HIGHLIGHTS
· TRENDS—Weaker: CN, -.0150; SN, -$.0475; WN, -$.07; KWN, -$.0450
· What caught my eye: Short term corn export outlook improves 4 to 50 per week, which would be 10 mbu more than the year ago pace for the up-coming period as the weekly sales average is at a 4-year high; beans likely to remain at 13-20 per week
· Proposed China national security law threatens Hong Kong’s autonomy. Asia: Weaker-- Nikkei, -0.80%; Shanghai, -1.89%; Hang Seng, -5.56%; EUROPE: Weaker—DAX, -0.32%; FTSE, -0.93%; CAC, -0.03%. WALL STREET: Futures, Lower--DOW, -93; S&P, -10.75; NAS, -49.50. EXTERNALS: July crude, -$2.05 @ $31.87; Gold: +$13.60 @ $1,736; Sep $ Index, +0.451 @ 99.850
· T-storm Weather®: pockets of rain today focus on central/southern Plains & western Corn Belt. Rains then expand & affect areas further east as the wave passes Sat., while a larger system assembles in the Plains. The larger system then produces pockets of rain in much of central U.S. Sat.-Tue., diminishing from northwest to southeast. Finally, a cold front sweeps across central U.S. May 28-30 to mark the onset of a drier period as muggy air is swept away, but not before triggering scattered rain when it passes
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CN, dn $.0150 @ $3.1625; CU, dn $.0175 @ $3.2215. The funds sold 3 K on Thursday
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SN, dn $.0425 @ $8.3075; SQ, dn $.04 @ $8.3450. Funds: Sold 8 SB; 5 SBM, 5 SBO. Board crush: $0.85 (N/N), +3; LY, $1.28
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WN, dn $.07 @ $5.09; WU, dn $.07 @ $5.1175. The funds bought 2 K yesterday
CORN/SORGHUM
· T-storm Weather®: likely result over the next week is 1.00”-3.00” of rain in much of central & southern Plains (except lighter in CO), 0.75”-1.50” in Corn Belt & Delta (wettest west), while 0.25”-0.75” is most common in northern Plains
· U.S. corn export sales of 34.8 mbu for 19/20 delivery for week ending May 14 were down 18% from last week and 10% versus the 4-week avg. However, unshipped export sales of 504 mbu are still up 35% versus 372 mbu last year
· T-storm Weather®: in Brazil, dry weather prevails through today. A round of organized thunderstorms follows Fri.-Sat. on corn in southern areas, as a cool front produces 1.00”-2.00” in Mato Grosso do Sul & drought-stricken Paraná
· Buenos Aires Grain Exchange pegs Argentina corn harvest at 43.5%; final production estimate remains at 50.0 MMT
SOYBEANS/WHEAT
· T-storm Weather®: likely result over the next week is 1.00”-3.00” of rain in much of central & southern Plains (except lighter in CO), 0.75”-1.50” in Corn Belt & Delta (wettest west), while 0.25”-0.75” is most common in northern Plains
· U.S. soybean export sales of 44.3 mbu for 19/20 delivery for week ending May 14 were up 99% from last week & up 80% versus the 4-week avg. However, unshipped export sales of 235 mbu are down 46% versus 435 mbu last year
· Combined old- & new-crop unshipped U.S. HRW wheat export sales for week end May 14 were up 27% v. 5-year avg.
· T-storm Weather®: although 52% of U.S. HRW wheat was drier than normal last 60 days, two systems produce widespread rain across central U.S. next 5 days, improving soil moisture for HRW wheat of central & southern Plains
ENERGY
· Down! CLN20, -$2.05 @ $31.87; EBN, -$1.73 @ $34.33; EBN-QCLN, +$0.32; RBM, -.0345; NGM, -.015; HOM, -.0368
· Chicago ethanol slipped $.0050 to $1.1350/gallon; basis, mostly weaker: NYC, -$.0150 @ +$.0550; Gulf, unch @ $.09; Dallas, -$.0050 @ +$.1350; Tampa, -$.0050 @ +$.250; LA, -$.0050 @ +$.1950
· Ethanol RINs values, firm: 2018’s, +.50 @ 25 -27 ½; 2019’s, +.75 @ 35 -37 ½; 2020’s: +.1250 @ 38 -40        
· The June RBOB/June ethanol inverse continues to narrow, losing $.0173 to $.0639/gallon, premium ethanol
LIVESTOCK/POULTRY  
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Choice boxed beef was $2.23 lower on Thursday at $401.81, and is down $49.11 versus last week
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Estimates for today’s USDA Cattle on Feed: May 1 on feed, 95.0%; Placed in April, 77.1%; Marketed in April, 74.7%
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The mandatory pork carcass cutout value fell $2.00 on Thu. to $96.94, and is $16.09 lower compared to a week ago
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CME Lean Hog Index was down $1.39 on Thu. at $64.59. June futures firmed $2.475 but are $5.24 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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