HIGHLIGHTS
· MARKET TREND—Lower: CN, down $.0250; SN, down $.05; WN, down $.0325; KWN, down $.05
· MACRO—Europe stocks and U.S. futures edge higher despite a terrorist attach in Manchester, U.K. . ASIA—Mostly Lower: Nikkei, -0.33%; Shanghai, -0.45%; Hang Seng, +0.05%. EUROPE—Higher: DAX, +0.36%; FTSE, +0.17%; CAC, +0.63%. Wall Street-Futures are higher: DOW, +37; S&P, +3; NAS, +7.50. EXTERNALS: Sep $ Index, -.071 @ 96.615; June Gold, -0.6 @ $1,261; July Crude, -$0.35@ $50.78
· T-storm Weather: A system triggers pockets of showers and thunderstorms within the central U.S. through Thu., especially Wed.-Thu. across the southeast half of the Corn Belt where 0.50" to 1.50" recurs. The forward speed of the next system remains uncertain (and key to rainfall coverage and amounts), but is probable to temporarily warm temps over Thu.-Sat. while producing areas of rain over Fri.-Sun.-especially across southeast half of the central U.S. where 0.50" to 1.00" is most probable
· Corn: CN down $.0250 @ $3.7250; CZ down $.0275 @ $3.90. The funds bought 6 K to open the week
· SB: SN down $.05 @ $9.5150; SX down $.0475 @ $9.5150. Funds: Bot 4 SB, 1 SBO, sold 1 SBM. Board Crush: $.88, +2; LY; $1.34
· Wheat: down $.0325 @ $4.31; WU dopwn $.0325 @ $4.4475. Fund buying on Monday was reported at 2 K
CORN/SORGHUM
· USDA estimates U.S. corn planting progress as of May 21 at 84% vs. 84% last year and the 5-year average of 85%
· T-storm Weather: A lull in storminess for the central U.S. develops within Sun.-Wed. (May 28-31) as a milder pattern gradually assembles, likely leading to rain in central and southern areas from around next Wed.-Thu. forward
· Consultant: Brazil corn crop is increased 1.0 MMT this week to 93.0 MMT. The reason for the increase was late season rains that fell over the weekend in central and southern Brazil
· ATI Research: The model puts near-term U.S. corn exports at 52.6 mbu per week for the upcoming 4-week period vs. 46.5 last week. The model range is 48-58 and our bias is in the 48-52 per week range, up from 40-45 previously
SOYBEANS/WHEAT
· USDA estimates U.S. soybean planting progress as of May 21 at 53% vs. 53% last year and the 5-year average of 52%
· Consultant: Brazil soybean crop estimate is unchanged at 111.0 MMT with a neutral to slightly higher bias
· T-storm Weather: The northern Plains spring wheat production region is forecast to stay dry this week
· USDA estimates U.S. spring wheat planting progress as of May 21 at 90% vs. 94% last year and the 5-year avg. of 84%
· ATI Research: U.S. Good/Excellent +1% to 52%; winter wheat model pegs ‘17 crop @ 1.242 bbu; +6 mbu v. last week
· ATI Research: Near-term U.S. wheat export forecast is projected to continue to range from 20-25 mbu/week
ENERGY
· Weaker: CLN17, +$0.37 @ $50.78; EBN, -0.55 @ $53.32; EBN-QCLN, -.19; RBN,-.0134; NGN, -.026; HON, -.0105
· A mixed trend was noted in cash ethanol markets on Monday: Chicago off 1; New York and Tampa up 2; Gulf steady; Dallas added ½; and LA was a penny higher at $1.68 per gallon
· Ethanol RINs posted strong gains on Monday: 2016’s and 2017’s firmed 7 ¼ to 64 ½-71
· The June RBOB/June ethanol spread gained $.0233 Monday, widening to +$.19260/gallon, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values increased 74-cents on Monday to $247.88 , but are still down $1.52 compared to last week
· 5-Area Weekly Weighted Average Steer price down $3.02 v. last week at $134.26/cwt, but is up $3.51 v. last year
· USDA mandatory pork carcass value firmed $1.55 on Monday to $88.08, and is $5.02 higher vs. a week ago
· Current nearby board hog crush value is $48.31/cwt vs. last week’s $46.84, last month’s $39.54 & last year’s $44.59
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather