HIGHLIGHTS

·       MARKET TREND—Mostly firmer: CN, up $.0075; SN, down $.0175; WN, up $.0075; KWN, up $.0150

·       MACRO—Asia/Europe disappointed that OPEC did not make deeper production cuts during its Vienna meeting yesterday.  ASIA—Mostly higher, but only slightly:  Nikkei, -0.64%; Shanghai, +0.08%; Hang Seng, +0.03%.  EUROPE—Lower: DAX, -0.40%; FTSE, +0.08%; CAC, -0.67. Wall Street-Futures are lower:  DOW, 16; S&P, -2.25; NAS, -2.25. EXTERNALS: Sep $ Index, -.126 @ 96.855; June Gold, +9 @ $1,265; July Crude, +$0.15 @ $49.05 

·       T-storm Weather: A small thunderstorm cluster affects parts of Iowa, Nebraska and Illinois today, followed by scattered thunderstorms within the southeast half of the Corn Belt and Delta Sat.-Sun. when the main system passes.  Temperatures warm moderately as the system approaches through Fri.-Sat., then turn sharply cooler after it passes, leaving the Corn Belt cooler than normal for the next week.  Most areas will be dry within Sun.-Wed., except for some showers in northern areas of the Corn Belt

·       Corn: CN up $.0075 @ $3.70; CZ up $.0050 @ $3.88.  The funds sold 5 K in Thursday’s trade    

·       SB: SN down $.0175 @ $9.3775; SX down $.0125 @ $9.38.   Funds: sold 6 SB, 4 SB & 3 SBO.  Board Crush: $.83, +2; LY; $1.55

·       Wheat: up $.0075 @ $4.3150; WU up $.0025 @ $4.4450.   Fund selling totaled 2 K yesterday    

CORN/SORGHUM

·       ATI Research: The 5-year avg. for U.S. corn emergence increases approx. 20% from May 21-28 to 75%

·       T-storm Weather: Better thunderstorm chances exist for U.S. corn within a larger area next weekend and the into the following week with the best chance for at least near-normal rainfall centered on the Corn Belt and possibly the Delta

·       U.S. old-crop corn export sales week end May 18: 18.0 mbu, down 35% from last week and 33% from the 4-week avg.

·       The USDA next week will begin surveying U.S. producers in preparation for its Acreage report, which is scheduled to be released on June 30

SOYBEANS/WHEAT

·       July 2017 soybean futures on Thu. closed at $9.39 ½--the lowest settlement price for the contract since April 7, 2016.  November 2017 soybean futures closed at $9.39 ¼--the lowest settlement price for the contract since Sep. 15, 2016

·       ATI Research: The 5-year avg. for U.S. soybean emergence increases approx. 19% from May 21-28 to 40%

·       U.S. old-crop export sales of soybeans week end May 18: 17.4 mbu, up 33% v. last week and 9% from the 4-week avg.

·       T-storm Weather: Rain chances are lowest over the next week for spring wheat in the U.S. northern Plains where the driest open to June in at least 5 years occurs

·       Export sales of U.S. wheat week end May 18: 7.4 mbu for 16/17 vs. -0.4 last year.  17/18, 12.6 mbu v. 13.0 in 2016

ENERGY

·       Firmer: CLN17, +0.15 @ $49.05; EBN, +.35 @ $51.81;EBN-QCLN, +.18; RBN,+.0050; NGN, +.014; HON, +.0039

·       Additional gains were seen in cash ethanol markets on Thursday: Chicago firmed 2 ½; New York increased 5 ½;Gulf added 2; Dallas climbed 1 ½; Tampa up ½; and LA was 3 ½ higher at $1.71 per gallon

·       Ethanol RINs posted notable gains on Thursday: 2016’s firmed 4 ½ to 65-71; and 2017’s increased 5 to 66-72 

·       The June RBOB/June ethanol spread lost $.0613, falling+$.11130/gallon, premium RBOB as oil prices/gas prices fell

  LIVESTOCK/POULTRY                                   ​  

·       Choice boxed beef values firmed 3-cents on Thursday to $246.11 , but are still $1.10 lower compared to a week ago

·       Estimates for today’s USDA Cattle on Feed: May 1 on feed, 100.8%; Apr placements, 106.5%; Marketed in Apr 101.8%

·       USDA mandatory pork carcass cutout value was up 42-cents on Thu. at $89.32, and is $2.92 higher vs. last week

·       CME Lean Hog Index was $0.18 higher on Thu. at $76.25.  June futures firmed $0.75 and are $4.70 above the index       

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather