HIGHLIGHTS
· MARKET TREND—Quietly mixed: CN, up $.0025; SN, up $.0175; WN, down $.0050; KWN, steady
· MACRO—Equities are higher across the globe as traders await the next piece of market moving news . ASIA—Higher: Nikkei, +1.60%; Shanghai, +0.11%; Hang Seng, +0.44%. EUROPE—Higher: DAX, +1.39%; FTSE, +0.27%; CAC, +0.88%. Wall Street-Futures are up: DOW, +71; S&P, +5.50; NAS, +19.25. EXTERNALS: Sep $ Index, +.004 @ 96.94; June Gold, -4.70 @ $1,262; Aug Crude, -$1.54 @ $47.06
· T-storm Weather: A warmer period briefly unfolds through Sunday. Expanding warmth triggers a few thunderstorms in the Corn Belt today, but most areas stay dry. A stronger system passes this weekend, but a lack of humidity limits thunderstorm coverage to keep many areas dry; wettest weather in the eastern Corn Belt, southern Delta, and Texas. Dry and cool weather dominate areas in and adjacent the Corn Belt next week, leaving the region drier than normal over the next 10 days
· Corn: CN up $.0025 @ $3.7075; CZ up $.0025 @ $3.8950. The funds sold an estimated 5 K on Thursday
· SB: SN up $.0175 @ $9.14; SX up $.0175 @ $9.1950. Funds: sold 2 SB, 1 SBM, 2 SBO. Board Crush: $.86, +1; LY; $1.31
· Wheat: WN down $.0025 @ $4.2875; WU down $.0075 @ $4.4275. Fund selling totaled 3 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 18-26 mbu for 16/17 corn
· T-storm Weather: A warmer period begins in all U.S. corn areas next weekend (June 10-11) and continues into mid-month. The most likely scenario is for near-normal rainfall to occur in most areas
· Ethanol grind: Total of 1,020,000 barrels/day for week end May 26—up 10 thou v. prior week and up 6.3% v. last year
· Consultant: Argentina corn production estimate is unchanged this week at 39.0 MMT
· The USDA will conduct its survey during the first two weeks of June for the Acreage report, set for release onJune 30
SOYBEANS/WHEAT
· Export Sales report. Trade expects 7-15 mbu for 16/17 soybeans; soymeal, 50-150 K MT; soyoil, 5-25 K MT
· Consultant: Argentina soybean production est. is unchanged at 56.5 MMT. The soybean harvest was 80% complete as of late last week, with the only crops left to be harvested in the far north and previously saturated central areas
· T-storm Weather: Conditions for soybean planting are improving as coverage of topsoil/subsoil wetness is diminishing
· Export Sales report. Trade expects (4) - 4 mbu for 16/17 all wheat and 9-17 mbu for 17/18
· T-storm Weather: The U.S. Northern Plains are unusually dry with the highest coverage of agricultural drought in June in more than five years
ENERGY
· Down: CLQ17, -$1.54 @ $47.06; EBQ, -$1.59 @ $49.04;EBQ-QCLQ, -.07; RBQ,-.04; NGQ, -.002; HOQ, -.0337
· Cash ethanol markets were mostly higher on Thursday: Chicago, New York and Dallas firmed ½; Gulf added 1; Tampa eased ½; but LA was 3 higher at $1.75 per gallon
· Ethanol RINs were slightly higher on Thursday: 2016’s and 2017’s increased 1 to 74-75
· The July RBOB/June ethanol spread lsot $.0158 on Thursday to settle at +$.07240/gallon, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values gained 4-cents on Thursday to $245.58 , but are still 53-cents lower vs. a week ago
· Moderate to active cash cattle trading occurred on Thu. in the South at $136-137, which is $4-6 higher than last week
· USDA mandatory pork carcass cutout value firmed 66-cents on Thursday to $90.48, and is $1.16 higher than last week
· CME Lean Hog Index increased $0.26 on Thu. to $76.79. June futures fell $1.00 but are still $4.135 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather