HIGHLIGHTS
· TRENDS—Firm: CN, +$.0075; SN, +$.0250; WN, +$.0125; KWN, +$.03
· What caught my eye: Protein demand? SB sales the past 4 weeks are averaging 28 mbu per week and SBM, 225 K MT. The former is a new seasonal high and nearly 3 X the average; meal is the 2nd best ever and up nearly 9% from LY
· Stocks rise, history says civil unrest doesn’t affect stocks, if economy ok. Asia: Firm-- Nikkei, +0.74%; Shanghai, +0.40%; Hang Seng, +1.66%; EUROPE: Higher—DAX, +1.31%; FTSE, +0.90%; CAC, +1.88%. WALL STREET: Futures, higher--DOW, +260; S&P, +21.75; NAS, +18.25. EXTERNALS: July crude, +$0.82 @ $38.22; Gold: -$19.40 @ $1,708; Sep $ Index, +0.161 @ 97.785
· T-storm Weather®: rain affects most corn and soybeans over the next five days – initially from some additional showers and thunderstorms in the Corn Belt and Delta through today (including Iowa), then when a large system passes across the Dakotas Saturday, and especially within Sun.-Tue. when a cold front and the remnant of Tropical Storm Cristobal join in the western Corn Belt; 0.75" to 1.50" most common
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CN, up $.0075 @ $3.2975; CU, up $.01 @ $3.3425. Heavy fund buying 15 K as soybeans and wheat were the drivers
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SN, up $.0250 @ $8.7025; SQ, up $.0275 @ $8.7150. Funds: bot 7 SB, 6 SBM, 0 SBO. Board crush: $0.76 (N/N), -3; LY, $1.29
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WN, up $.0125 @ $5.25; WU, up $.0125 @ $5.2875. The funds bought 8 K yesterday—Black Sea weather outlook
CORN/SORGHUM
· July 2020 corn futures on Thursday closed at $3.29, the highest settlement price for the contract since April 17
· T-storm Weather®: a large cold front dramatically breaks warmth across U.S. Corn Belt from northwest to southeast Tue.-Wed., dropping highs ~15°F to 70s-80s & lows to 50s-60s for ~5 days; only minor showers expected June 10-14
· U.S. corn export sales of 25.1 mbu for 19/20 delivery for week ending May 28 were up 49% from last week but down 19% versus the 4-week avg. However, unshipped export sales of 451 mbu are still up 46% versus 310 mbu last year
· T-storm Weather®: in Brazil, corn to the north stays dry for ongoing harvesting, which is normal because June-September normally has little to no rain in the states of Goiás and Mato Grosso
SOYBEANS/WHEAT
· November 2020 soybean futures on Thu. closed at $8.76 ¾, highest settlement price for the contract since March 31
· T-storm Weather®: a large cold front dramatically breaks warmth across U.S. Corn Belt from northwest to southeast Tue.-Wed., dropping highs ~15°F to 70s-80s & lows to 50s-60s for ~5 days; only minor showers expected June 10-14
· U.S. 19/20 soybean export sales of 18.2 mbu for week end May 28 were dn 23% v. last week & 36% v. the 4-week avg
· Combined old- & new-crop unshipped U.S. HRW wheat export sales for week end May 28 were up 18% v. 5-year avg.
· T-storm Weather®: key U.S. HRW wheat areas of/near the southwest Plains (west OK & TX) experience some rain near-term, but will generally be much drier & warmer than the rest of central U.S. going forward as harvest advances
ENERGY
· Up: CLN20, +$0.82 @ $38.22; EBQ, +$1.19 @ $41.18; EBQ-QCLQ, +$0.30; RBN, +.0318; NGN, +.006; HON, +.0377
· Chicago ethanol was $.0265 higher at $1.23750; basis, mixed: NYC, +$.01125 @ +$.06875; Gulf, -$.00375 @ $.09625; Dallas, -$.00125 @ +$.09625; Tampa, -$.00125 @ +$.19625; LA, -$.00125 @ +$.22625
· Ethanol RIN values, lower: 2019’s, -2.25 @ 45 - 45 ½; 2020’s: -2.25 @ 45 -47 ½    
· The July RBOB/July ethanol inverse gave up $.0047 yesterday, dropping to $.0360 gallon, premium ethanol
LIVESTOCK/POULTRY  
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Choice boxed beef was $23.64 lower on Thursday at $272.26, and is down $97.30 compared to last week
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Light cash cattle trading occurred on Thursday afternoon for lower prices than seen earlier in the week
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The mandatory pork carcass cutout value eased $0.55 on Thu. to $73.73, and is $14.64 lower versus a week ago
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CME Lean Hog Index was $1.68 lower on Thu. at $55.38. June futures eased $0.225 and are $6.955 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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