HIGHLIGHTS

·         6:15 AM Market Trend:  Corn, Down 3-4; Soybeans, Down 8-10; Wheat, 2-3 Lower

·         April brought a 50.4 PMI for China, slightly below the 50.5 average and up from 50.3 in March with weakness noted in such important sectors and exports and construction.  Much of Europe is on holiday for May Day with London’s FTSE the only major market open and showing a .26% gain.  Gold is .79% lower at $1,285.60; energy futures are weaker; the $ Index is little changed, down .002 at 79.665

·         T-Storm continues to subscribe to a cool, wet pattern through today with a sharply warmer pattern beginning tomorrow and expanding through early next week. This will allow a planting window to open in the more southerly areas.  However, hot-dry weather in the southwest Plains will join forces with windy conditions and stress HRW wheat from Friday-Saturday through ending Tuesday-Wednesday.  To the north, cool temps and/or occasional shows will limit planting.  The middle of next week will see conditions turn notably more humid as storm systems pull tropical into the central U.S., bringing active shows Wed-Fri from the central / northern Plains through the Corn Belt and Delta as rain amounts total nearly 1”.

·         May Corn Down $.0350 at $5.1050; July Down $.03 at $5.1650.  Fund selling totaled 5 K yesterday

·         May SB Down $.0975 at $15.21; July Down $.0850 at $15.0425.  Fund activity:  sold 3 K SB; bought 2 K SBM and sold 5 K SBO

·         May Wheat Down $.0275 at $7.1025; July Down $.0225 at $7.1925.  The funds bought an estimated 3 K on Tuesday

 

CORN/SORGHUM

·         Export sales estimates: corn:  18-27 old crop (3/wk needed); 8-20 new crop

·         BA Exchange maintains 24 MMT Argentine corn crop estimate; harvest is 25% complete

·         Estimated weekly ethanol grind falls 1.5 mbu to 98.7; annualized rate falls 13 mbu to 5.046 billion

·         Corn deliveries:   113 today, 0  yesterday   

SOYBEANS/WHEAT

·         Soy complex export sales estimates: -9 to -4 old crop; 9 to 16 for new crop; SBM, 50-190 old/0-75 new; SBO, 0-50 old/0-10 new

·         Wheat export sales—5-13 old; 9-16 new with 7/week needed for old crop

·         Wheat crop tour: 271 KS field samples indicate a yield of 30.8, down from the tour’s 2013 estimate of 37.1 bpa.  Oklahoma crop estimated at 70.5 million, 10-15 million below what had been “hoped” for

·         Soy complex deliveries:  SB, 0 today vs 0 yesterday; SBM, 19 vs 0; SBO, 2,336  vs 2,596

·         Wheat deliveries:  Chi, 113 versus 144; KC, 0 versus 0

ENERGY

·         Futures are weaker: QCLM14, -$0.51 at $99.22; QRBM, -$0.0235; QNGM, -$.037; and QHOM, -$.0212

·         Cash ethanol markets took on an weaker tone with LA down 10 ½ cents to $2.52 ½; Tampa lost 7 ½ cents; NY fell 4 ½ to $2.43; the Gulf and Dallas were down 3 ¼ and 3 ½, respectively and Chicago dropped 2 ¾ to $2.32 per gallon

·         Improved logistics were credited with yesterday’s near 700 K barrel build in U.S. ethanol inventories

·         RINs: 2012’s slipped a ½ cent to 39-40; 2013’s posted a ½ cent increase to 40-41 and 2014’s, also up ½ to 38 to 39

·         The June RBOB/May ethanol spread gained $.0167/gal to $.7477

LIVESTOCK/POULTRY                    ​;                        ​               

·   ​;      After gaining $1.53 during the previous two trading days, Choice boxed beef values fell $1.26 yesterday

·         After falling $3.53 on Tuesday, the USDA mandatory pork carcass cutout value rebounded 70-cents yesterday

·         The USDA’s Iowa/Minnesota average cash lean hog price firmed 86-cents yesterday to $111.91

·         Broiler egg set last week was up 1.4% from last year and average set over the last four weeks is up 1.7%

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