HIGHLIGHTS
· TRENDS—Mostly firm: CN, +$.0175; SN, steady; WN, +$.0525; KWN, +$.06
· What caught my eye: Although down 1.5% from the previous week, China’s soybean crush for the week ending May 29th came in at 2.066 MMT, a record for that period. YTD crush after 35 weeks is down just 1.3%. USDA expected a 1.8% annual expansion
· Stocks pause: awaiting EU monetary policy; U.S trade and unemployment data. Asia: Mostly firm-- Nikkei, +0.36%; Shanghai, -0.14%; Hang Seng, +0.17%; EUROPE: Weaker—DAX, -0.77%; FTSE, -0.40%; CAC, -0.68%. WALL STREET: Futures, lower--DOW, -128; S&P, -15.5 NAS, -19.5. EXTERNALS: July crude, -$0.57 @ $36.72; Gold: +$8.10 @ $1,713; Sep $ Index, +0.254 @ 97.485
· T-storm Weather®: a weak cool front & its remnant trigger scattered thunderstorms in the Corn Belt & Delta through Fri. Better rainfall follows this weekend and/or early next week in the Dakotas & northwest Corn Belt, while independently, at least some rain affects parts of the Delta around Mon. after Cristobal makes landfall as a weak tropical system near Louisiana. Cristobal likely rides the cold front northward into parts of the Corn Belt, also generating additional rainfall early next week
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CN, up $.0175 @ $3.2575; CU, up $.0125 @ $3.2975. The funds ended the trading session even in corn
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SN, unch @ $8.5750; SQ, dn $.0025 @ $8.5875. Funds: bot 5 SB, 3 SBM, sold 1 SBO. Board crush: $0.79 (N/N), -2; LY, $1.27
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WN, up $.0525 @ $5.1725; WU, up $.05 @ $5.2075. Fund buying at mid-week totaled 4 K
CORN/SORGHUM
· Export Sales to be released at 7:30 am CDT. Trade expects 16-35 for 19/20 corn
· T-storm Weather®: substantial rainfall of 0.50”-1.00” over June 8-10 affects much of the Dakotas and northwest U.S. Corn Belt, while 1.00” to 2.00” falls in the Delta, and a swath between stays between highest and lowest rain chances
· Ethanol grind: total of 765,000 barrels/day for the week ending May 29—up 41 thousand versus last week but down 26.7% compared to last year’s 1,057,000
· T-storm Weather®: periods of rain begin Thu.-Fri. in southern corn in Brazil & continue every few days producing 2.00”-4.00”in Mato Grosso do Sul & Paraná over the next two weeks, ultimately slowing harvest through mid-month
SOYBEANS/WHEAT
· Export Sales report. Trade expects 18-37 mbu for 19/20 soybeans; soymeal, 200-600 K MT; soyoil, 8-40
· T-storm Weather®: substantial rainfall of 0.50”-1.00” over June 8-10 affects much of the Dakotas and northwest U.S. Corn Belt, while 1.00” to 2.00” falls in the Delta, and a swath between stays between highest and lowest rain chances
· November 2020 soybean futures on Wed. closed at $8.66 ¼—highest settlement price for the contract since April 14
· Export Sales report. Trade expects 2-9 mbu for 19/20 all wheat and 4-22 mbu for 20/21
· T-storm Weather®: periods of rain affect a wide area of the E.U. through mid-month as a series of storm generate rain, easing dryness for wheat in France, Germany, and the U.K., and turning much of the eastern E.U. wetter
ENERGY
· Mixed: CLN20, -$0.57 @ $37.62; EBQ, -$0.45 @ $39.33; EBQ-QCLQ, +$0.09; RBN, +.0002; NGN, +.013; HON, -.0043
· Chicago ethanol again gained $.0150, rising to $1.2125/gallon; basis, mixed: NYC, steady @ +$.0575; Gulf, -$.0025 @ $.0925; Dallas, -$.0050 @ +$.0975; Tampa, +$.0050 @ +$.1975; LA, steady @ +$.2275
· Ethanol RIN values, lower: 2019’s, -3.00 @ 46 ½ - 48 ½; 2020’s: -3.00 @ 47 ½ -49 ½        
·   The July RBOB/July ethanol inverse shed $.0140 Wednesday as it narrowed to $.0277/gallon, premium ethanol
LIVESTOCK/POULTRY  
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Choice boxed beef declined $22.83 on Wednesday to $295.90, and is $81.87 lower versus a week ago
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Light cash cattle trade occurred on Wed., with Southern cattle at $117—mostly steady with last week's weighted avg.
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The mandatory pork carcass cutout value firmed $0.64 on Wed. to $74.28, and is down $13.48 compared to last week
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CME Lean Hog Index fell $2.17 on Wed. to $57.06. June futures were $3.750 lower and are $8.410 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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