HIGHLIGHTS
· TRENDS—Mostly firm: CN, +.01; SN, -$.0175; WN, +$.03; KWN, +$.0250
· What caught my eye: Brazil’s corn line-up did jump from 4 to 15 million but the combined Argentina/Brazil total of 78 million is up only 1 from a week ago and is just 40% or so of the corresponding 2019 level of 198 mbu
· Jobless claims expected around the 2 million mark today. Asia: Mostly firm-- Nikkei, +2.32%; Shanghai, +0.33%; Hang Seng, -0.72%; EUROPE: Firm—DAX, +0.20%; FTSE, +0.47%; CAC, +0.37%. WALL STREET: Futures, Mixed--DOW, +72; S&P, -2.5; NAS, -56.75. EXTERNALS: July crude, -$0.51 @ $32.30; Gold: +$11.20 @ $1,738; Sep $ Index, -0.088 @ 98.960
· T-storm Weather®: scattered showers and thunderstorms affect the eastern Corn Belt and Delta through today as a large circulation is intercepted by a strong cold front. Mainly dry and cool weather follow for several days (except for heat in western HRW wheat areas of the central and southern Plains), though a few thunderstorms are likely in/near IA and NE this weekend along the edge of coolness. A very warm to hot period begins from west to east over Sun.-Tue.
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CN, up $.01 @ $3.2150; CU, up $.0025 @ $3.2550. Fund buying on Wednesday was estimated at 2 K
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SN, dn $.0175 @ $8.4675; SQ, dn $.0175 @ $8.4850. Funds: bot 3 SB; 5 SBO, sold 2 SBM. Board crush: $0.76 (N/N), -1; LY, $1.32
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WN, up $.03 @ $5.0750; WU, up $.0250 @ $5.1050. The funds sold 3 K yesterday
CORN/SORGHUM
· T-storm Weather®: upper-level high pressure forms early next week in the U.S., setting the stage for scattered thunderstorms in at least northern areas in early June; some thunderstorms are also plausible in southern areas
· U.S. Energy Information Administration (EIA) report scheduled to be released at 10:00 am CDT
· Consultant: Brazil corn crop est. is unchanged this week at 96.0 MMT, with a neutral to lower bias going forward
· T-storm Weather®: dry and unseasonably cool weather dominate Brazil until a series of cool fronts trigger thunderstorms and produce 1.00” to 2.00” on southern corn next week (June 1-5)
SOYBEANS/WHEAT
· T-storm Weather®: upper-level high pressure forms early next week in the U.S., setting the stage for scattered thunderstorms in at least northern areas in early June; some thunderstorms are also plausible in southern areas
· Consultant: Brazil soybean crop est. is unch this week at 121.0 MMT; neutral to slightly lower bias going forward
· ATI Research: bias on near-term U.S. wheat exports is lowered to 12-16 mbu per week
· T-storm Weather®: widespread rain occurs across winter wheat of Romania & Ukraine the next few days, followed by occasional showers; dry & mild weather affect winter wheat in Russia through Fri., followed by cooler/wetter weather
ENERGY
· Weak: CLN20, -$0.51 @ $32.30; EBN, -$0.55 @ $34.19; EBN-QCLN, -$0.05; RBN, -.0121; NGN, -0.004; HON, -.0241
· EIA Report Estimates (API): crude oil, -1.9 (+8.7); Gasoline, +0.1 (+1.1); Distillates, +1.8 (+6.9). Estimates for ethanol prod. avg. 0.720 mbpd (range: 0.678-0.800). Avg. est. of ethanol stocks: 23.330 mb (range 23.000-23.601)
· Chicago ethanol was up $.0025 at $1.18/gallon; basis, mixed: NYC, -$.0125 @ +$.0550; Gulf, +$.0075 @ $.09; Dallas, +$.0075 @ +$.115; Tampa, -$.0005 @ +$.20; LA, +$.0025 @ +$.19
· Ethanol RIN values, firm: 2018’s, +1.50 @ 26 ½ -30; 2019’s, +2.50 @ 38 ½ -41; 2020’s: +1.50 @ 41 -42 ½      
· The June RBOB/June ethanol inverse increased further, $.04906 to $.1567/gallon, premium ethanol
LIVESTOCK/POULTRY  
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Choice boxed beef fell $7.72 on Wednesday to $377.77, and is $26.27 lower compared to last week
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Cash cattle traded on Wednesday in Kansas for $115 to $120
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The mandatory pork carcass cutout value was $8.71 lower on Wed. at $87.76, and is down $11.18 versus a week ago
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CME Lean Hog Index firmed $0.23 on Wed. to $62.53. June futures eased $0.325 and are $2.355 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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