HIGHLIGHTS
· Market Trend: Corn, CK Down $.0225; Soybeans, SK Down $.0075; Wheat, WK Down $.0325
· Not a good day in China—Shanghai fell 4.1% overnight on fears about the possible introduction of market-hampering regulations and a slew of new IPOs siphoning off the existing pool of investor funds. The Hang Seng was pulled 1.3% lower while the Nikkei eked out a .06% gain. A doubling of Swiss banking group UBS’s quarterly profit help boost sentiment in Europe: FTSE, +.40%; DAX, +.06%; CAC 40, +.12%. A slew of economic data out this week has U.S. markets nervous with pre-opening values in the red: DOW futures, off 19; S&P500, down 3 ¼ and the NAS, 10.2 lower. Externals: $ Index, up .113; Gold, +$.20; energies, mostly higher
· T-storm Weather: Temperatures average much warmer than usual across the central U.S. over the next two weeks, and potentially longer, as maximums reach the 70s-80s and minimums stay in the 50s-60s. Two storm systems accompany mildness to develop heavy rainfall across most of the Plains and Corn Belt, though sharply drier weather occurs in the Delta and southeast Corn Belt for at least five more days. A cool front breaks warmth in the northern Plains within May 9-11, which will force thunderstorms to shift further to the east and bring rain to the Delta and southeast Corn Belt late in the weekend or early next week
· May Corn Down $.0275 at $3.56; July Down $.0375 at $3.5750. Dely: Corn, 0; ETOH, 4. Funds sold 3 K on Monday
· May SB Down $.0075 at $9.8225; July Down $.0050 at $9.7575. Dely: SB, 1; SBO, 323. The Funds bot 5 K SB; even SBM; bot 8 SBO
· May Wheat Down $.0325 at $4.66; July Down $.0450 at $4.6825. Dely: HRW, 29; SRW, 28. The funds sold 2 K to open the week
CORN/SORGHUM   ;   </wbr>
· ATI Research: U.S. corn balance sheet; 14/15 carryout declines 33 mbu vs. last week to 1.884 bbu
· ATI Research: U.S. sorghum balance sheet; 14/15 carryout unchanged vs. last week to 22 mbu
· USDA pegs U.S. corn planting as of May 3 at 55% vs. 28% last year and the 5-year average of 38%. Corn emergence is 9% vs. 6% in 2014 and the avg. of 12%.
· Sorghum planting: 29% vs. 28% last year and the 5-year avg. of 28%
· T-storm Weather: Mildness is likely to quickly re-establish across the Corn Belt early next week as a pattern similar to this week potentially repeats, ultimately resulting in widespread coverage of near- or above-average rain May 13-17
SOYBEANS/WHEAT
· ATI Research: Updated U.S. soybean balance sheet; 14/15 carryout increases 5 mbu vs. last year to 356 mbu
· USDA pegs U.S. soybean planting as of May 3 at 13% vs. 5% last year and the 5-year average of 9%.
· T-storm Weather: Dryness is mainly confined to South Dakota and portions of western Kansas
· ATI Research: U.S. winter wheat crop model up 2 mbu to 1.430 bbu; HRW, 839; SRW, 398; and White, 193
· ATI Research: U.S. SRW wheat balance sheet, 14/15 carryout at 178 mbu; 15/16 carryout is forecast at 172 mbu
ENERGY
· Mostly Higher: CLM15, +$0.52; EBM, +$0.42; EBM-CLM, +7.42, RBM, +$.0087; NGM, -$.024;HOM, +$.0178
· Cash ethanol markets were firmer on Monday: Chicago gained 1 5/8; New York up 2 ¼; Gulf ¾ higher; Dallas climbed 1; Tampa added ¼; and LA was a penny higher at $1.80 per gallon
· RINs posted gains: 2013’s added 1 ½ to 75-76; 2014’s up ¾ to 76 ½-77; and 2015’s climbed ¾ to 74 ½-75
· The June RBOB/May Ethanol spread pulled back 4 ½ cents to $.3929/gallon on Monday
LIVESTOCK/POULTRY   ;
<p>
· Choice boxed beef values were up $1.00
on Monday but are still down $1.25 compared to a week ago
· 5-Area Weekly Weighted Average Steer price increased $1.52 last week to $160.69/cwt and is up $12.71 vs. last year
· The USDA mandatory pork carcass cutout value gained 33-cents Mon., is up $3.25 v. last week & highest since Feb. 5
· CME Lean Hog Index up $1.68 to $71.17. May futures up $0.925 to $76.925 and are $5.755 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather