HIGHLIGHTS
· 6:00 AM Market Trend: Corn, 5-6 Higher; Soybeans, 6-7 Higher Wheat, 13-14 Higher
· Overseas markets are flat to lower today—2 days of weakness in U.S. markets as well as a weak corporate earnings outlook. A survey of prospects for S&P firms projects a 1.6% decline in earnings this year, in contrast to a 4.3% increase expected only 3 months ago. Sales tax boost drives Japanese retail sales 10-25% lower during the 1st week of April. The Nikkei closed .4% lower; Shanghai is little changed while the Hang Seng managed to post a .2% gain. Early trade on the Continent has the DAX off .5% and the CAC-40 is down .1%. The FTSE is a ½% lower. U.S. futures for the major indices are all in the red: S&P, off 1 ½; Dow, -11 and the Nasdaq, -5 ¾. Gold is up $5.14; energy futures are mixed and the $ Index, up 1/3rd of a point at 79.97.
· T-storm Weather: A system brings 0.75”-1.50” of rain to much of the Corn Belt and Delta today, but less to much less than 0.25” is probably in HRW wheat areas of the Plains. The next system likely brings around 0.50” of rain to Corn Belt and Delta Thursday-Friday; a low to moderate change for 0.25”-0.50” exists in drier areas of Colorado, Oklahoma and Kansas. Temperatures remain probable to fall below freezing over the next two mornings. Important to note that Arctic air crashes further to the south on Tuesday morning than previously indicated; some winterkill cannot be ruled out from southern Kansas and south because jointing wheat is damaged once minimums reach 24 degrees F.
· May Corn Up $.0550 at $5.0250; July Up $.0525 at $5.0975. The funds sold 2 K to close out the weekon Friday
· May SB Up $.06 at $14.69; July Up $.07 at $14.5425. Fund activity: Sold 5 K SB; sold 3 K SBM and 3 K SBO
· May Wheat Up $.1325 at $6.7350; July Up $.1375 at $6.82. The funds were even on Friday
CORN/SORGHUM
· ATI Research: USDA Crop Progress report out at 3:00 PM CDT likely to show nationwide U.S. corn planting progress at 2-4% complete as of Sunday compared to the 5-year average of approximately 6%
· Export Inspections released at 10 AM CDT; Corn, 38.9 needed; 51.6 last week. Milo—4.2 needed; 1.3 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 11,552 contracts
SOYBEANS/WHEAT
· May 2014 soybean futures closed at $14.63 on Fri. A year ago, the May 2013 soybean contract closed at $14.02
· Export Inspections released at 10 AM CDT; Soybeans, 4.1 needed; 18.7 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 7,847 contracts
· Export Inspections released at 10 AM CDT; Wheat, 25.0 needed; 22.2 last week
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions increase 693 contracts
· ATI Research: Winter wheat Good/Excellent likely to be 1-2 points lower in USDA Crop Progressreport
ENERGY
· Futures are mixed with QCLK14, -$0.03 at $103.71; QRBK, -$0.0025; QNGK, +$.017; and QHOK, +$.0044
· A mixed trend was seen in cash ethanol markets on Friday: Chicago and Gulf down 15; Dallas gained 13; Tampa up 12; NY edged a penny higher; and LA climbed a nickel to $3.39 per gallon
· RINs slipped lower: 2012’s down 2 ¼ to 44-48; 2013’s lost 3 ¼ to 44-47; and 2014’s off 2 ½ to 43-45
· May RBOB/May ethanol spread closed at $.6294 on Friday, up $.0195/gallon
LIVESTOCK/POULTRY  
· Choice boxed beef values fell $2.88 Friday and have declined $11.52 over the last seven trading days
· Cash cattle traded late on Friday at $147 to $150, steady to down $1 from the week before
· The USDA pork carcass cutout value eased 3-cents on Friday and has declined $6.17 over the last five trading days
· The USDA’s Iowa/Minnesota average cash lean hog price fell $1.89 Friday to $118.37