HIGHLIGHTS
· MARKET TREND: CK, Up $.0150; SK, Up $.01; WK, Down $.0275; KWK, Down $.0225
· Overseas markets are following Wall Street’s lead from yesterday, trading lower. ASIA: Nikkei, down 2.4%; Hang Seng, off 1.6%; Kospi, .8% lower with Shanghai the lone exception, up 1.5%. EUROPE: FTSE, -1.55%; CAC 40, -2.34%; DAX, -2.40%. U.S. Pre-Markets: not so good—DOW futures, down 123; S&P, -16.75; NAS, -29 as news wires citing weakness in oil demand. EXTERNALS: $ Index, +.22 @ 94.81; Gold, +$16 @ $1,235; May WTI, down $.07, most early losses have been recouped
· T-storm Weather: Very large temperature fluctuations occur in the Corn Belt and Delta over the next 10 days+, ultimately averaging cooler than normal though the period. Some rain occurs this week, but primarily in the Corn Belt and not the excessively-wet Delta. It is most likely for significant rainfall to eventually unfold within April 11-17 in the Delta and southern Corn Belt given the probability for tropical humidity to shift northward. Rain chances also exist in the Plains with 0.25" to 0.75" most probable, which if correct, will not be enough to offset intensifying drought; check for updates every morning this week
· CK, Up $.0150 @ $3.56; CN, Up $.0125 @ $3.59. The funds opened the week selling 10 K
· SK, Up $.01 @ $9.1450; SN, Up $.01 @ $9.2250. Funds sold 3 K SB; 6 K SBM and 3 K SBO
· WK, Down $.0250 @ $4.7275; WN, Down $.0275 @$4.7850. The funds were even Monday
CORN/SORGHUM         ;
·   ATI Research: U.S. corn balance sheet; 15/16 carryout forecast at 1.815 bbu; 16/17 carry-out projected at 2.046 bbu as we have not adopted the USDA’s planted acreage estimate due to delays in the South
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 40 mbu; 16/17 carry-out pegged at 53 mbu
· U.S. corn export inspections through March 31 pegged at 772 mbu, or a decrease of 146 million (16%) from last year
· T-storm Weather: Upper-level high pressure limits rain across much of Brazil's winter corn belt the next 10-14 days, but Argentina experiences an unseasonably wet period across at least the northeast half of corn belt, slowing harvest
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 469 mbu; 16/17 carry-out estimated at 514 mbu
· T-storm Weather: Rounds of heavy thunderstorms in central Argentina are forecast this week, with more rounds of heavy rain next week. This is likely to slow soybean harvesting
· ATI Research: U.S. SRW wheat balance sheet; 15/16 carryout pegged at 176 mbu; 16/17 carry-out est. at 149 mbu
· USDA crop condition ratings for winter wheat have been delayed until Tuesdayafternoon at 3:00 PM CDT
· T-storm Weather: U.S. HRW wheat needs rain because 66% of production was drier than normal over the last 60 days (of which 55% received half its normal over the period). Conversely, extensive wetness exists across the Delta
ENERGY
· Mixed: CLK16, -$0.07, $35.63; EBM, -$0.27; EBM-CLM, +$0.59, -$0.07; RBK, +$.0056; NGK, +$0.013; HOK, -$.0111
· Cash ethanol markets were steady to higher on Monday: Chicago up ½; New York added 2 ¼; Gulf was unchanged; Tampa gained 1; Dallas was unchanged; and LA was ¾ higher at $1.56 per gallon
· Ethanol RINs lower: 2014’s declined ½ to 71 ½-72 ¼; 2015’s down ½ to 71 ½-72 ¼; and 2016’s off ½ to 71 ½-72
· The MayRBOB/April Ethanol spread inverted further, up $.0476 to -$.0910/gallon yesterday
LIVESTOCK/POULTRY      
· Choice boxed beef values were $1.60 lower on Monday, and at $217.51 are the lowest since Feb. 29
· 5-Area Weekly Weighted Average Steer price down $2.29 v. last week to $133.83/cwt and is $33.74 lower vs. last year
· USDA mandatory pork carcass cutout was steady on Monday $76.67, which is up 65-cents compared to last week
· CME Lean Hog Index up $0.14 Mon. to $65.86. April futures were $0.125 lower but are still $1.815 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather