HIGHLIGHTS
· 6:00 AM Market Trend: Corn, ½ to 1 Lower; Soybeans, 6-7 Lower; Wheat, Mixed
· The Hang Seng and Shanghai exchanges posted gains after it was announced the two will be more closely linked in the future, expanding foreign investor access to the Chinese market. The Nikkei was little changed. Chinese monthly trade figures were disappointing. Europe was mixed in early trade; U.S. stock futures are lower—Dow, off 39; S&P, down 4 ¼; Nasdaq, 10 weaker. Gold is $16.85/oz higher at $1,322.70; energy futures are weaker and the $ Index, off .043 at 79.655
· T-storm Weather: Except for a few showers in the northern Corn Belt and Plains, most areas stay dry through at least Saturday. Sharply warmer weather affects central and southern growing areas throughSaturday-Sunday. A large system sweeps across the central U.S. Sunday-Monday. Widespread rainfall of 0.75” – 1.50” is probable across much of the Corn Belt & Delta. To the west, rain chances are lower in HRW wheat areas of the central / southern Plains. It is most probable for 0.15” – 0.30” of rain to affect wheat in much of Kansas, Nebraska, & Colorado; lesser amounts occur in key areas of Oklahoma & Texas with higher amounts in eastern Kansas and eastern Oklahoma. Temperatures plunge Sunday-Monday and remain cool for much of next week
· May Corn Down $.0075 at $5.0150; July Down $.0075 at $5.0725. The funds sold 5 K on report day
· May SB Down $.0650 at $14.8875; July Down $.07 at $14.71. Fund activity: bought 6 K SB; 5 K SBM and 6 K SBO
· May Wheat Up $.0025 at $6.69255; July Down $.0025 at $6.77. The funds also sold 5 K of wheat on Wednesday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 28 to 35mbu old-crop corn, 0-8 new-crop
· May 2014 corn futures traded $5.19 on Wed. (highest price since Aug, 27, 2013) but settled $0.04 ¾ lower at $5.02 ¼
· Ethanol grind: 896 thou barrels per day for week ended April 4--down 26 thou vs. last week but up 5% vs. last year
· ATI Research: Ethanol imports averaged 38 thou barrels per day last week--up 27 thou barrels per day vs. prior week
SOYBEANS/WHEAT
· Export Sales: Trade expects 0 to 6mbu old-crop soybeans, 4-11 new-crop ; soymeal, 100-250 K MT old, 0-150 new; soyoil, 0-30 old, 0-10 new
· May 2014 soybean futures set contract high of $15.12 Wed.—highest price for a nearby contract since July 23, 2013
· Export Sales: Trade expects 9 to 14mbu old-crop wheat, 6-11 new-crop
· T-storm Weather: Total of 58% of HRW wheat production received less than one-half its average rain the last 30 days
ENERGY
· Futures are lower: QCLK14, -$0.17 at $103.45; QRBK, -$0.0131; QNGK, -$.044 and QHOK, -$.0048
· A mixed trend was evident on Wednesday in cash ethanol markets: Chicago gained 7; Gulf down 40; Dallas up 3; Tampa added 2; NY dipped 7; and LA was a nickel higher at $3.13 ½ per gallon
· Steady to weaker trend in RINs: 2012’s off ¾ at 48 ½-50; 2013’s down ½ at 49 ½-50 ½; and 2014’s unch at 47 ½-48
· May RBOB/May ethanol spread gained $.0353 on Thursday to close at $.7314 per gallon
LIVESTOCK/POULTRY    
·   Choice boxed beef values fell $1.53 yesterday and have declined $8.18 over the last five trading days
· Cash cattle markets are quiet with feedyards asking $150 while packers bid $146. Cattle traded last week at $148
· The USDA pork carcass cutout value fell $3.14 yesterday and has declined $4.30 over the last three days
· The USDA’s Iowa/Minnesota average cash lean hog price gained 97-cents yesterday to $124.25
Sources: Bloomberg, Dow Jones, AP, T-storm Weather