HIGHLIGHTS
· Market Trend: Corn, CN Up $.0325; Soybeans, SN Up $.0250; Wheat, WN, Up $.0775; KWN, Up $.08
· A 6.1% year to year drop in April Chinese housing prices help push Shanghai .59% lower. The Nikkei rose .80%, benefitting from a 2.6% rise in March machinery orders with the core # up 2.9%, far better than expected. Early trade in Europe is mixed: DAX, +.13%; FTSE, -.10% and the CAC 40, down .54%. U.S. pre-markets point to a lower start: DOW futures down 26; NAS, off 14 and the S&P, -4.75. Externals: June WTI is up $.44; most other energies are weaker; $ Index is up .45 at 93.915; gold is $3.10 higher
· T-storm Weather: A large and slow-moving system develops widespread rain through today, especially in the northern Plains, southern Plains, and Delta (but excluding Colorado). Frost and light freezes follow the exit of this system in / near the northern Plains today. Colorado and all other areas of the central / southern Plains receive rain over Tuesday-Thursday, and likely again over Friday-Sunday. Note that significant rainfall is not expected in the northern Plains and Corn Belt this week (Tuesday-Saturday), but rain likely returns to much of these areas within next Sunday-Tuesday when a third system passes
· July Corn Up $.0325 at $3.6875; Sep Up $.03 at $3.7550. Dely: Corn, 98; ETOH, 0. The funds sold 4 K on Friday
· July SB Up $.0250 at $9.5575; Aug Up $.0250 at $9.49. Dely: SB, 0; SBO, 0. Funds: sold 3 K SB; bot 1 K SBM; sold 5 K SBO
· July Wheat Up $.0750 at $5.1875; Sep Up $.08 at $5.2550. Dely: HRW, 0; mini SRW, 1. Fund selling totaled 3 K Friday
CORN/SORGHUM   ; ;  
· USDA Crop Progress: Estimates have U.S. corn planting pegged at 85-90% vs. approx. 71% last year and the five-year average of approx. 75%
· USDA Crop Progress: U.S. corn emergence est. at 45-50% vs. approx. 32% last year & the 5-year avg. of approx. 40%
· December 2015 corn futures closed at $3.82 ¾ Fri; one year ago, the December 2014 corn contract settled at $4.80 ½
· Export Inspections released at 10 AM CDT; Corn, 43.2 needed; 44.7 last week. Milo—4.8 needed; 6.8 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 17,213 contracts
SOYBEANS/WHEAT
· USDA Crop Progress: U.S. soybean planting est. at 45-50% vs. approx. 31% last year & the 5-year avg. of approx. 36%
· Export Inspections released at 10 AM CDT; Soybeans, 6.3 needed; 9.7 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 6,944 contracts
· USDA Crop Progress: U.S. spring wheat planting est. at 90-95% vs. approx. 47% last year & 5-year avg. of approx. 65%
· Export Inspections released at 10 AM CST; Wheat, 24.0 needed; 13.9 last week
· Commitment of Traders report: Non-Commercial long CBT wheat futures only positions increase 3,969 contracts
ENERGY
· Weaker: CLM15, +$0.43; EBN, -$0.11; EBN-CLM, +6.60, RBM, -$.0096; NGM, -$.031; HOM, -$.0073
· Cash ethanol markets were firmer on Friday: Chicago gained 1 ¼; New York added 1 ½; Gulf up 2 ½; Dallas climbed 1; Tampa tacked on ½; and LA was ¾ higher at $1.81 ½ per gallon
· Gains posted in RINs: 2013’s up ½ to 74-75 ½; 2014’s added ½ to 75-76; and 2015’s climbed 1 to 73 ½-74 ½
· The June RBOB/June Ethanol spreads slipped 1 ½ cents to $.3768 on Friday
LIVESTOCK/POULTRY <wbr>  
·   Choice boxed beef values declined $2.81 on Friday but are $3.81 higher compared to last week
· U.S. cattle slaughter for week end May 16 was up 0.4% compared to the previous week but down 4.5% vs. a year ago.
· USDA mandatory pork carcass cutout was 29-cents lower on Friday but is up $3.86 from a week ago
· CME Lean Hog Index gained $0.63 to $81.67. June futures $0.60 lower at $83.35 but are $1.68 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather