HIGHLIGHTS
· MARKET TREND—Lower: CN, down $.0350; SN, down $.03; WN, down $.0475; KWN, down $.0550. USDA WASDE report at 11:00 am CDT
· MACRO—UK PM May’s special election manuveur fails. ASIA—Mostly higher: Nikkei, +0.52%; Shanghai, +0.27%; Hang Seng, -0.13%. EUROPE—Higher: DAX, +0.44%; FTSE, +0.72%; CAC, +0.39%.Wall Street-Futures are higher: DOW, +37; S&P, +3.75; NAS, +6.75. EXTERNALS: Sep $ Index, +.473 @ 97.125; June Gold, -3.00 @ $1,273; Aug Crude, +$0.20 @ $46.09
· T-storm Weather: Coolness breaks & five days of heat begin over Fri.-Sun. in response to a large system to the west. The system triggers a few thunderstorms in northern areas of the Corn Belt & Plains this weekend, but most areas stay dry. The main system passes over Sun.-Thu. to gradually break heat from northwest to southeast as several days of seasonable to cool weather begin. Some thunderstorms occur when the system passes, but limited dynamics of humidity limit coverage & amounts in the Corn Belt
· Corn: CN down $.0350 @ $3.8225; CZ down $.0375 @ $4.00. Funds were again buyers, 15 K
· SB: SN down $.03 @ $9.35; SX down $.03 @ $9.4075. Funds: Bot 7 SB, 3 SBM, 4 SBO. Board Crush: $.86 +1; LY; $0.97
· Wheat: WN down $.0450 @ $4.4475; WU down $.0425 @ $4.59. Fund buying amounted to 6 K Thursday
CORN/SORGHUM
· December 2017 corn futures on Thursday traded to $4.09--the highest price for the contract since June 22, 2016
· USDA WASDE report 11:00 am CDT: Avg. trade guess 16/17 U.S. corn carryout, 2.284 bbu; avg. guess 17/18, 2.072 bbu
· USDA WASDE report: Avg. guess for 16/17 Brazil corn crop, 96.6 MMT (range 94.0-103.0); Argentina, 40.0 (39.0-42.0)
· T-storm Weather: Some rain is forecast to occur for U.S. corn from next week through June 16-18, but amounts of only 50% to 70% of normal are expected (and possibly drier from Nebraska south)
· U.S. old-crop corn export sales week end June 1: 13.7 mbu, down 15% from last week and 25% vs. the 4-week avg.
SOYBEANS/WHEAT
· USDA WASDE report: Avg. trade guess 16/17 U.S. soybean carryout, 0.434 bbu; avg. guess 17/18, 0.513 bbu
· USDA WASDE: Avg. guess 16/17 Brazil soybean crop, 121.3 MMT (range 111.0-113.2); Argentina, 57.1 (56.0-58.2)
· U.S. old-crop export sales of soybeans week end June 1: 5.8 mbu, down 74% v. last week and 64% vs. the 4-week avg.
· T-storm Weather: Rain (0.40”-0.80”) forecast Mon.-Tue. for U.S. spring wheat in North Dakota; drier in South Dakota
· USDA WASDE report: Avg. trade guess 16/17 U.S. all wheat carryout, 1.158 bbu; avg. guess 17/18, 0.910 bbu
· USDA Crop Production report: Avg. guess for 2017 U.S. all winter wheat production is 1.242 bbu (range 1.207-1.292)
· U.S. 17/18 wheat export sales week end June 1: 16.9 mbu, which was more than double last year’s 8.2 mbu
ENERGY
· Firmer: CLQ17, +$0.20 @ $46.09; EBQ, +$0.23 @ $48.09; EBQ-QCLQ, +.03; RBQ, +.0066; NGQ, +.03; HOQ, +.0085
· A weaker trend was noted in cash ethanol markets on Thursday: Chicago, Tampa and Gulf off 1 ½; New York down 2; Dallas fell 2 ¼; and LA was 2 lower at $1.72 per gallon
· Ethanol RINs posted slight gains on Thursday: 2016’s and 2017’s gained ¾ to 72-73 ½
· The July RBOB/June ethanol inverse gave up $.0236, easing back to -$.0511/gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values fell 32-cents on Thursday to $250.39 , but are still up $4.81 compared to last week
· Light cash cattle trading occurred on Thursday in the North at $220 to $221—as much as $4 higher than last week
· USDA mandatory pork carcass cutout value jumped $1.71 on Thu. to $91.64, the highest price since Dec. 15, 2014
· CME Lean Hog Index gained $0.61 on Thu. at $79.41. June futures firmed $0.40 and are $2.615 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather