HIGHLIGHTS
· MARKET TREND: CK, Down $.01; SK, Steady; WK, Down $.0150; KWK, Down $.0225
· A mixed day in the global equity markets. Asia pared losses but still closed in the red with Shanghai losing 1.35%; the Nikkei, .84% and the Hang Seng, .08%. Europe is green this morning, shrugs off Asia as oil rises and the market there awaits the outcome of Thursday’s ECB policy meeting where further stimulus announcements are expected: FTSE, +.43%; CAC 40, +1% and the DAX, +1.09%. U. S. pre-markets point to a higher start with DOW futures up 80; the S&P is 9 ½ higher and the NAS, +22 ¾. Externals: $ Index, +.199 @ 97.405; April crude, +$.50 @ $37.01 and Gold is $8.60 cheaper @ $1,253.50
· Weather: Rain continues to impact Mato Grosso, Mato Grosso do Sul and Goias in northern Brazil through the rest of the week. Soybean harvest could be slowed across the region, while final planting of safrinha (double crop) corn could also be delayed in Mato Grosso. In contrast, dry conditions persist across La Pampa and southern Buenos Aires favoring early corn harvest. Episodes of rain impact the U.S. Delta today-Friday, with heavy totals expected. Mild temps continue across all production areas
· CK, Down $.01 @ $3.59505; CN, Down $.01 @ $3.6475. The funds bought 10 K. 19 Corn deliveries; 0 etoh
· SK, unch @ $8.8450; SN, Down $.0025 @ $8.8975. Funds: bought 4 SB & SBM; even SBO. Del’y: 155 SB, 11 SBM, 158 SBO
· WK, Down $.0150 @ $4.6375; WN, Down $.02 @ $4.6975. The funds again bought 4 K. Del’y: 11 SRW, 5 HRW
CORN/SORGHUM   ;  
· USDA WASDE report at 11:00 AM CST: Avg. trade guess for U.S. corn 15/16 carryout is 1.873 bbu vs. 1.837 in February
· USDA WASDE: Avg. guess for Brazil & Argentina corn prod (in MMT): 84.1 (84.0 in Feb) & 27.2 (27.0), respectively
· ATI Research: Near-term U.S. corn exports are forecast at 35.0 mbu per week, very much in line with last year’s 34.6
· Consultant: Early corn yields in Argentina are above historical averages. The yields are expected to remain above average and increase as the harvest progresses
· Ethanol margins: $0.19 per gallon—up from $0.16 last week but below $0.38 last year. EIA report at 9:30 AM CST
SOYBEANS/WHEAT
· USDA WASDE report: Avg. trade guess for U.S. soybean 15/16 carryout is 466 mbu vs. 450 in February
· USDA WASDE: Avg. guess for Brazil & Argentina soybean prod (in MMT): 100.2 (100.0 Feb) & 59.1 (58.5), respectively
· ATI Research: U.S. soybean exports for the up-coming 4-week period forecast at 31-32 mbu per week vs. 21 last year
· Consultant: Argentina weather continues to be beneficial for most of the soybean crop at critical time of development
· USDA WASDE report: Avg. trade guess for U.S. wheat 15/16 carryout is 970 mbu vs. 966 in February
· ATI Research: U.S. all wheat exports are forecast to average 12-17 mbu per week near-term vs. 16.2 mil last year
ENERGY
· Higher: CLJ16, +$0.50, $37.01; EBK, +$0.68; EBK-CLK, +$1.35, +$.12; RBJ, +$.0241; NGJ, +0.013; HOJ, +$.0209
· EIA estimates: crude, +3.1 (API: +4.4); Gasoline, -1.5 (-2.1); Distillates, -0.5 (-0.1)
· Cash ethanol markets were slightly weaker on Tuesday: Chicago, Dallas and Gulf down ½; New York and Tampa off 1; and LA was 2 lower at $1.50 per gallon
· Ethanol RINs declined: 2014’s, 2015’s and 2016’s were all down 1 ½ to 70 ranging from 69 ½-70 ½
· The April RBOB/April Ethanol spread now hads RBOB at a $.0027 premiumTuesday; trading +$.0397/gal this morning
LIVESTOCK/POULTRY  
· Choice boxed beef values were $1.17 lower on Tuesday, but at $220.25 are still up $2.10 vs. a week ago
· June live cattle futures on Tuesday closed at $126.675, the highest settlement price for the contract since Jan. 6
· USDA mandatory pork carcass cutout was down 28-cents Tuesday, but at $75.39 is still 82-cents higher vs. last week
· CME Lean Hog Index was $0.15 lower at $66.46. April futures were $0.275 lower but are still $3.315 above the index
Sources: Bloomberg, Dow Jones, AP