HIGHLIGHTS

·       TRENDS—Lower:  CN, -$.0150; SN, -$.0125; WN, -$.04; KWN, -$.0475.  Dely: SBM, 20; BO, 121; RR, 7; HRW, 1; SRW, 3; SB, 1

·       What caught my eye: The USDA boosted China’s 19-20 SB imports by 1 to 92.0 and sees 20-21 at 96.0 million.  PRC SB stocks are forecast at 27.2, up 18% from a couple of years ago.  Some think the reserve-building could be even greater

·       Stock futures up slightly ahead of Powell’s remarks on monetary policy.  Asia: Down-- Nikkei, -0.49%; Shanghai, +0.22%; Hang Seng, -0.27%; EUROPE: Down—DAX, -1.27%; FTSE, -0.97%; CAC, -1.45%.  WALL STREET: Futures, Higher--DOW, +176; S&P, +19.25; NAS, +76.5.   EXTERNALS: June crude, -$0.25 @ $25.53; Gold: +$0.90 @ $1,708; Sep $ Index, +0.030 @ 99.98

·       T-storm Weather®: scattered showers affect the Dakotas and northwest Corn Belt today, as well as a round of heavy thunderstorms in parts of OK and TX.  Organized rains then fall over Thu.-Sat. across the southeast two-thirds of the Corn Belt where several systems produce periods of rain and thunderstorms with 1.00” to 2.00” totals across IL, IN, MI, MO, OH, WI, and the southeast third to half of IA.  Scattered showers also follow Sat. in NE and SD, as the final system of the Thu.-Sat. period passes

• CN, dn $.0150 @ $3.2075; CU, dn $.01 @ $3.25.  The funds bought 4 K on a report less bearish than expected           
• SN, dn $.0125 @ $8.5075; SQ, dn $.0175 @ $8.5175.  Funds: 0 SB; bot 3 SBM; sold 3 SBO.  Board crush: $0.79 (N/N), +4; LY, $1.22
• WN, dn $.04 @ $5.1050; WU, dn $.0375 @ $5.1375.  Fund selling was again 4 K 

CORN/SORGHUM

·       T-s​torm Weather®: a sharply drier period occurs May 17-21 across most of central U.S. as warm front shifts far north, allowing upper-level high pressure to pass, though rain focuses on/near ND in this period to keep the state moist

·       U.S. Energy Information Administration (EIA) report scheduled to be released at 9:30 am CDT

·       Consultant: Argentina corn crop est. is unch this week at 49.0 MMT, with a neutral to slightly lower bias going forward

·       T-storm Weather®: in Brazil, a slow-moving cool front triggers scattered thunderstorms in Mato Grosso do Sul and Paraná through today, producing 1.00” to 1.50” on the southern ~40% of second-crop corn

SOYBEANS/WHEAT

·      ​ T-storm Weather®: a sharply drier period occurs May 17-21 across most of central U.S. as warm front shifts far north, allowing upper-level high pressure to pass, though rain focuses on/near ND in this period to keep the state moist

·       Consultant: Argentina soybean crop est. is unch this week at 50.0 MMT; neutral to slightly lower bias going forward

·       ATI Research: bias on near-term U.S. wheat exports remains at 15-20 mbu per week

·       T-storm Weather®: some thunderstorms develop for U.S. HRW wheat through Sat., followed by a dry and warm period.  Thunderstorms re-develop over the region May 21-25

ENERGY

·       Weak: CLM20, -$0.25 @ $25.53; EBN, -$0.30 @ $29.68; EBN-QCLN, -$0.09; RBM, -.0270; NGM, -.023; HOM, -.0088

·       EIA Report Estimates (API): crude oil, +4.1 (+7.6); Gasoline, -2.2 (-1.9); Distillates, +2.9 (+4.7).  Estimates for ethanol prod. avg. 0.616 mbpd (range: 0.580-0.635).  Avg. est. of ethanol stocks: 25.343 mb (range 24.900-25.937)

·       Chicago ethanol was $.01425 weaker at $1.1040/gallon; basis, firm:  NYC, +$.01175 @ +$.1035; Gulf, +$.01425 @ $.0860; Dallas, +$.02925 @ +$.1460; Tampa, +$.00925 @ +$.2460; LA, +$.01425 @ +$.2010

·       Ethanol RINs values, unch/weak: 2018’s, unch @ 23 ¾-25 ¼; 2019’s, -.25 @ 32 ½ -34; 2020’s: -.6250 @ 35 ½ -37                                        ​;                        ​                        &​nbsp;                        &​nbsp;                    

·       The June RBOB/June ethanol inverse narrowed slightly, $.0033 to $.1875/gallon, premium ethanol     

LIVESTOCK/POULTRY                       &​nbsp;               <​/wbr>

• Choice boxed beef firmed $6.81 on Tuesday to $475.39, and is up $46.40 versus a week ago
• Kansas reported some cash cattle trade on Tuesday at $110, $2.00 higher than last week's average
• The mandatory pork carcass cutout value fell $9.61 on Tue. to $111.340, & is down 96-cents versus last week
• CME Lean Hog Index was $0.06 higher on Tue. at $65.81.  May futures gained $1.700 and are $2.215 above the index

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