HIGHLIGHTS
· MARKET TREND: CK, Up $.0025; SK, Down $.0175; WK, Down $.06; KWK, Down $.0675
· Recovering oil prices have helped stemmed the rate of market decline in global equity markets. And, a private Chinese PMI pointed to service sector expansion in March. ASIA: Nikkei, -.11%; Hang Seng, +.15%; Shanghai, -.08%. EUROPE: Mixed with DAX off .39%; CAC 40 is up .23% and the FTSE is .49% higher. U.S. PRE-MARKETS: DOW, +21; NAS, +7; S&P, +3.25. EXTERNALS:May WTI, +$1.02; Gold, -$3.10; $ Index, +.243 @ 94.955
· T-storm Weather: Large temperature fluctuations occur through 10 days, but ultimately average below-normal across the Corn Belt and above-normal across drought-stricken wheat in the southwest Plains. Rain affects the Corn Belt intoThursday, while the dry Plains and wet Delta stay dry. The pattern turns very complicated next week as a split-flow develops. Some rain is probable in drought-stricken areas of the Plains Monday, but better chances likely hold until within April 14-18; overall rain chances are considerably higher beginning Monday-Tuesday (April 11-12) with eastward extent into the Corn Belt and Delta
· CK, Up $.0025 @ $3.57; CN, Steady @ $3.60. The funds bought 3 K in Tuesday’s trade
· SK, Down $.0175 @ $9.03; SN, Down $.0175 @ $9.11. Funds sold 5 K SB, bought 1 K SBM and sold 8 K SBO
· WK, Down $.06 @ $4.68; WN, Down $.06 @$4.7475. The funds were again even in yesterday’s trade
CORN/SORGHUM   ;  
· ATI Research: Bias is U.S. corn exports over the near term should average in the 35-40 mbu per week range
· Consultant: Safrinha (double crop) corn planting ended approximately 30 days after the end of the ideal planting window. Thus far the condition of the crop is good to very good but weather during April-May will be very important
· T-storm Weather: Much of Brazil’s double crop corn belt forecast to be warmer & drier than normal the next 2 weeks
· USDA reported U.S. sorghum planting progress as of April 3 at 13% compared to 8% last year and 5-year avg. of 13%
· Ethanol margins: $0.23 per gallon—up from $0.16 last week but below $0.60 last year. EIA report at 9:30 a.m. CDT
SOYBEANS/WHEAT
· ATI Research: Near-term U.S. soybean exports are expected to average 15-16 mbu per week by the end of April
· Consultant: The vast majority of the early planted soybeans in Argentina are either mature or approaching maturity with very good yield potential. The only potential problem would be heavy rains during harvest
· ATI Research: 2016 initial U.S. winter wheat production estimates (in mbu): HRW, 839; SRW, 365; and White, 215
· T-storm Weather: Some rain forecast for drought-stricken U.S. HRW wheat April 11; better chances exist April 14-18
ENERGY
· Mixed: CLK16, +$1.02, $36.91; EBM, +$0.90; EBM-CLM, +$0.67, -$0.09; RBK, +$.0073; NGK, -$0.03; HOK, +$.0214
· EIA estimates: crude, +3.3 (API: -4.3); Gasoline, -1.5 (-0.1); Distillates, -0.9 (+2.7)
· A slightly firmer trend was evident in cash ethanol markets on Tuesday: Chicago increased 7/8; New York up ¼; Gulf added 1; Tampa climbed 1 ½; Dallas jumped 2 ½; and LA was 2 higher at $1.58 per gallon
· Ethanol RINs eased: 2014’s slipped 1/8 to 71 ½-72; 2015’s declined 3/8 to 71 ¼-71 ¾; and 2016’s down ½ to 71-71 ½
· The inversion in the MayRBOB/April Ethanol spread increased $.0112 to -$.1022/gallon on Tuesday
LIVESTOCK/POULTRY  
· Choice boxed beef values increased 19-cents on Tuesday, but at $217.70 are still down $7.36 compared to last week
· Cash cattle trade on Tuesday was lightly tested; sales reported in Kansas & Texas at $132 to $133, steady to $1 lower
· USDA mandatory pork carcass cutout was up 62-cents on Tuesday at $77.29, which is also $1.18 higher vs. a week ago
· CME Lean Hog Index $0.14 higher Tue. at $66.00. April futures were down $0.30 but are still $1.375 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather