HIGHLIGHTS

• MARKET TREND—Weaker: CN, -$.0125; SN, -$.0550; WN, -$.0375; KWK, -$.0375. 
• MACRO:  With the exception of the U.S., growth in most global markets showing signs of peaking.  Asia—Mostly higher: Nikkei, +1.16%; Shanghai, -0.36%; Hang Seng, +1.02%.  EUROPE: Weaker: DAX, -0.36%; FTSE, -0.02%; CAC, -0.36%.  WALL STREET: Futures are mostly higher: DOW, +36; S&P, +3.75; NAS, -1.00.  EXTERNALS: June crude: +$0.18@ $71.54; Aug Gold: +$2.20 @ $1,331; $ Index: -.086 @ 91.53. Dely: SBM, 0; SBO, 45; RR, 30; C, 33; ETOH, 0 HRW, 0; O, 5; SB, 68; SRW, 41

·       T-storm Weather: Corn and soybean areas of southern Minnesota, Iowa, Wisconsin, northern Illinois, and points east along the Indiana-Michigan border receive substantial rain totals over the next few days as waves of energy ripple along a sharp north-south temperature gradient.  This causes an increase in the coverage and/or intensity of wetness for those areas.  Sharply drier weather occurs to the immediate north and south for planting

·       CN, dn $.0125 @ $4.00755; CU, dn $.0125 @ $4.09.  The funds emerged were even in report day trading                    

• SN, dn $.0550 @ $10.1575; SQ, dn $.0550 @ $10.1925. Funds: Bot 3 SB, 1 SBM, 2 SBO. Board crush:  $1.71, -3; LY: $.84
• WN, dn $.0375 @ $5.0275; WU, dn $.03 @ $5.20.  The funds were sellers of 4 K yesterday                          

    CORN/SORGHUM

·       ATI Research: USDA WASDE report indicates the potential for 10.0 MMT in additional foreign corn exports in 18/19.  Shipments would largely be back-end loaded, although at least 6.5 MMT of that total could be coming from Black Sea

• T-storm Weather: A few thunderstorms dot southern Brazil today, but most hold until May 15-20 when 1.00" to 2.00" is most probable for the southern ~40% of second-crop (safrinha) corn production
• U.S. corn export sales of 27.4 mbu for week end May 3 were down 32% from last week and 22% v. the 4-week avg.  However, unshipped export sales of 748 mbu are up 34% v. last year and are a record for this time of year

SOYBEANS/WHEAT

·       ATI Research: USDA WASDE report revised overseas soybean meal demand 310 K MT higher in 17/18, which is now up 4.9% vs. 16/17.  Demand for 18/19 is expected to increase another 10 MMT—a 5.0% increase vs. 17/18

·       T-storm Weather: Heavy rain has ended across un-harvested Argentina soybean areas.  Mainly dry weather is forecast across a wide area the next 10 days; temps will be sharply cooler than recently, but only near to slightly below normal

·       ATI Research: USDA WASDE report indicated while 18/19 wheat production estimates for some major exporters are down from 17/18, there still looks to be ample competition for U.S. origin if forecasted production levels are realized

·       T-storm Weather: Widespread rain occurs in U.S. central & southern areas May 15-18(including HRW wheat areas)

ENERGY

·       Mixed: CLM18, +$.18@$71.54; EBN, +$.03@$77.50; EBN-QCLN, -$0.12; RBM, +.0034;NGM, -.008; HOM, -.0004

·       On Thursday, cash ethanol markets were mixed: Chicago was quoted at $1.44375, down $0.00625; Basis to Chicago—New York, +13 ¼; Gulf, +9; Dallas, +5; Tampa, +17 ½; and LA, +25

·       On Thursday, ethanol RINs were higher: 2017’s up 1 1/8 to 26-29; and 2018’s increased 1 ½ to 30 ½-33 ½

·       The June RBOB/June ethanol spread widened further yesterday, up $.0247 to+$.72500/gallon

  LIVESTOCK/POULTRY          &nbs​p;                     &n​bsp;    

• Choice boxed beef values gained 11-cents on Thursday to $231.07, and are up $3.51 vs. a week ago
• ATI Research: USDA WASDE report lowers 2018 beef production est. 424 mil lbs vs. April; output still up 3.9% v. 2017
• USDA mandatory pork carcass cutout value increased 37-cents on Thu. to $71.58, and is up $3.56 vs. last week
• ATI Research: USDA WASDE report reduces 2018 pork production est. 37 mil lbs vs. April; output still up 4.6% vs. 2017

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