HIGHLIGHTS

• TRENDS—Higher: CN, $.0675; SN, +$.0725; WN, +$.0650; KWN, +$.07 
• What caught my eye: ECB states of IL, IN and OH are 65, 59 and 57 points behind average in getting their corn planted. Soybeans for those same 3 states  trail their respective averages by 42, 37 and 31 points
• White House temporary grants exemptions to the Huawei blacklist.  Asia: Mostly lower--Nikkei, -0.14%; Shanghai, +1.23%; Hang Seng, -0.47%. EUROPE: Higher—DAX, +1.04%; FTSE, +0.70%; CAC, +0.55%.  WALL STREET—Futures are strong--DOW, +122; S&P, +15.25; NAS, +61.25.  EXTERNALS: June crude: +$0.44 @ $63.54; Gold:  -$1.80 @ $1,276; $ Index: +.171 @ 96.910
• T-storm Weather: An extremely intense system for mid-May sweeps through the central U.S. the next two days and bringing significant rainfall to areas other than the Delta through Ohio.  The GFS calls for 2/3” to 1 1/2’ for SW MN and near-by areas of SD .  Scattered thunderstorms are forecast for the Central and Northern areas of the Corn Belt from Wednesday-Thursday forward. An exceptional volume of rainfall continues to be forecast
• CN, up $.0675 @ $3.9575; CU, up $.0625 @ $4.03.  Market continues to add a risk premium, funds bought 20 K         
• SN, up $.0775 @ $8.3950; SQ, up $.0775 @ $8.4625.  Funds: Bot—6 SB, 4 SBM, 4 SBO.  Board Crush: $1.25, 0; LY, $1.54
• WN, up $.0675 @ $4.85; WU, up $.06 @ $4.9125.  The funds began the week buying 10 K

CORN/SORGHUM

• USDA estimates U.S. corn planting progress as of May 19^th at 49% vs 78% last year and the 5-year average of 80%
• T-Storm Weather—GFS through next Monday calls for 2 ½” to 5” amounts across most of corn and soybean producing areas, with the exception for the Delta and far SE/Eastern Corn Belt
• Export inspections:  corn light at 32.3 & vs 55.0/week needed; milo also weak at just 695 K, vs 2.2 mbu/week needed
• ATI Research: Bias on near-term exports has been revised 10 lower to 30-40 mbu per week. Old crop exports were reduced by 50 and the new crop outlook by 100 on expectations of robust competition from South America. N/C C/O trimmed to 1.42 bbu on lower acreage and yield concerns
• T-storm Weather:  Rain amounts in the next week is expected exceed 1 ¾” for much of IN, MI and OH

SOYBEANS/WHEAT

• USDA estimates U.S. soybean planting progress as of May 19^th at 19% vs 53% last year and 47% average
• Soybean exports of 18.3 million were towards the lower end of the 17-26 mbu trade range; vs 37.1 needed
• Wheat exports were very strong at 27.8 million, exceeding the trade’s 15-22 mbu range
• Winter wheat rated 66% G/E, vs 64% LW and 36% LY. Spring wheat is 70% planted, vs 76% LY & vs 80% LY
• ATI Research: Near-term soybean export inspections continue to be forecast in the 20-30 mbu range with a bias towards the lower end.  Note however, rising Brazil FOB premiums which could drive some business to the U.S.

ENERGY

·       Higher: CLM19, +$0.44 @ $63.54; EBN, +0.33 @ $72.30; EBN-QCLN, -.19; RBM, +.0138; NGM, -.028; HOM, +.0061

·       Chicago ethanol began the week $.0175 higher at $1.37625; basis values were mixed: New York, -$.0075 @ $.11375; Gulf, -$.03 @ $.07125; Dallas, +$.00250 @ $.06375; Tampa, +$.00250 @ $.17375; LA, +$.0025 @ $.21875  

·       Ethanol RINs were lower:  2018’s, -.50 @ 9 ¼ 9 ¾; 2019’s, -.50 @ 13 ¾ -14 ¼                                ​                                     

·       The​ June RBOB/June ethanol spread shed $.0365 Friday to +$.6833/gal      

LIVESTOCK/POULTRY                  &​nbsp;                    <​/strong>

• Choice boxed beef firmed $1.14 on Monday to $221.45 but is  down 13-cents versus last week 
• June live cattle futures on May 20 closed at $111.350, which is $1.600 higher compared to May 13

·       USDA mandatory pork carcass cutout value gained $1.22 on Monday to $85.13 and is $0.88 lower versus a week ago

·       CME Lean Hog Index was unchanged Monday at $84.59.  June futures shed $0.625 and are $7.160 above the index 

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