HIGHLIGHTS
· TRENDS—Mostly firm: CN, +.0125; SN, -$.0275; WN, +$.0025; KWN, +$.0175
· What caught my eye: China crush . . . bean use in the week ending May 22nd hit a record 2.098 MMT, up 10% from the prior week and exceeding the previous high of 2.072 MMT back in late fall of 2018
· China-Hong Kong-U.S. tensions weigh on markets. Asia: Mostly weak-- Nikkei, -0.18%; Shanghai, +0.22%; Hang Seng, -0.74%; EUROPE: Weaker—DAX, -0.92%; FTSE, -0.85%; CAC, -0.65%. WALL STREET: Futures, lower--DOW, -92; S&P, -7.75; NAS, -26.75. EXTERNALS: July crude, -$1.06 @ $32.65; Gold: +$11.30 @ $1,740; Sep $ Index, -0.265 @ 98.095
· T-storm Weather®: showers & pockets of rain focus on Delta & southeast half of Corn Belt today. Mainly dry & unseasonably cool weather follow for several days, except for showers this weekend in/near IA & NE. A sharp warm-up begins Mon. in Plains & Tue. elsewhere (aiding corn & soybean emergence & growth because 88% & 83% of production were near or wetter than normal the last 14 days), while triggering scattered thunderstorms within northeast half of Corn Belt June 1-2; drying continues elsewhere
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CN, up $.0125 @ $3.2875; CU, up $.01 @ $3.3275. Sizable fund buying, estimated at 15 K on a variety of positive factors
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SN, dn $.0275 @ $8.4425; SQ, dn $.0225 @ $8.47. Funds: even SB, bot 3 SM, sold 4 BO. Board crush: $0.78 (N/N), -2; LY, $1.35
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WN, up $.0025 @ $5.1475; WU, up $.0025 @ $5.18. The funds bought 7 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 am CDT. Trade expects 20-39 for 19/20 corn
· T-storm Weather®: in the U.S., some thunderstorms occur in the Dakotas & northern/eastern areas of the Corn Belt within June 3-10 (1.00"-2.00" most likely), but likely leaving areas to the south dry and warm to hot early in the period
· Ethanol grind: total of 724,000 barrels/day for the week ending May 22—up 61 thousand versus last week but down 31.5% compared to last year’s 1,057,000
· T-storm Weather®: dry and unseasonably cool weather dominate Brazil until a series of cool fronts trigger occasional thunderstorms and produce 1.00” to 2.00” on southern corn in Mato Grosso do Sul and Paraná next week (June 1-5)
SOYBEANS/WHEAT
· Export Sales report. Trade expects 15-33 mbu for 19/20 soybeans; soymeal, 100-350 K MT; soyoil, 5-30
· T-storm Weather®: in the U.S., some thunderstorms occur in the Dakotas & northern/eastern areas of the Corn Belt within June 3-10 (1.00"-2.00" most likely), but likely leaving areas to the south dry and warm to hot early in the period
· Consultant: Argentina soybean crop est. is unchanged at 50.0 MMT, with a neutral to slightly lower bias going forward
· Export Sales report. Trade expects 2-11 mbu for 19/20 all wheat and 4-11 mbu for 20/21
· T-storm Weather®: rainy and cool weather dominate Russia, Ukraine, and the eastern E.U. as circulations and cool fronts persist, leaving a wide area wet in early June, including key winter wheat areas
ENERGY
· Down: CLN20, -$1.06 @ $32.65; EBN, -$0.82 @ $34.47; EBN-QCLN, +$0.18; RBN, -.0104; NGN, +0.036; HON, -.0095
· Chicago ethanol was $.01 higher at $1.19/gallon; basis, mixed: NYC, +$.0050 @ +$.06; Gulf, +$.0050 @ $.0950; Dallas, -$.0050 @ +$.105; Tampa, -$.01 @ +$.19; LA, +$.005 @ +$.1950
· Ethanol RIN values, firm: 2018’s, +1.0 @ 27 ½ -31; 2019’s, +1.75 @ 41 -42; 2020’s: +2.00 @ 43 -44 ½  
·   The June RBOB/June ethanol inverse shed $.0382 on Thursday, retreating to $.1185/gallon, premium ethanol
LIVESTOCK/POULTRY  
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Choice boxed beef was $8.21 lower on Thursday to $369.56, and is down $32.25 versus a week ago
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Week-to-week declines in choice boxed beef values have been seen for 10 consecutive trading days
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The mandatory pork carcass cutout value firmed $0.51 on Thu. to $88.37, but is still $8.57 lower versus last week
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CME Lean Hog Index was $0.42 higher on Thu. at $62.95. June futures fell $3.250 and are $6.025 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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