HIGHLIGHTS

·         6:00 AM Market Trend:  Corn, Up 1+; Soybeans, ½ Lower, Old; 4+ Lower, New; Wheat, 3-4 Higher

·         Lack of progress towards a U.S./Japan trade agreement pressures the Nikkei down 1%; concerns over up-coming earnings also weighs.  The Hang Seng and Shanghai end mixed, up ¼% and ½% lower.  Europe is off to a good start:  FTSE, +.7%; DAX, +.9% and the CAC 40, up 1+%.  U.S. futures are all showing green:   S&P, +8.25; Dow, +46 and the Nasdaq, +52 3/4.The outside markets find energy futures mixed; gold is $4.50 lower at $1,280.10 and the $ Index is trading at 80.025, down .043.

·         T-storm Weather: Areas of rain and thunderstorms focus on the northwest half of the Corn Belt and adjacent areas of the Plains through today.  Areas that receive less than 0.50” of rain from this event (most likely in the southern Corn Belt, Delta and parts of the central / southern Plains) will have the best planting conditions since most areas stay or turn mild until rain returns early next week.  A very large system disconnects from the jet stream this weekend and wobbles through the central and eastern U.S. next week.  Seasonable to mild but wet weather occur ahead of the system (most likely wettest from Nebraska-South Dakota eastward through the southwest two-thirds of the Corn Belt and Delta where 1.00” – 2.00” is probable, especially within Sunday-Tuesday); some thunderstorms also occur in HRW wheat areas of the Plains, but primarily along the eastern edge of production

·         May Corn Up $.0150 at $5.05; July Up $.0125 at $5.1075.  The funds added another 7 K to their long position

·         May SB Down $.0025 at $14.6825; July Down $.0050 at $14.6425.  Fund activity:  sold 2 K SB; 1 K SBM and 2 K SBO

·         May Wheat Up $.0350 at $6.80 July Down $.0350 at $6.8625.  The funds were buyers of 2 K at mid-week

CORN/SORGHUM

·         Export Sales to be released at 7:30 AM CDT.  Trade expects 20 to 31mbu old-crop corn, 6-10 new-crop 

·         Ethanol grind: 910 thou barrels per day for week end April 18—dn 29 thou vs. last week but up 6.7% vs. last year

·         ATI Research: Ethanol imports averaged 11 thou barrels per day last week, following no imports the week before

• T-storm Weather: Seasonable/cool weather next 7-10 days in southern Brazil keeps 2^nd crop corn free of temp. stress   

SOYBEANS/WHEAT

• Export Sales: Trade expects -7 to +4mbu old-crop soybeans, 13-20 new-crop ; soymeal, 25-125 K MT old, 50-100 new; soyoil, 0-25 old,  0-10 new

·         May/November 2014 soybean spread closed at $2.40 ¼ on Wed., the narrowest settlement level since March 25

·         Export Sales: Trade expects 7 to 15mbu old-crop wheat, 9-18 new-crop

·         T-storm Weather: 70% of U.S. HRW wheat production was much drier-than-normal over the last 30-day period

ENERGY

·         Futures are again  mixed: QCLM14, +$0.28 at $101.72; QRBM, -$0.0013; QNGM, +$.031; and QHOM, -$.0027

·         Cash ethanol markets were slightly weaker Wednesday: Chicago slipped 2; Gulf off 4; Dallas lost 6; Tampa was a nickel lower; NY down 1; and LA prices lost 7 to $2.77 ½ per gallon

·         Mostly steady trend in RINs: 2012’s unch at 42-44; 2013’s steady at 44-45; and 2014’s were up ½ at 42-43

·         The May RBOB/ethanol spread lost $.0217 per gallon to $.8265 as ethanol output fell from a week ago

LIVESTOCK/POULTRY                                        &nb​sp;                  

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• Choice boxed beef values increased $1.43 yesterday and have gained $10.52 over the last eight trading days
• The pork carcass cutout eased 10-cents yesterday and has declined $4.43 over the last three days
• The USDA’s Iowa/Minnesota average cash lean hog price firmed 48-cents yesterday to $116.20
• Broiler egg set last week was up 2.3% from last year and average set over the last four weeks is up 1.2%

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