HIGHLIGHTS
· MARKET TREND-Higher: CN, -3/4; CK, -3/4; SN, +3 ½; SK, - ¼; WN, - ¼; WK, +3; KWN, - 1; KWK, -7 ¼
· MACRO: Bank stocks/BOJ comments lead global equity markets higher. ASIA: Reverses early losses, closes higher with the Nikkie +2.2%; Hang Seng, +.4%; Shanghai, +.04% . EUROPE: Credit Suisse leads market higher—FTSE, +.8%; DAX, +1.2%; CAC 40, +1.1%. U.S. PRE-MARKETS: Very Positive. DOW futures, +100; S&P, +11; NAS, +23. EXTERNALS: Gold, -$1.70; $ Index, +.020 @ 94.23 & June WTI is $0.40 higher @ $45.84
· T-storm Weather: There are no changes to the Outlook. The GFS model is largely ignored as it calls for a wetter outlook for the Corn Belt. A large system passes through Wed.-Thu., producing areas of rain and t-storms; highest coverage and amounts in the Corn Belt. A sharply cooler pattern follows across a large area, but areas of rain and t-storms recur in southern areas as waves of energy ride the edge of coolness. The cooler scenario will be on the defensive as the week progresses, pulling milder and muggier air northward. This will in turn,set up a clash zone for renewed t-storms in at least central and southern areas.
· CN, Down $.0075 @ $3.6825; CK, Down $.0075 @ $3.67. Heavy selling, 20 K . Deliveries, 50 Corn; 0 ETOH
· SN, Up $.0325 @ $10.29755; SK, Down $.0025 @ $10.1850. Funds: Sold 5 K SB; 5 K SBM; 3 K SBO. Dely: SBO-230; SB-0
· WN, Down $.0025 @$4.5625; WK, Up $.03 @ $4.50. The Funds liquidated 6 K Monday. Dely: 59 HRW; 132 SRW
CORN/SORGHUM ; ;    
·  Corn exports for the week of May 5th were 45 million, near the high end of estimates (42-47); 40.8/week needed
· Corn planting was 64% complete, 14 points ahead of average but trailing last year by 5. Several river tributary states are 18% or more ahead of their respective 5-year averages. Implications for early harvest & late summer basis?
· Unshipped sales through 4/28 were 32% of the USDA April forecast. Since 88/89, >=25% has meant a minimum 25 mbu increase in the May forecast
· May 10 USDA WASDE: Avg. trade guess for 15/16 U.S. corn carryout is 1.834 bbu; avg. guess for 16/17 is 2.256 bbu
· May 10 USDA Crop Production: Avg. guess for 2016 U.S. corn production is 14.181 bbu (range 13.590-14.431)
SOYBEANS/WHEAT
· SB Export Inspections were weak at 4.1; trade was expecting 5-10 with 8.1/wk needed. Were it not for the rains in Argentina, history would suggest no change in the U.S. export forecast this morning. Otherwise, up 10?
· U.S. soybean planting was 23%, above trade ideas of 12-17% and ahead of the average pace of 15%
· May 10 USDA WASDE: Avg. trade guess for 15/16 U.S. soybean carryout is 426 mbu; avg. guess for 16/17 is 412 mbu
· May 10 USDA Crop Production: Avg. guess for 2016 U.S. soybean production is 3.794 bbu (range 3.703-3.930)
· May 10 USDA WASDE: Avg. trade guess for 15/16 U.S. all wheat carryout is 984 mbu; avg. guess for 16/17 is 1013 mbu
· May 10 USDA Crop Production: Avg. guess 2016 U.S. winter wheat, 1.372 bbu; HRW, 0.810, SRW, 0.360, White, 0.202
ENERGY
· Firmer: CLM16, +$0.40, $45.84; EBN, +$0.76; EBN-CLM, +$0.56, +$0.37; RBM, +$.0208; NGM, +0.043; HOM, +$.0169
· Cash ethanol markets were open the week weaker: Chicago lost 1 1/3rd cents; New York gave up 1 1/8; the Gulf fell 3; Tampa was off a ½ cent; Dallas was 1 ½ lower and LA was down 1 at $1.70 per gallon
· Ethanol RINs steady to down: 2014’s steady at 74 ¼ -75 ¾; 2015’s unch at 74 ¼-74 ¾; and 2016’s off 1/8 to 73 ¾ 74 ½
· The June RBOB/June Ethanol inverse gained 3 ¾ cents to -$.05330/gallon on Monday ;
LIVESTOCK/POULTRY    
·   Choice boxed beef values rebounded $3.83 on Monday, but are still down $2.20 compared to a week ago
· 5-Area Weekly Weighted Average Steer price up $2.80 vs. last week to $126.59/cwt, but is $35.34 lower vs. last year
· USDA mandatory pork carcass cutout value was $0.77 higher on Mon. at $81.79, but is down $1.39 vs. a week ago
· CME Lean Hog Index firmed $0.41 on Mon. to $74.74. May futures declined $0.70 but are still $1.36 above the index