HIGHLIGHTS

·         6:05 AM Market Trend:  Corn, Up 1-2; Soybeans, Up 8; Wheat, 5-6 Higher

·         The market focus today will be the April jobs report with economists expecting a 210 K addition to payrolls and a .1% point decline in the unemployment rate to 6.7%.  Yesterday the market seemed unimpressed with an improvement in manufacturing; gains in construction and the best increase in consumer spending in nearly years.  Asia closed mixed overnight and early trading in Europe is taking the same pattern.  U.S. futures are slightly positive; energy is firmer as is gold and the $ Index is up ¼ point

·         Noticeably warmer temps today & Sat in the SW Plains, expanding across the southwest 2/3^rd’s of the central U.S. into midweek. Daily maximums in the 90s will add to HRW wheat stress. The exception is in northern areas of the Corn Belt and Plains where wet conditions, cool weather, and a few showers persist into Monday.  Tues-Wed, a series of storm systems will develop along the northern belt. To the south, t-storms are not likely until late in the week (Thu-Fri)

·         May Corn Up $.0150 at $5.0475; July Up $.0250 at $5.0950.  The funds sold 15 K yesterday –planting window/beans

·         May SB Up $.08 at $14.8150; July Up $.0525 at $14.6625. Heavy selling:  20 K SB; 10 K SBM and 7 K SBO—Brazil vessels

·         May Wheat Up $.0550 at $7.0425; July Up $.06 at $7.1325.  Fund selling totaled 6 K on Thursday

 

CORN/SORGHUM

• With growing demand base/slow planting start, trade well aware of little room for yield downside and/or loss in acres
• Corn planting expected at 35% Monday; compares to 11% a year ago and approximate 5 year average of 42%
• Strong week of feed grain sales:  corn at 36.9 mbu (needed 2.9) with milo a marketing year high of 11.7 (2.0 needed)
• Corn deliveries:   226 today, 113  yesterday   

SOYBEANS/WHEAT

• WQC puts Kansas crop at 261 million, down sharply from recent trade ideas of 300+; total HRW crop likely around 750, and little changed from 13/14’s 744 mbu production total
• Wheat sales routine at 7.9 old, 8.1 new
• Bean sales were a mktg year low of -600 K bu; SBM, respectable at 141 K; strong exports, 231; SBO sales, weak at 500
• Informa out with winter wheat estimate this morning
• Spring wheat planting estimated at 25% on Monday; versus 21% a year ago and 41% average
• Soybean planting progress expected at 7-8, versus 2% a year ago and 11% average
• Soy complex deliveries:  SB, 0 today vs 0 yesterday; SBM, 14vs 19; SBO, 320  vs 2,336
• Wheat deliveries:  Chi, 143 versus 113; KC, 0 versus 0

ENERGY

·         Futures are firmer: QCLM14, +$0.39 at $99.81; QRBM, +$0.0078; QNGM, +$.030; andQHOM, +$.0129

·         Cash ethanol markets were definitely weaker:  Tampa led the downside, losing a dime; the Gulf/Dallas and Chicago were all 9 cents lower (latter:  $2.23); LA fell 7 ½ cents and NY dropped 5 ½ cents to $2.37 ½ per gallon

·         This week’s 17.2 million barrel ethanol total was the highest since stocks came in at 17.3 mb last July 19^th

·         RINs: 2012’s rose a ½ cent to 40-41; 2013’s gained 1 ½ to 41-43 and 2014’s moved up 1 ¾ to $29 ½ to 41

·         The June RBOB/May ethanol spread increased $.0211 to $.7688 per gallon yesterday 

LIVESTOCK/POULTRY                      &nbs​p;                        ​;            

• Choice boxed beef values fell $2.76 yesterday and have declined $4.02 over the last two days
• Cash cattle markets are quiet with feedyards asking $148 while packers bid $142.  Cattle traded last week at $146
• After increasing 70-cents on Wednesday, the USDA mandatory pork carcass cutout value fell $1.81 yesterday
• The USDA’s Iowa/Minnesota average cash lean hog price firmed 36-cents yesterday to $112.50

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