HIGHLIGHTS
· MARKET TREND-Higher: CN: Up $.0125; SN: Up $.0725; WN: Up $.0150 KWN: Up $.0350
· MACRO: Higher oil prices are lifting global equity markets this morning. ASIA: Closed higher with gains of .54% for the Nikkei; Shanghai was up .68% and the Hang Seng, +.80%. EUROPE: Firmer as well with the DAX up .91%; the CAC 40, +1.15% and the FTSE, +1.35%. WALL STREET: Pre-markets point to a positive start with DOW futures up 45; S&P, +4.50 and the NAS, +13.75. EXTERNALS: The $ Index is off .044 @ 95.30; Gold is up $3.30 @ $1,259.40 and June WTI is $.08 higher @ $48.24
· T-storm Weather: Coolness continues through today, then breaks from west to east over Sat.-Tue. Except for some rain in southern areas through today, most areas stay dry into at least Sunday. Drying breaks Sun.-Mon. across the western third to half of U.S. corn & soybeans, including wettest areas of / near Nebraska. Scattered thunderstorms then form further into the Corn Belt Tue.-Wed. with the main overall rain event around Wed.-Sat. when as the crawling system gradually exits. The end result is that widespread rain of 1.00"-2.00" is expected over May 22-28 with higher totals most likely in western corn & soybean areas
· CN, Up $.0150 @ $3.9150; CZ, Up $.01 @ $3.9825. Heavy liquidatation with the funds selling 25 K
· SN, Up $.0725 @ $10.7875; SX, Up $.0225 @ $10.5575. Funds: sold 5 K SB; bought 8 K SBM and sold 10 K SBO
· WN, Up $.0125@ $4.70; WU, Up $.0150 @ $4.99. The funds sold 8 K on Thursday
CORN/SORGHUM     ;    
·   December 2016 corn futures closed at $3.97 ¼ Thu.—one year ago, the December 2015 contract settled at $3.82 ¼
· ATI Research: U.S. old-crop corn export sales for week ending May 12 of 58.0 mbu were well above the trade range of 35-51. The four-week sales average of 54.2 mbu is the largest for this time of year since 54.8 million was sold in 1990
· ATI Research: U.S. sorghum export sales week end May 12 of 2.0 mbu were one-half of the year ago total of 4.0
· T-storm Weather: Drought for northern 60% of Brazil safrinha (double crop) corn worsens for the foreseeable future; e.g. most areas receive less to much-less than 0.50” of rain the next 10-14 days while temps reach mid-80s to mid-90s
SOYBEANS/WHEAT
· November 2016 soybean futures closed at $10.53 ½ Thu.—one year ago, November 2015 contract settled at $9.18 ½
· ATI Research: U.S. old-crop soybean export sales for week end May 12 of 20.4 mbu were well above trade range of 11-18. The four-week sales average of 16.6 mbu is the largest for this time of year since 23.9 million was sold in 2012
· ATI Research: U.S. old-crop wheat export sales for week end May 12 of 6.4 mbu were within trade range of 0-9. The four-week sales average of 9.2 mbu is the largest for this time of year since 10.9 million was sold in 2012
· T-storm Weather: Near- to above-normal rain for U.S. HRW wheat May 22-28; heaviest across eastern 2/3’s of Kansas
ENERGY
· Mixed: CLM16, +$0.08, $48.24; EBN, +$0.01; EBN-CLM, +$0.67, +$0.02; RBM, -$.0152; NGM, -0.006; HOM, -$.0047
· A mixed trend was evident in cash ethanol markets on Thursday: Chicago declined 1 ½; New York off 1; Gulf down ¾; Tampa and Dallas gained 1; but LA was 1 ½ lower $1.74 per gallon
· Ethanol RINs firmer again: 2014’s added 2 ½ at 80-84; 2015’s up 2 ½ to 80-84; and 2016’s increased 2 ¾ to 79 ½-84
· The June RBOB/June spread widened slightly, $.007 to +$.03690/gallon on Thursday
LIVESTOCK/POULTRY   ; </wbr>
· Choice boxed beef values were 60-cents lower on Thursday, but at $227.16 are still $12.70 higher vs. last week
· Estimates for today’s USDA Cattle on Feed: May 1 on feed, 100.1%; Apr placements, 98.6%; Marketed in Apr 101.6%
· USDA mandatory pork carcass cutout value was 55-cents lower Thursday at $82.32, and 15-cents lower v. a week ago
· CME Lean Hog Index $0.64 higher Thu. at $78.43. June futures were down $0.80 but are still $1.995 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather