HIGHLIGHTS

·       TRENDS—Mixed:  CN, unch; SN, +$.0450; WN, -$.0259; KWN, -$.0650

·       What caught my eye: Solid progress was made the past week in planting the North Dakota corn crop (+21 points) with 75% of the crop in the ground.  However, this is still 15 points behind average and it will be interesting to see what the final acreage is

·       Global markets higher on economic optimism, despite U.S. domestic unrest.  Asia: Higher-- Nikkei, +1.19%; Shanghai, +0.20%; Hang Seng, +1.11%; EUROPE: Firm—DAX, +3.70%; FTSE, +1.07%; CAC, +2.00%.  WALL STREET: Futures, higher--DOW, +181; S&P, +18.25 NAS, +59.5.   EXTERNALS: July crude, +$0.98 @ $36.42; Gold: -$0.60 @ $1,750; Sep $ Index, -0.320 @ 97.470

·       T-storm Weather®: scattered rain focuses on/near Corn Belt & Delta through Thu.; scattered 0.40"- 0.80" amounts most common.  Attention then switches to a very warm to hot period this weekend & early next week as large system approaches from the west, & a tropical storm or hurricane compresses (& hence heats) air across central U.S. for a few days.  Heat breaks within June 8-10 as the large system passes & drags much cooler air southward for at least 3-5, while also triggering rain in at least northern areas

• CN, unch @ $3.2325; CU, unch @ $3.2725.  Fund selling on Monday was estimated at 8 K                  
• SN, up $.0450 @ $8.45; SQ, up $.0475 @ $8.48.  Funds: Sold 3 SB, 0 SBM, bot 3even BO.  Board crush: $0.86 (N/N), +3; LY, $1.33
• WN, dn $.0250 @ $5.1275; WU, dn $.0225 @ $5.16.  The funds were said to have sold 7 K to open the trading week       

CORN/SORGHUM

· ​;      USDA estimates U.S. corn planting progress as of May 31 at 93% vs. 64% last year and the 5-year average of 89%;  updated 2020 corn crop conditions peg combined Good/Excellent rating at 74% compared to 70% last week

·       T-storm Weather®: most likely scenario is for at least some rain to affect all corn areas over next 10-14 days (and potentially substantial rainfall); some of the best rainfall next week is likely to focus on drier areas of the Dakotas

·       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®: heavy rain (1.75”-3.50”) impacts corn in southern Brazil over next two weeks, breaking drought

SOYBEANS/WHEAT

·       USDA estimates U.S. soybean planting progress as of May 31 at 75% vs. 36% last year and the 5-year average of 68%;  initial 2020 soybean crop conditions of the season peg combined Good/Excellent rating at 70%

·       T-storm Weather®: most likely scenario is for at least some rain to affect all soybean areas over next 10-14 days (and potentially substantial rainfall); some of the best rainfall next week is likely to focus on drier areas of the Dakotas

·       ATI Research: U.S. soybean ending stocks for 19/20 pegged at 0.603 bbu compared to the USDA forecast of 0.580 bbu

·       T-storm Weather®: the driest winter wheat areas of the E.U. turn considerably wetter and cooler over the 10 days

·       ATI Research: U.S. winter wheat Good/Excellent dn 3% to 51%; model pegs ‘20 crop @ 1.190 bbu; -5 mbu v last week; initial spring wheat crop conditions peg combined Good/Excellent rating at 80%; model est. 2020 crop at 0.516 bbu

ENERGY

·       Up: CLN20, +$0.98 @ $36.42; EBQ, +$1.03 @ $39.35; EBQ-QCLN, +$0.04; RBN, +.0404; NGN, -0.008; HON, +.0450

·       Chicago ethanol edged up $.0050 Monday to $1.1825/gallon; basis, mixed:  NYC, +$.0150 @ +$.0770; Gulf, +$.0025 @ $.10; Dallas, -$.0050 @ +$.10750; Tampa, -$.0150 @ +$.1875; LA, -$.0050 @ +$.2225

·       Ethanol RIN values, firm: 2019’s, +3.75 @ 46 -47; 2020’s: +2.25 @ 46-50                                                    &nb​sp;                       &nbs​p;                        &nbs​p;                        ​;           

·   &nbs​p;   The July RBOB/June ethanol inverse pulled in $.0308 Monday to $.0933/gallon, premium ethanol  

LIVESTOCK/POULTRY                                   &n​bsp;   

• Ch​oice boxed beef plummeted $22.19 on Monday to $341.15, and is $44.34 lower versus a week ago
• 5-Area Weekly Weighted Average Steer price was dn $1.35 v. last week at $115.71/cwt, and is dn $0.03 v. last year
• The mandatory pork carcass cutout value fell $6.71 on Mon. to $80.45, & is down $16.12 compared to last week
• Current nearby board hog crush value is $23.23/cwt vs. last week’s $23.99, last month’s $32.39 & last year’s $46.81

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