeans were cooler than normal for the first time in 14 days. Outside of scattered showers in the eastern Corn Belt on Wed., most areas stay dry through at least Friday. Changes begin in the Plains Sat.-Sun. and the Corn Belt / Delta within May 8-10 when a large but disorganized system wobbles through the central U.S., triggering scattered rain of 0.50" to 1.50"
· CK, Up $.0325 @ $3.9350; CN, Up $.0075 @ $3.9250. Funds bought 3 K Monday, Deliveries, 0.
· SK, Up $.1025 @ $10.4575; SN, Up $.00925 @ $10.53. Funds: Bought 8 K SB; 8 K SBM; sold 7 K SBO. Dely: 2,851 SBO, 178 SB
· WK, Up $.0175 @ $4.7875; WN, Up $.0225 @ $4.90. Funds sold 3 K to open the week. Dely: 412 HRW; 511 SRW
CORN/SORGHUM     ; ;
· USDA pegs nationwide U.S. corn planting as of May 1 at 45% vs. 45% last year and the 5-year average of 30%. Corn emergence is 13% vs. 7% in 2015 and the average of 8%. Sorghum planting at 23% vs. 28% last year the 26% average
· ATI Research: U.S. corn balance sheet; 15/16 carryout est. at 1.737 bbu; 16/17 carry-out est. at 2.072 bbu
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 65 mbu; 16/17 carry-out pegged at 88 mbu
· T-storm Weather: In South America, multiple rounds of heavy rain affect Parana and Mato Grosso do Sul from Friday-Saturday forward, ending dryness for safrinha corn. To the north, significant rain is unlikely in Goias and Mato Grosso
· Since trading to $3.77 ¾ on April 25, December 2016 corn futures has risen $0.18 ¾ (5.0%) to settle at $3.96 ½ Mon.
SOYBEANS/WHEAT
· July 2016 soybean futures closed at $10.43 ¾ Monday—highest settlement price for the contract since Dec. 26, 2014
· USDA pegs nationwide U.S. soybean planting as of May 1 at 8% vs. 10% last year and the 5-year average of 6%
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 429 mbu; 16/17 carry-out estimated at 438 mbu
· T-storm Weather: Argentina soybeans remain cooler than normal with limited rainfall for the foreseeable future
· ATI Research: U.S. HRS wheat balance sheet; 15/16 carryout pegged at 308 mbu; 16/17 carry-out est. at 283 mbu
· ATI Research: Updated 2016 U.S. winter wheat production estimates (in mbu): HRW, 841; SRW, 362; and White, 216
ENERGY
· Lower: CLM16, -$0.59, $44.19; EBN, -$.43; EBN-CLM, +$1.22, +$0.18; RBM, -$.0312; NGM, +0.025; HOM, -$.0172
· Cash ethanol markets were weaker on Monday: Chicago off 1 1/8; New York down 1 ¼; Gulf eased 2 ¾; Tampa and Dallas dipped 1 ½; and LA was 2 lower at $1.70 per gallon
· Ethanol RINs unchanged to higher: 2014’s up ¼ at 73 ¼-73 ¾; 2015’s unch at 73-73 ½; and 2016’s unch at 72 ½-73
· The June RBOB/May Ethanol spread was little changed, losing $.0020 to+$.0378/gallon on Monday
LIVESTOCK/POULTRY  
· Choice boxed beef values were $1.68 lower on Monday, and at $209.77 are down $10.44 vs. last week
· 5-Area Weekly Weighted Average Steer price down $2.66 v. last week to $123.79/cwt and is $36.90 lower vs. last year
· USDA mandatory pork carcass cutout value firmed $1.59 on Mon. to $83.18 and is $3.00 higher vs. a week ago
· CME Lean Hog Index firmed $0.64 on Monday to $71.11. May futures $0.525 higher and are $7.315 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather