HIGHLIGHTS

• TRENDS—Mixed: CK, +$.0225; SK, +$.0125; WK, -$.01; KWK, -$.03 
• What caught my eye: Weather forecasts do not look particulary conducive to much planting activity in the Central Belt for much of this week and we are very likely to come in 10-12 points behind average this afternoon
• Weak close Friday and poor economic data from S Korea markets a listless trend  Asia: Mostly lower--Nikkei, -0.22%; Shanghai, -0.77%; Hang Seng, +0.97%.  EUROPE: Weaker—DAX, -0.26%; FTSE, -0.22%; CAC, -0.36%.  WALL STREET—Futures lack direction--DOW, +12; S&P, -0.75; NAS, unch. EXTERNALS: June crude: -$1.37 @ $62.94; Gold:  -$4.70 @ $1,284; $ Index: +0.014 @ 96.680
• T-storm Weather: An onslaught of storm systems sweep through the central U.S. and generate pockets of rain every day for at least two more weeks.  Widespread coverage of above-normal rainfall is likely across a wide area, including generalized totals of 2.00” to 4.00” in the central / southern Plains and Corn Belt, and 1.00” to 2.00” in the northern Plains, which will produce areas of river and field flooding
• CK, up $.0225 @ $3.5350; CN, up $.0250 @ $3.6375.  Weather forecasts are excessively wet, fund buy 20 K on Friday     
• SK, up $.0125 @ $8.55; SN, up $.0125 @ $8.6825.  Funds: Sold 4 SB, 6 SBM, 2 SBO.  Board Crush: $1.09, -9; LY, $1.55
• WK, dn $.01 @ $4.34; WN, dn $.0125 @ $4.4125.  Funds were even in Friday’s trade   

CORN/SORGHUM

• Mixed ideas on U.S. corn planting progress; consensus is 10-12% in today’s USDACrop Progress report, although some are as high as 12-14%.  This would compare to 15% last year and the five-year average of 27%
• T-storm Weather: Five systems move across the central U.S. through Fri., producing rain & thunderstorms in all areas outside the Delta, & including heavy thunderstorms today in much of the Corn Belt, & a large rain system Tue.-Wed.
• Export Inspections released at 10 am CDT; Corn, 52.1 mbu needed; 53.3 last week.  Milo—2.1 needed; 3.7 last week

·       Consultant: Safrinha (double crop) corn in central Brazil is near maturity; dry weather now would have limited impact

SOYBEANS/WHEAT

• T-storm Weather: Five systems move across the central U.S. through Fri., producing rain & thunderstorms in all areas outside the Delta, & including heavy thunderstorms today in much of the Corn Belt, & a large rain system Tue.-Wed.

·       Export Inspections released at 10 am CDT; Soybeans, 38.6 mbu needed; 14.0 last week

·       ATI Research: Although a modest increase in U.S. spring wheat planting progress could be seen in today’s USDA Crop Progress report, the aggregate total of 8-10% (versus 5% last week) will still be far below the 5-year avg. of 34%

• Export Inspections released at 10 am CDT: Wheat, 30.4 needed; 29.8 last week

ENERGY

·       Lower: CLM19, -$0.37 @ $62.93; EBM, -0.63 @ $71.52; EBM-QCLM, -.27; RBM, -.0158 NGM, -006; HOM, -.0101

·       Chicago ethanol rose $.0225 on Friday to $1.3400; basis values were weaker: New York, -$.0075 @ $.1150; Gulf, -$.0025 @ $.1100; Dallas, -$.0025 @ $.0800; Tampa, -$.0025 @ $.1650; LA, -$.0025 @ $.3400  

·       Ethanol RINs eased:  2018’s, -$.50 @ 9-11; 2019’s, -.3750 @ 15 ¾ -15 ¼                                         &nbs​p;                 

· &n​bsp;     The May RBOB/May ethanol spread lost $.0575 on Friday, narrowing in to+$.75860/gal     

LIVESTOCK/POULTRY             ​                       &n​bsp;  

• Choice boxed beef firmed 6-cents on Friday to $232.99, but is still 66-cents lower versus a week ago
• June live cattle futures on Fri. declined $0.325 to $115.05—lowest closing price for the contract since Dec. 6

·       USDA mandatory pork carcass cutout value gained 21-cents on Friday to $82.49, but is still $3.65 lower v. last week

·       CME Lean Hog Index increased $0.33 on Fri. to $83.73.  May futures declined $0.85 but are still $3.27 above the index

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