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 2^nd 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

• CN, up $.0075 @ $3.2975; CU, up $.01 @ $3.3425.  Heavy fund buying 15 K as soybeans and wheat were the drivers                   
• 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
• 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                                            &nbs​p;                        ​;                        ​                         ​                   

·       The July RBOB/July ethanol inverse gave up $.0047 yesterday, dropping to $.0360 gallon, premium ethanol  

LIVESTOCK/POULTRY                         &nbs​p;             

• Choice boxed beef was $23.64 lower on Thursday at $272.26, and is down $97.30 compared to last week
• Light cash cattle trading occurred on Thursday afternoon for lower prices than seen earlier in the week
• The mandatory pork carcass cutout value eased $0.55 on Thu. to $73.73, and is $14.64 lower versus a week ago
• 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®