HIGHLIGHTS
· MARKET TREND: CK, Up $.0025; SK, Down $.0225; WK, Down $.01; KWK, Down $.03
· Global markets working lower—volatile trade but no real drivers. ASIA: Shanghai, -1.35%; Hang Seng, +.29%; Nikkei, +.22%. EUROPE: FTSE, +.02%; DAX, -.03%; CAC 40, -.14%. U.S.: Futures are decidedly weaker with the DOW off 76; the NAS is 20 lower and the S&P, down 10 ¼. Initial jobless claims out this am; Greenspan, Volcker, Yellen & Big Ben on a panel tonight: “When the Fed speaks, the world listens”. EXTERNALS: $ Index: +.086 @ 94.61; Crude, -$.07 @$37.68; Gold, +$15.90.
· T-storm Weather: The Corn Belt remains cool into at least late next week, while the southwest Plains remain mild. The pattern begins to wobble from early next week forward as a split-flow develops, initially sending a wet system through the Delta and southeast Corn Belt, while also bringing some drought-stricken wheat in the Plains rain; areas of 0.25" to 0.50" expected. A period of drying affects all areas later next week as the polar jet stream retreats and the subtropical jet shifts northward. The setup is conducive to areas of significant rainfall within the central U.S. from next weekend forward (April 15-20)
· CK, Up $.0025 @ $3.5825; CN, Up $.0025 @ $3.61. Fund buying amounted to 5 K at mid-week
· SK, Down $.0225 @ $9.0575; SN, Down $.0275 @ $9.1325. Funds bought 3 K SB, sold 2 K SBM and bought 3 K SBO
· WK, Down $.01 @ $4.62; WN, Down $.0125 @$4.6850. The funds sold 7 K on Wednesday
CORN/SORGHUM          
· Export Sales to be released at 7:30 AM CDT. Trade expects 31-39 mbu for 15/16 corn
· ATI Research: Review of recent U.S. corn and soybean planting trends suggest the potential for upwards of 1 million more soybean acres in 2016 v. March intentions if corn planting progress by the middle of May is in the 70-75% range
· Consultant: Corn in northern Argentina is the country’s only area where yield is not made; prospects there are good
· T-storm Weather: A significant drought may be developing for safrinha (double crop) corn in Brazil
· Ethanol grind: 976,000 barrels/day for week end April 1—down 1.6% vs. last week but 4.3% higher vs. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 6-13 mbu for 15/16 soybeans; soymeal, 75-250 K MT; and soyoil, 8-25 K MT
· ATI Research: U.S. soybean meal exports are forecast to average 195-225 K MT per week near-term v. 253 last year
· November 2016 soybean futures Wed. closed at $9.22 ¼; one year ago, November 2015 contract settled at $9.60 ½
· Consultant: Key soybean area in Brazil yet to be harvested is Rio Grande do Sul, where yields are expected to be good
· Export Sales report. Trade expects 6-13 mbu for 15/16 all wheat and 3-7 mbu for 16/17
· T-storm Weather: Best rain chances for dry U.S. HRW wheat short-term are withinApril 15-20
ENERGY
· Mixed: CLK16, -$-.07, $37.68; EBM, +$0.03; EBM-CLM, +$0.93, +$0.07; RBK, +$.0060; NGK, -$0.0133; HOK, +$.0043
· Cash ethanol markets were notably firmer on Wednesday: Chicago added 2 ½; New York climbed 3; Gulf increased 1 ½; Tampa up 3 ½; Dallas soared 4; and LA was also 4 higher at $1.62 per gallon
· Ethanol RINs gained: 2014’s up ¼ at 71 ½-72 ½; 2015’s added ½ to 71 ½-72 ½; and 2016’s increased 5/8 to 71 ½-72 ¼
· The inversion in the MayRBOB/May Ethanol spread rose $.0141 per gallon to -$.1043 yesteday
LIVESTOCK/POULTRY ; </wbr>
· Choice boxed beef values declined $1.29 on Wednesday, and at $216.41 are the lowest since Feb. 23
· Cash cattle trading was light on Wednesday with some sales in parts of Kansas $133, steady with last week
· USDA mandatory pork carcass cutout was 15-cents lower on Wednesday at $77.14, but is still up 26-cents v. last week
· CME Lean Hog Index firmed $0.31 Wed. to $66.31. April futures were $0.125 higher and are $1.19 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather