HIGHLIGHTS

·       TRENDS—Firm:  CN, +.0075; SN, +$.0275; WN, +$.0350; KWN, +$.0475

·       What caught my eye: The USDA’s release of its 1st nation-wide crop ratings was a surprise as no mention was made in the previous crop report.  The 70% G/E # came in short of the 5-year average of 73% and may temper yield ideas, though it’s very early

·       Optimism over U.S. economy start-up outweighs Hong Kong unrest.  Asia: Mostly weaker-- Nikkei, +0.70%; Shanghai, -0.34%; Hang Seng, -0.36%; EUROPE: Firm—DAX, +1.72%; FTSE, +1.40%; CAC, +1.80%.  WALL STREET: Futures, Higher--DOW, +354; S&P, +35.5; NAS, +76.   EXTERNALS: July crude, -$0.36 @ $33.99; Gold: -$5.60 @ $1,700; Sep $ Index, -0.069 @ 98.850

·       T-storm Weather®: scattered showers and thunderstorms affect the Corn Belt and Delta until a cool front passes Thu.-Fri.  Several days of cool and dry weather follow across a wide area as highs hold in the 60s-70s, though a few thunderstorms are plausible in / near Nebraska this weekend.  A very warm to hot period starts Sunday in the Plains and Mon.-Tue. in the Corn Belt as 80s-90s become common with lows in the 60s-70s, and potentially including some 100s on western HRW wheat in the Plains

• CN, up $.0075 @ $3.1975; CU, up $.01 @ $3.25.  The funds began the week buying 3 K                
• SN, up $.0275 @ $8.4975; SQ, up $.0225 @ $8.51.  Funds: bot 8 SB; 1 SBM, 6 SBO.  Board crush: $0.77 (N/N), -8; LY, $1.27
• WN, up $.0350 @ $5.1025; WU, up $.0250 @ $5.13.  The funds were even in Tuesday’s trade    

CORN/SORGHUM

·       USDA estimates U.S. corn planting progress as of May 24 at 88% vs. 55% last year and the 5-year average of 82%;  initial 2020 corn crop conditions of the season peg combined Good/Excellent rating at 70%

·       T-storm Weather®: scattered showers & some pockets of rain and thunderstorms linger across the U.S. Corn Belt & Delta today, then end Thu.-Fri. when a strong cool front breaks the setup; much of the Plains will be dry through then

·       ATI Research: U.S. ending stocks of corn for 19/20 pegged at 2.345 bbu compared to the USDA forecast of 2.098 bbu

·       T-storm Weather®: dry and unseasonably cool weather dominate Brazil until a new cool front triggers thunderstorms and produces 1.00” to 2.00” on southern corn around next Monday (June 1)

SOYBEANS/WHEAT

·       USDA estimates U.S. soybean planting progress as of May 24 at 65% vs. 26% last year and the 5-year average of 55%

·       T-storm Weather®: scattered showers & some pockets of rain and thunderstorms linger across the U.S. Corn Belt & Delta today, then end Thu.-Fri. when a strong cool front breaks the setup; much of the Plains will be dry through then

·       ATI Research: U.S. soybean ending stocks for 19/20 pegged at 0.578 bbu compared to the USDA forecast of 0.580 bbu

·       T-storm Weather®: persistent large circulations continue to produce coolness with pockets of rain in the eastern E.U., Russia, and Ukraine to leave a wide winter wheat area moist through at least early June

·       ATI Research: U.S. winter wheat Good/Excellent up 2% to 54%; model pegs ‘20 crop @ 1.195 bbu; +3 mbu v last week

ENERGY

·       Weak: CLN20, -$0.36 @ $33.99; EBN, -$0.50 @ $35.67; EBN-QCLN, -$0.05; RBM, -.0179; NGM, +.022; HOM, -.0075

·       Chicago ethanol was $.0150 higher on Tuesday at $1.1775/gallon; basis, steady/firmr:  NYC, +$.01 @ +$.0675; Gulf, +$.01 @ $.0825; Dallas, unch @ +$.1025; Tampa, +$.0080 @ +$.2005; LA, unch @ +$.1875

·       Ethanol RINs values, firm: 2018’s, +.25 @ 25 ½ -28; 2019’s, +$0.50 @ 37 -37 ½; 2020’s: +0.50 @ 40 -40 ½                                          ​;                        ​                        &​nbsp;                        &​nbsp;                    

·       The June RBOB/June ethanol inverse increased $.0493 on Tuesday to $.1161/gallon, premium ethanol  

LIVESTOCK/POULTRY                         ​              ​

• Choice boxed beef was $11.25 lower on Tuesday at $385.49, and is down $23.98 versus a week ago
• 5-Area Weekly Weighted Average Steer price was up $4.75 v. last week at $117.06/cwt, and is up $1.28 v. last year
• The mandatory pork carcass cutout value firmed $0.81 on Tue. to $96.57, but is still $0.21 lower versus last week
• Current nearby board hog crush value is $22.84/cwt vs. last week’s $24.03, last month’s $23.57 & last year’s $49.01

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