HIGHLIGHTS

• MARKET TREND—Lower: CN, -$.0225; SN, -$.0750; WN, -$.10; KWK, -$.1075
• MACRO:  Opposing forces . . . good economic fundamentals on the one side and geopolitical uncertainty on the other.  Asia—Mostly firm: Nikkei, -0.03%; Shanghai, +1.48%; Hang Seng, +0.23%.  EUROPE: Higher: DAX, +0.33%; FTSE, +0.86%; CAC, +0.03%.  WALL STREET: Futures are higher: DOW, +52; S&P, +7.25; NAS, +38.00. EXTERNALS: June crude: +$0.70 @ $70.42; Aug Gold: +$0.60 @ $1,322; $ Index:+.052 @ 91.550.  Dely: SBM, 0; SBO, 108; RR, 19; C, 246; ETOH, 0 HRW, 10; O, 0; SB, 68

·       T-storm Weather: In the U.S., some showers & thunderstorms affect much of northern Plains & far-western Corn Belt Tue., then the central Belt Wed. & finally the eastern Belton Thu., but totals will be light (0.10”-0.50”).  Another wave develops better-organized rain in northern Plains & northwest Belt Thu. & rest of the Belt Fri., producing another 0.40”-0.80”.  Seasonable to mild weather dominate the central U.S. through at least midweek as highs reach the 70s-80s across southwest two-thirds of the Belt

·       CN, down $.0225 @ $4.04; CU, down $.0225 @ $4.1150.  The funds ended the week by selling 2 K                  

• SN, dn $.0750 @ $10.2925; SQ, dn $.0750 @ $10.3250. Funds: Sold 10 SB, 7 SBM & 1 SBO. Board crush:  $1.68, +5; LY: $.86
• WN, dn $.10 @ $5.1625; WU, dn $.0875 @ $5.33.  Fund selling on Friday totaled 6 K                         ​   

CORN/SORGHUM

• Mixed ideas on U.S. corn planting progress; some believe it could reach 35-40% in today’s USDA Crop Progress report
• T-storm Weather: For northern two-thirds of second-crop (safrinha) corn in Brazil, mainly dry, sunny & hot weather continue over the next 10 days.  For southern one-third, mainly dry & seasonable weather occurs over the next 5 days
• Trade consensus building for a reduction in Brazil’s 17/18 corn production est. inThursday’s USDA Supply/Demand report due to ongoing dryness affecting safrinhaproduction.  Crop size was pegged by the USDA at 92.0 MMT in April
• Export Inspections released at 10 am CDT; Corn, 55.2 mbu needed; 57.7 last week.  Milo—3.8 needed; 7.6 last week

SOYBEANS/WHEAT

• Mixed ideas on U.S. soybean planting progress; some believe it could reach 13-15% in USDA’s Crop Progress report

·       Export Inspections released at 10 am CDT; Soybeans, 25.9 mbu needed; 25.0 last week

·       T-storm Weather: Heavy rain (2.50”-5.00”) affects un-harvested Argentina soybeans through Thu.; then a drier period

·       ATI Research: Although an additional modest increase in U.S. spring wheat planting progress is likely in today’s USDA Crop Progress report, the aggregate total could still be the lowest in 7 years and will be far short of 5-year avg. of 53%

·       T-storm Weather: Little to no rain affects U.S. HRW wheat across the Central/Southern Plains over May 8-13

• Export Inspections released at 10 am CDT: Wheat, 24.1 needed; 13.8 last week

ENERGY

·       Higher: CLM18, +$0.70@$70.42; EBN, +$0.70@$75.57; EBN-QCLN, +$0.02; RBM,+.0164; NGM, -.010; HOM, +.0140

·       On Friday, cash ethanol markets were higher: Chicago was quoted at $1.48, up $0.02225; Basis to Chicago—New York, +12 ½; Gulf, +9; Dallas, +5 ½; Tampa, +17 ½; and LA, +24 ½

·       On Friday, ethanol RINs were firmer: 2017’s increased 2 to 30-32; and 2018’s gained 1 ¼ to 33 ½-35

·       The June RBOB/June ethanol spread lost 4 ¼ cents on Friday to close at+$.61600/gallon

  LIVESTOCK/POULTRY                             &​nbsp;       

• Choice boxed beef values increased 74-cents on Friday to $228.30, and are up $6.56 vs. a week ago
• Dressed steer weight for week end April 21: 856 lbs, down 11 lbs v. last week, 872.25 for 4-week avg. & 849 last year
• USDA mandatory pork carcass cutout value firmed 68-cents on Fri. to $68.70, and is up $1.07 compared to last week
• CME Lean Hog Index gained $0.20 on Fri. to $63.13.  May futures were unchanged but are still $3.945 above the index

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather