HIGHLIGHTS
· MARKET TREND—Indecisive: CN, steady; SN, up $.0050; WN, down $.0025; KWN, up $.0050
· MACRO—Late Monday gains on Wall Street pushed the S&P & NAS to fresh highs; enthusian spreads overseas. ASIA—Mostly higher: Nikkei, -0.26%; Shanghai, +0.06%; Hang Seng, +1.27%. EUROPE—Higher: DAX, +0.51%; FTSE, +0.59%; CAC, +0.39%. Wall Street-Futures are higher: DOW, +16; S&P, +0.75; NAS, +1.50. EXTERNALS: Sep $ Index,+0.289@ 90.045; June Gold, -$2.20 @ $1,225; June Crude, +$0.15 @ $46.58. Deliveries: SBM, 4; SBO, 96; Corn, 712; ETOH, 0; HRW, 1; SB, 0; SRW, 13
· T-storm Weather: A potent thunderstorm cluster affects a portion of the eastern Corn Belt as an upper-level warm front passes today, most likely from northern Illinois through Indiana and potentially into Ohio where a swath of 0.50" to 1.00" unfolds. Separately, scattered thunderstorms affect the southern half of the central U.S. over Wed.-Fri. Areas to the north will be cooler and drier as cool air oozes outward from Canada later this week, leaving the Dakotas and Minnesota fairly dry this week
· Corn: CN steady at $3.66; CZ steady @ $3.8425. Funds were active sellers on Monday, a total of 12 K
· SB: SN down $.0025 @ $9.6450; SX dn $.01 @ $9.6025. Funds: sold 5 SB; 5 SMB, bot 2 BO. Board Crush: $.88, +2; LY; $.83
· Wheat: WN down $.0025 @ $4.3325; WU down $.0050 @$4.4825. Fund selling estimated at 6 K to begin the week
CORN/SORGHUM
·   USDA estimates U.S. corn planting progress as of May 7 at 47% vs. 61% last year and the 5-year average of 52%
· T-storm Weather: All of central U.S. turns cooler from north to south over Tue.-Fri. The same area then turns much warmer from west to east over Sun.-Tue. (May 14-16). Wetter period unfolds May 15-21 for much of central U.S.
· Consultant: Brazil corn crop is unchanged this week at 92.0 MMT. The onset of the dry season may trim off the top end of the safrinha (double crop) corn
· ATI Research: The point estimate for near-term U.S. corn exports eased ½ mbu to 52.3 mbu per week. Our bias, however, is 40-45 mbu per week vs. 50.0 for the past month and is 11 mbu higher than the same period last year
SOYBEANS/WHEAT
· USDA estimates U.S. soybean planting progress as of May 7 at 14% vs. 21% last year and the 5-year average of 17%
· Consultant: Brazil soybean crop estimate is increased 1.0 MMT to 111.0 MMT as big crop gets bigger. Harvest at 97%
· T-storm Weather: Large system is likely to move across central U.S. later next week & weekend; widespread coverage of at least near-normal rain is probable May 16-21, beginning around May 16 in Plains & further east around May 18
· ATI Research: U.S. Good/Excellent -1% to 53%; winter wheat model pegs ‘17 crop @ 1.260 bbu; -22 mbu v. last week
· ATI Research: Near-term U.S. wheat export forecast is 20-25 mbu/week v. 14.3 last year & latest 4-week avg. of 23.2
ENERGY
· Firmer: CLM17, +$0.15 @ $46.58; EBN, +.11 @ $49.45;EBN-QCLN, 0.00; RBM,+$.0108; NGM, +$0.017; HOM, +$.0073
· Cash ethanol markets were weaker on Monday: Chicago down 1 3/8; New York off ¾; Gulf fell ½; Dallas and Tampa declined 1; and LA was 2 lower at $1.62 ½ per gallon
· Ethanol RINs were steady on Monday: 2016’s and 2017’s were at 40-42 ½
· The June RBOB/June ethanol spread widened $.0322 on Monday to +$.03580/gallon, premium RBOB
LIVESTOCK/POULTRY  
·   Choice boxed beef values increased $2.57 on Monday to $241.44, and are $15.17 higher vs. a week ago
· 5-Area Weekly Weighted Average Steer price up $8.38 v. last week at $144.60/cwt, and is $18.01 higher v. last year
· USDA mandatory pork carcass cutout was 97-cents higher on Monday at $78.46, and is up $3.50 vs. last week
· Current nearby board hog crush value is $43.48/cwt vs. last week’s $44.51, last month’s $42.48 & last year’s $49.16
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather