HIGHLIGHTS

·       TRENDS—Lower:  CN, -$.0050; SN, -$.0275; WN, -$.0350; KWN, -$.0475.  Dely: SBM, 58; BO, 15; RR, 0; HRW, 1; SRW, 2; SB, 1

·       What caught my eye: Growth in world soybean meal demand (year to year change) expected to rise 8.3 MMT/nearly 50% in 20-21 with China accounting for 5.2 million of the forecast.  Increase would be the largest in 5 years if realized

·       “It feels like we’re on the precipice of another jolt across the markets”.  Asia: Down-- Nikkei, -1.74%; Shanghai, -0.96%; Hang Seng, -1.72%; EUROPE: Down—DAX, -1.86%; FTSE, -2.37%; CAC, -2.00%.  WALL STREET: Futures, Mostly Weaker--DOW, -56; S&P, -4.75; NAS, +4.75.   EXTERNALS: June crude, +$1.26 @ $26.55; Gold: +$10.20 @ $1,727; Sep $ Index, +0.014 @ 100.300

·       T-storm Weather®: several systems ride the edge of advancing warmth to trigger thunderstorms through Sat. within the southeast two-thirds of the Corn Belt, Delta, and eastern areas of the central and southern Plains, producing generalized totals of 1.00" to 2.00".  A sharply drier period begins Sat.-Sun., initially accompanied by seasonable coolness, then a sharply warmer period starting Mon.-Tue. as maximums consistently reach the mid-70s to mid-80s

• CN, dn $.0050 @ $3.1775; CU, dn $.0075 @ $3.2175.  Fund activity was unavailable           
• SN, dn $.0275 @ $8.3675; SQ, dn $.0225 @ $8.39.  Funds: 0 SB; bot 3 SBM; sold 3 SBO.  Board crush: $0.85 (N/N), +6; LY, $1.21
• WN, dn $.0350 @ $4.9825; WU, dn $.0375 @ $5.0175.  Fund selling was again 4 K 

CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 31-59 for 19/20 corn

·       T-storm Weather®: a dry period begins Sun.-Mon. across the U.S. Corn Belt & lasts at least 5-7 days in most areas.  Rain gradually expands with time, initially focusing on more of the Plains May 22-24, then further east starting May 25

·       Ethanol grind: total of 617,000 barrels/day for the week ending May 8—up 19 thousand versus last week but down 41.3% compared to last year’s 1,051,000

·       T-storm Weather®: mainly dry weather occurs for second-crop corn in Brazil for one week, after which a cool front produces 0.50”-1.50” in Mato Grosso do Sul & Paraná, followed by isolated rain in Goiás & Mato Grosso May 20-21

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 18-37 mbu for 19/20 soybeans; soymeal, 100-225 K MT; soyoil, 5-25 

·       T-storm Weather®: a dry period begins Sun.-Mon. across the U.S. Corn Belt & lasts at least 5-7 days in most areas.  Rain gradually expands with time, initially focusing on more of the Plains May 22-24, then further east starting May 25

·       Consultant: Brazil soybean crop est. is unchanged at 121.0 MMT with a neutral to slightly lower bias going forward

·       Export Sales report.  Trade expects 4-11 mbu for 19/20 all wheat and 6-11 mbu for 20/21

·       T-storm Weather®: scattered thunderstorms through Sat. impact U.S. HRW wheat areas of the Plains; wettest in wettest areas

ENERGY

·       Firm: CLM20, +$1.26 @ $26.55; EBN, +$1.22 @ $30.41; EBN-QCLN, +$0.010; RBM, +.0201; NGM, +.017; HOM, +.0184

·       Chicago ethanol was $.0010 firmer at $1.1050/gallon; basis, mostly lower:  NYC, -$.0085 @ +$.0950; Gulf, -$.0060 @ $.08; Dallas, -$.0010 @ +$.1450; Tampa, -$.0010 @ +$.2450; LA, +$.0140 @ +$.2150

·       Ethanol RINs values, unch/weak: 2018’s, -.25 @ 23-25; 2019’s, unch @ 32 ½ -34; 2020’s: unch @ 35 ½ -36 ½                                     &nbs​p;                        ​;                         ​;                        ​                       <​/wbr>

·       The June RBOB/June ethanol inverse increased $.0078 on Wednesday to $.2653/gallon, premium ethanol     

LIVESTOCK/POULTRY                   &nb​sp;                   

• Choice boxed beef was $9.40 lower on Wednesday at $465.99, but is still $16.81 higher versus last week
• A light to moderate cash cattle trade developed on Wed. in the North, with dressed cattle selling for $168 to $185
• The mandatory pork carcass cutout value firmed $4.68 on Wed. to $116.02, & is up $1.94 compared to a week ago
• CME Lean Hog Index gained $2.08 on Wed. to $67.89.  May futures eased $0.025 but are still $0.110 above the index

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