HIGHLIGHTS

·       TRENDS—unch to lower:  CN, -.0050; SN, unch; WN, -$.0325; KWN, -$.0550

·       What caught my eye: Preliminary corn export data for Ukraine has May corn exports at 2.0 MMT, nearly 1 million less than had been expected and down from 3.8 million in May of 2019

·       Overseas markets are mostly higher—no new WH policies to punish China.  Asia: Higher-- Nikkei, +0.84%; Shanghai, +2.21%; Hang Seng, +3.36%; EUROPE: Mostly firm—DAX, -1.65%; FTSE, +0.96%; CAC, -0.99%.  WALL STREET: Futures, lower--DOW, -51; S&P, -7.75; NAS, -46.50.   EXTERNALS: July crude, -$0.32 @ $35.17; Gold: -$5.10 @ $1,747; Sep $ Index, -0.158 @ 98.165

·       T-storm Weather®: above-normal temperatures affect the central U.S. over the next 7 to 10 days, followed by a cooler period for at least several days starting June 8-10.  Some thunderstorms dot North Dakota and South Dakota, the Corn Belt, and Delta through Thursday when warm and cool fronts quickly pass, but only scattered rains are expected, and dry weather continues in much of the central and southern Plains

• CN, dn $.0050 @ $3.2525; CU, dn $.0075 @ $3.2925.  The funds ended the week selling 2 K                 
• SN, unch @ $8.4075; SQ, unch @ $8.4350.  Funds: Sold 5 SB, 2 SBM, even BO.  Board crush: $0.83 (N/N), +5; LY, $1.37
• WN, dn $.0325 @ $5.1750; WU, dn $.0325 @ $5.2025.  Fund buying on Friday totaled 5 K      

CORN/SORGHUM

·       U.S. corn planting progress in today’s USDA Crop Progress report is projected to be near 95% compared to 88% last week, 64% last year & the 5-year avg. of 89%; Good/Excellent could improve a point to 71%, matching the 5-year avg.

·       T-storm Weather®: very warm to hot & muggy weather starts today in the U.S. Plains & Tue. in the Corn Belt as highs reach the 80s-90s & lows hold in the 60s-70s; scattered thunderstorms produce 0.40”-0.80” in the Corn Belt Tue.-Thu.  

·       Export Inspections released at 10 am CDT; Corn, 49.9 mbu needed; 43.0 last week.  Milo—5.3 needed; 7.4 last week

·       T-storm Weather®: several cool fronts produce heavy rainfall of 1.50” to 3.50” in southern Brazil over the next two weeks, breaking drought as second-crop corn harvest approaches in Mato Grosso do Sul and Paraná

SOYBEANS/WHEAT

·   &nbs​p;   U.S. soybean planting progress in today’s USDA Crop Progress report could be near 79-80% compared to v. 65% last week, 36% last year & the 5-year avg. of 69%: trade pegging initial Good/Excellent crop condition ratings at 66-69%

·       T-storm Weather®: very warm to hot & muggy weather starts today in the U.S. Plains & Tue. in the Corn Belt as highs reach the 80s-90s & lows hold in the 60s-70s; scattered thunderstorms produce 0.40”-0.80” in the Corn Belt Tue.-Thu.

·       Export Inspections released at 10 am CDT; Soybeans, 27.5 mbu needed; 12.2 last week

·       T-storm Weather®: drying breaks over next 5-10 days in EU as rain eases topsoil dryness in France, Germany, & UK

·       Crop Progress: U.S. spring wheat planting est. at 91% (96% avg); winter wheat Good/Excellent est. to improve 1-2%

ENERGY

·       Weak: CLN20, -$0.32 @ $35.17; EBQ, -$0.15 @ $37.69; EBQ-QCLN, +$0.18; RBN, -.0017; NGN, -0.078; HON, +.0007

·       Chicago ethanol was again $.01 higher on Friday at $1.20/gallon; basis, mostly firm:  NYC, -$.0050 @ +$.0550; Gulf, +$.0025 @ $.0975; Dallas, +$.0075 @ +$.1125; Tampa, +$.0125 @ +$.2025; LA, +$.0325 @ +$.2275

·       Ethanol RIN values, firm: 2018’s, +1.0 @ 28 ½ -32; 2019’s, +1.25 @ 42 ½ -43; 2020’s: +2.00 @ 45-46 ½                       &nbs​p;                        ​;                        ​                        &​nbsp;                       &n​bsp;               

·​       The July RBOB/June ethanol inverse eased out $.0056 on Friday to $.1241/gallon, premium ethanol  

LIVESTOCK/POULTRY                               &​nbsp;       

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• Choice boxed beef declined $6.22 on Friday to $363.34, and is $33.40 lower compared to the previous week
• Cash cattle sold for $115 to $120 last week and dressed cattle traded for $174 to $190
• The mandatory pork carcass cutout value was $1.21 lower on Fri. at $87.16, & is down $8.60 compared to a week ago
• CME Lean Hog Index fell $1.70 on Fri. to $61.25.  June futures eased $0.075 and are $4.400 below the index

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