HIGHLIGHTS
· MARKET TREND: CK, Up $.0025; SK, Up $.0050; WK, Up $.03; KWK, Up $.0175
· Global stocks mostly higher. Yellen notes 5% unemployment, labor market “healing”. Hopes for further BOJ stimulus efforts pushes Nikkei . 5% higher; Hang Seng rallies late to finish up .5%; Shanghai sheds .75%. Europe is higher on gains in oil and strength in the financials: FTSE, +.7%; CAC 40, +.89%; DAX, +.94%. U.S. pre-markets point to a higher start: DOW futures, +78; S&P, +11; NAS, +26 ½. EXTERNALS: May WTI, up $1.30 @ $38.56; Gold, $1 weaker @ $1,235.70 and $ Index, off .017 @ 94.58
· T-storm Weather: The Corn Belt & nearby areas remain much cooler than normal over the next week. Significant rain affects the Delta & southeast half of Corn Belt Mon.-Tue. While rain also affects driest wheat in Plains, best chances for totals above 0.50" are limited to eastern fringes of concentrated production with considerably drier weather to the west. All areas turn warmer from late next week forward. At least one large system develops in the West from next weekend forward, likely producing rain across a large area, but the exact setup will take many days to assess; best chances are in the eastern Plains & western Corn Belt
· CK, Up $.0025 @ $3.6175; CN, Steady @ $3.64. The funds bought an estimated 5 K on Thursday
· SK, Yp $.0050 @ $9.05; SN, Up $.0025 @ $9.13. Funds sold 3 K SB 2 K SBM and 1 K SBO
· WK, Up $.03 @ $4.60; WN, Up $.0275 @$4.6725. Fund selling was reported at 3 K yesterday
CORN/SORGHUM         ;
·   ATI Research: U.S. corn export sales for the week ending March 31 of 37.2 mbu were up 20% from the previous week but down 5% from the prior 4-week average. Year-to-date sales are 1283 mbu vs. 1497 mbu last year (-14%)
· ATI Research: U.S. sorghum export sales week end Mar 31; -4,000 bu: Year-to-date sales, 256 mbu, -18% v. last year
· May 2016 corn futures on Thursday closed at $3.61 ½; one year ago, May 2015 futures settled at $3.78
· T-storm Weather: Large upper-level high suppresses rain across much of the Brazil winter corn belt the next 2 weeks, leaving precip limited to far western & southern areas where only near- or below-normal rain totals are probable
· USDA report pegging Argentina 2016/17 corn production at highest level ever as new policies favor increased planting
SOYBEANS/WHEAT
· ATI Research: U.S. soybean export sales for the week ending March 31 of 15.4 mbu were up 54% from the previous week and 2% from the prior 4-week average. Year-to-date sales are 1633 mbu vs. 1771 last year (-8%)
· USDA report pegging Brazil 2016/17 soybean production at a record 103 MMT, an increase of 3% vs. the current year
· ATI Research: U.S. export sales of all wheat for the week end March 31 of -2.1 mbu were a marketing year low & the earliest week of net cancellations of old-crop in recent memory. Year-to-date sales: 705 mbu v. 854 last year (-17%)
· T-storm Weather: U.S. HRW wheat needs rain as 67% of production was drier than normal over the last 60 days
ENERGY
· Higher: CLK16, +$1.30, $38.56; EBM, +$1.37; EBM-CLM, +$1.02, +$0.09; RBK, +$.0431; NGK, +0.011; HOK, +$.0421
· Upward momentum continued in cash ethanol markets on Thursday: Chicago climbed 3; New York increased 1 ½; Gulf up 4; Tampa added 2 ½; Dallas firmed 2; and LA was 2 ½ higher at $1.64 ½ per gallon
· Ethanol RINs higher: 2014’s up 1 at 72 ½-73 ½; 2015’s climbed 1 to 72 ½-73 ½; and 2016’s added 1 1/8 to 72 ½-73 ½
· The MayRBOB/May Ethanol inversion picked up 2+ cents, settling at -$.1048yesteday
LIVESTOCK/POULTRY      
· Choice boxed beef values were $1.79 lower on Thursday, and at $214.62 are down $6.37 compared to last week
· Cash cattle trade was more active Thursday with prices in the South at $133 to $134--steady to $1 higher than Wed.
· USDA mandatory pork carcass cutout declined 82-cents Thursday to $76.32, but is still 44-cents higher v. a week ago
· CME Lean Hog Index up $0.25 Thu. at $66.56. April futures were down $0.375 but are still $0.565 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather