HIGHLIGHTS
· MARKET TREND: CK, Down $.01; SK, Up $.02; WK, Down $.0250; KWK, Down $.0075
· Profit-taking along with a not unexpected slow-down in QI Chinese economic growth to 6.7% are providing some pressure this morning. Big banks posted smaller earnings—Wells, BOA, etc. ASIA: Shanghai finished .13% lower; the Nikkie was off .37% and the Hang Seng slipped .10%. EUROPE: Off slightly—FTSE, -.37%; CAC 40, -.54% & DAX, -.65%. U.S. FUTURES: DOW, off 27; NAS, 10 lower; S&P, 4.25 weaker. EXTERNALS: May WTI, down $.83; Gold futures, up $4.20 @ $1,229.90;$ Index, -.113 @ 94.905
· T-storm Weather: A large system stalls near the Plains this weekend, producing exceptional rainfall across the entire HRW wheat belt within today-Tuesday. The weakening system then wobbles into the Corn Belt next week, but is likely to be deflected toward the Delta as it is blocked by drier air to the east, leaving best chances for rainfall of 0.50" to 1.50" across the southwest third of the Corn Belt and Delta, within Monday-Thursday. Once the system exits later next week, sharp warming is probable to unfold as maximums reach the 70s-80s region-wide over April 21-24
· CK, Down $.01 @ $3.73; CN, Down $.0075 @ $3.7725. Fund buying continues, 5 K on Thursday
· SK, Up $.02 @ $9.50; SN, Up $.0175 @ $9.58. Fund activity: sold 4 K; 4 K SBM and 3 K SBO
· WK, Down $.0250 @ $4.5725; WN, Down $.0225 @ $4.6450. The funds sold 3 K yesterday
CORN/SORGHUM ;    
· ATI Research: U.S. corn export sales for the week ending April 7 of 44.7 mbu were up 20% from the previous week and 21% from the prior 4-week average. This week’s sales were also nearly double the year ago total of 23.2 mbu
· ATI Research: U.S. sorghum export sales week ending April 7 of 2.2 mbu were down 14% from the year ago of 2.6
· T-storm Weather: In Brazil, dry and hot weather generally dominate safrinha (double crop) corn over the next 10 to 14 days – hottest for 7 days starting today when maximums top out near 100F across a large area
· ATI Research: U.S. corn planting progress as of April 17 est. at 6-8% v. approx. 7% last year & 5-year avg of approx. 8%
SOYBEANS/WHEAT
· ATI Research: Sources suggest reported FOB soybean values from U.S. & South America—with the former’s freight advantage—are likely to encourage more U.S. export sales to China or EU. USDA forecast may be 10-20 mbu too low
· T-storm Weather: Argentina soybean harvest is likely to be slowed by heavy rain today through Sunday; highest totals in wettest areas of / adjacent Entre Rios and Santa Fe. Drying follows, although more rain is possible later next week
· ATI Research: U.S. all wheat export sales for week ending April 7 of 4.6 mbu were sharply above last week’s marketing year low of -2.1 but down 41% from the prior 4-week average. Year-to-date sales: 710 mbu v. 855 last year (-17%)
· T-storm Weather: U.S. HRW wheat that receives exceptional rain through Tue. could see more precip around April 24
ENERGY
· Weaker: CLK16, -$0.83, $40.67; EBM, -$.79; EBM-CLM, +$1.21, +$0.04; RBK, -$.0369; NGK, -0.034; HOK, -$.0267
· A mixed trend was seen in cash ethanol markets on Thursday: Chicago steady; New York down ¼; Gulf firmed ½; Tampa climbed 2; Dallas added 1 ½; and LA was 5 ½ higher at $1.75 per gallon
· Ethanol RINs firmer: 2014’s up 1 5/8 to 72-74; 2015’s gained 1 ¾ to 72 ¼-74 ¼; and 2016’s added 1 5/8 to 72-74
· The MayRBOB/May Ethanol spread inverted further, increasing $.0179 to -$.0424on Thursday
LIVESTOCK/POULTRY      
· Choice boxed beef values were $2.22 higher on Thursday, and at $224.43 are up $9.81 compared to a week ago
· Dressed steer weight for week end April 29: 884 lbs., dn 3 lb v. last week, 891.5 for 4-week avg. & 869 last year
· USDA mandatory pork carcass cutout value declined 26-cents Thu. to $77.31, which is still 99-cents higher v. last week
· CME Lean Hog Index was up $0.01 Thursday to $66.71. May futures were $0.75 lower but are $6.715 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather