HIGHLIGHTS

·         6:00 AM Market Trend:  Corn, Up 3-4; Soybeans, Up 18-19, again led by old crop; Wheat, 3-4 Higher (CHI); +7 (KC)

·         Asia began the week on a down note—tensions in the Ukraine; poor results by Honda and a stronger yen pushed the Nikkei .98% lower; Shanghai recorded an even larger drop, falling 1.6% and the Hang Seng also fell by .4%.  However, Europe is trading to the plus side, ranging from a .3% gain for the FTSE to a .8% increase for the DAX.  U.S. futures suggest a positive start to the day—Dow, +42; S&P, +4.50 and the Nasdaq, +8.25.  Energy futures are higher; Gold is little changed at $1,300.90 and the $ Index, -.183

·         Weekend rains in the HRW areas were limited to the eastern edge and accompanied by high winds and hot temperature readings.  Saturday provided mostly clear weather for corn planting but rains developed Sunday in the western corn belt, resulting in ½ to 1” amounts for all the way to the Delta.  Heavy storms can be expected for the first part of the week with widespread coverage from the Western Belt to MI/OH at varying times through Thursday.  Temperatures will average about 10 degrees below normal.  Total precip amounts are estimated in the ¾ to 1 ½” range for the Corn Belt this week with much of the Central and Southern Plains receiving less than .2”.  Fri/Sat will turn dry; then showers will redevelop Sun/Mon, keeping planting conditions less than ideal

·         May Corn Up $.0350 at $5.1050; July Up $.0375 at $5.1650.  The funds closed out the week buying 8 K

·         May SB Up $.18 at $15.16; July Up $.14 at $15.08.  Friday’s fund activity:  bought 8 K SB; 6 K SBM and 3 K SBO

·         May Wheat Up $.03 at $7.0325; July Up $.0275 at $7.11.  Fund buying totaled 6 K 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 10-15% complete as of Sunday compared to 5% last year and the 5-year average of approximately 28%

·         Export Inspections released at 10 AM CDT; Corn, 36.6 needed; 63.0 last week.  Milo—3.6 needed; 10.7 last week

·         Commitment of Traders report: Non-Commercial long corn futures only positions decrease 14,527 contracts     

SOYBEANS/WHEAT

• Export Inspections released at 10 AM CDT; Soybeans, 3.7 needed; 5.1 last week
• Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 21,799 contracts

·         Export Inspections released at 10 AM CDT; Wheat, 25.8 needed; 18.2 last week

·         Commitment of Traders: Non-Commercial long CBT wheat futures only positions decrease 3,681 contracts

·         ATI Research: Winter wheat Good/Excellent likely to be unchanged to 2 points lower in USDACrop Progress report

ENERGY

·         Futures are higher: QCLM14, +$0.75 at $101.37; QRBM, +$0.0050; QNGM, +$.027; andQHOM, +$.0101

·         Cash ethanol markets were mixed Friday: Chicago and Gulf up 1; Dallas climbed 2; Tampa slipped 8; NY added 3; and LA prices dropped a nickel to $2.64 ½ per gallon

·         RINs edged lower: 2012’s down ¾ to 41-43; 2013’s off 1 at 41-43; and 2014’s dipped ¾ to 40-41 ½

·         The May RBOB/ethanol spread lost nearly 5 ¼ cents on Friday, settling at $.8201 per gallon

LIVESTOCK/POULTRY                             &​nbsp;                       &n​bsp;     

• Friday’s USDA Cattle on Feed: March placements fell 5% short of last year as feeder cattle supplies tighten
• Cash cattle traded Friday at $145, steady to down $1 from the week before
• After increasing $11.68 over the previous nine trading days, Choice boxed beef values fell 97-cernts Friday
• The pork carcass cutout eased 64-cents Friday and has declined $5.31 over the last five days

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