HIGHLIGHTS
-
TRENDS—Higher: CN, $.07; SN, +$.14; WN, +$.0275; KWN, +$.0450
-
What caught my eye: Corn planting progress at 30% was at the low end of expectations; IL at just 11% most certainly stood out. Certainly looks like more prevent plant is likely, & below trend yield. Del’y: SBM, 1; SBO, 28; RR, 12; C, 79; O, 2; SB, 236; SRW, 23
-
DOW futures point to a triple digit decline, eyes possible China retaliation. Asia: Lower--Nikkei, -0.59%; Shanghai, -0.69%; Hang Seng, -1.50%. EUROPE: Higher—DAX, +0.47%; FTSE, +0.84%; CAC, -1.01%. WALL STREET—A bounce back?--DOW, +137; S&P, +18.50; NAS, +66.25. EXTERNALS: June crude:+$0.12 @ $61.16; Gold: -$3.00 @ $1,299; $ Index: NA
-
T-storm Weather: Through Thursday, small-scale waves of energy produce pockets of showers and a few thunderstorms within / near the Corn Belt and northern Plains, producing 0.20” to 0.70” within a wide area. Coolness breaks from west to east through Wednesday as a large system assembles to the west and develops southerly winds, sending maximums to the 70s-80s and transporting muggy air northward. A stormy period begins Friday-Saturday, initially in northern and western areas
-
CN, up $.07 @ $3.6350; CU, up $.0675 @ $3.7250. The funds bought back the 10 K sold on Friday as weather concerns remain
-
SN, up $.14 @ $8.1650; SQ, up $.1425 @ $8.2325. Funds: Sold 6 SB, 2 SBM, 4 SBO. Board Crush: $1.22 +4; LY, $1.79
-
WN, up $.0275 @ $4.3975; WU, up $.0225 @ $4.4750. The funds began the week buying 5 K
CORN/SORGHUM
-
USDA estimates U.S. corn planting progress as of May 12 at 30% vs. 59% last year and the 5-year average of 66%
-
T-storm Weather: A classic recipe for strong thunderstorm clusters develops starting Fri.-Sat. Most likely result: 1.50”-3.00” of rain affects northern half of the central U.S. the next 10-14 days, while 1.00”-2.00” occurs to the south
· Consultant: Brazil corn crop is unchanged this week at 97.0 MMT with a neutral to higher bias going forward
-
ATI Research: Bias on near-term U.S. corn exports is steady at 40-50 mbu per week. However, a less than stellar week of export sales supports a reduction in the annual forecast of 10 mbu to 2.160 bbu
SOYBEANS/WHEAT
-
USDA estimates U.S. soybean planting progress as of May 12 at 9% vs. 32% last year and the 5-year average of 29%
-
T-storm Weather: A classic recipe for strong thunderstorm clusters develops starting Fri.-Sat. Most likely result: 1.50”-3.00” of rain affects northern half of the central U.S. the next 10-14 days, while 1.00”-2.00” occurs to the south
· Consultant: Brazil soybean crop estimate is unchanged at 117.0 MMT with a neutral bias going forward
· ATI Research: U.S. Good/Excellent unch at 64% with the model estimating the 2019 winter wheat crop @ 1.304 bbu
-
USDA estimates U.S. spring wheat planting progress as of May 12 at 45% vs. 54% last year and the 5-year avg. of 67%
ENERGY
· Higher: CLM19, +$0.12 @ $61.16; EBN, +0.17 @ $70.40; EBN-QCLN, +.09; RBM, +.0081; NGM, +.015; HOM, -.0026
· Chicago ethanol was off $.0050 to $1.30250; basis values were mixed: New York, +$.0050 @ $.1325; Gulf, +$.0025 @ $.1000; Dallas, -$.0050 @ $.0625; Tampa, +$.0050 @ $.1625; LA, -$.0350 @ $.2525
· Ethanol RINs were weaker: 2018’s, -.25 @ 9 -9 ½; 2019’s, -.50 @ 13 ¾ -14   ;
· The June RBOB/June ethanol spread lost $.0304 on Monday to +$.65870/gal; trading $.6413 this morning
LIVESTOCK/POULTRY   </wbr>
-
Choice boxed beef was 47-cents higher on Monday at $221.58 but is still down $5.42 versus last week
-
5-Area Weekly Weighted Average Steer price was dn $3.42 v. last week at $120.34/cwt, and is dn $1.31 v. last year
· USDA mandatory pork carcass cutout value firmed 84-cents on Mon. to $86.01, and is $4.81 higher versus a week ago
· Current nearby board hog crush value is $64.16/cwt vs. last week’s $66.44, last month’s $71.04 & last year’s $43.30
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
The information contained in this e-mail is subject to a disclaimer. Please follow the link below to view.