HIGHLIGHTS
· 5:55 AM Market Trend: Corn, Dow 3-4; Soybeans, 6-7 Lower; Wheat, 13-14 Lower
· A 70% increase in Japan’s trade deficit for the year ending March 31 helped the Nikkei lose .03% as trading opened in Asia. Shanghai closed 1.5% lower ahead of Chinese manufacturing data outWednesday; the Hang Seng posted a .28% gain. Early trading in Europe is to the plus side: FTSE, +.62%; DAX, +.99% and the CAC-40, +.59%. Futures for key U.S. indices area positive: S&P, +2.25; the Dow, +20 and the Nasdaq, +8.25. Gold is off $6.60; energy futures are weaker and the $ Index is off -.026 at 80.02
· T-storm Weather: Weak waves of energy develop showers with scattered 0.20”-0.40” amounts in driest wheat areas of the Plains and the heart of the Corn Belt through today. A strong system develops thunderstorms in the central and southern Plains Wednesday; no rain occurs in western areas, while 0.33”-0.67” occurs in the east (aiding a portion of HRW wheat in central areas of Oklahoma and Kansas, but thunderstorms likely start as isolated supercells, then gel into a large cluster once east of most wheat). Temperatures remain mild in southern growing areas through Friday as maximums reach the 70s-80s, but will be cooler than indicated Thursday in the eastern Corn Belt. A couple windy and hot days occur in the southern Plains when maximums top out around 90 degrees F.
· May Corn Down $.0350 at $4.9125; July Down $.0375 at $4.9675. The funds sold 5 K on Thursday
· May SB Down $.06 at $15.08; July Down $.0675 at $14.9550. Funds: sold 2 K SB; 2 K SBM and 3 K SBO
· May Down $.1375 at $6.7750; July Down $.1375 at $6.8525. Fund buying totaled 4 K on Thursday
CORN/SORGHUM
· ATI Research: USDA Crop Progress report out at 3:00 PM CDT likely to show nationwide U.S. corn planting progress at 6-10% complete as of Sunday compared to 4% last year and the 5-year average of approximately 14%
· Export Inspections released at 10 AM CDT; Corn, 38.0 needed; 57.0 last week. Milo—4.0 needed; 8.1 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 4,008 contracts
SOYBEANS/WHEAT
· Export Inspections released at 10 AM CDT; Soybeans, 3.8 needed; 9.8 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 6,640 contracts
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions decrease 2,891 contracts
· ATI Research: Winter wheat Good/Excellent likely to be 1-2 points lower in USDA Crop Progressreport
ENERGY
· Futures are lower: QCLK14, -$0.19 at $104.1; QRBK, -$0.0178; QNGK, -$.001; and QHOK, -$.0140
· A mixed trend was evident in cash ethanol markets on Thursday (no report on Friday): Chicago and Gulf gained 2; Dallas and Tampa up ½; NY declined 2; and LA prices jumped 15 to $2.98 ½ per gallon
· RINs were mostly unchanged: 2012’s up ¼ to 43-45; 2013’s steady at 44-45; and 2014’s unchanged at 42-42 ½
· The May RBOB/May ethanol spread is off $.0179 per gallon at $.8449
LIVESTOCK/POULTRY ;
· Choice boxed beef values gained $2.60 during the last two days of the workweek
· Cash cattle traded last week at mostly $147, down $2 from the week before
· After falling another 71-cents on Thursday, the USDA pork carcass cutout value rebounded $1.20 on Friday
· The USDA’s Iowa/Minnesota average cash lean hog price fell $2.21 Friday to $114.07
Sources: Bloomberg, Dow Jones, AP, T-storm Weather