HIGHLIGHTS
· MARKET TREND: CK, Up $.01; SK, Up $.0450; WK, Up $.0350; KWK, Up $.0475
· Airport and subway explosions in Brussels have turned Europe and Wall Street futures lower. Asia: Mostly lower with Shanghai down .60% and the Hang Seng off .08%; the Nikkei posted a 1.94% gain on weakness in the Yen. Europe: Down but above lows with the DAX off .50%; the FTSE is .58% weaker and the CAC 40, down .81%. U.S.: DOW futures, down 60; S&P, -8 ¼; NAS, -19 ¾.EXTERNALS: $ Index, +.306 @ 95.645; Gold, +$8.90 @ $1,253.70 and May WTI, -$.10
· T-storm Weather: Despite sharp warming through today-Wednesday and at times into April, the central U.S. averages cooler than normal over the next 10 to 14 days as filtered Arctic air occasionally crashes southward. Frosts and light freezes are probable on a few days in HRW wheat areas of the Plains, though intense coldness similar to Sunday is not expected. Several systems accompany the large temp fluctuations, leading to significant rain at times–most likely across the Corn Belt and Delta where humidity from the Gulf of Mexico will be available; best chances are Wednesday-Thursday and again 5-7 days later
· CK, Up $.01 @ $3.7050; CN, Up $.01 @ $3.7525. The funds bought 5 K on Monday
· SK, Up $.0425 @ $9.0625; SN, Up $.0475 @ $9.13. Funds: bought 5 K SB along with 4 K SBM and 2 K SBO
· WK, Up $.0350 @ $4.70; WN, Up $.04 @ $4.7750. Popular number, 5 K which the funds also bought in wheat
CORN/SORGHUM     ;  
· ATI Research: U.S. corn balance sheet; 15/16 carryout forecast at 1.825 bbu; 16/17 carry-out projected at 2.096 bbu as planted acreage is increased 1.0 million due to anecdotal reports
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 40 mbu; 16/17 carry-out also pegged at 40 mbu
· U.S. corn export inspections through March 17 pegged at 692 mbu, or a decrease of 155 million (18%) from last year
· T-storm Weather: Cool fronts trigger thunderstorms across much of Brazil over the next 10 days, leading to widespread rainfall of 1.75" to 3.50", likely pushing any potential for double-crop corn dryness to April
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 459 mbu; 16/17 carry-out estimated at 518 mbu
· T-storm Weather: Dry (and seasonable to cool) weather continue for the foreseeable future across Argentina soybeans as areas of surface-level high pressure pass
· ATI Research: U.S. HRS wheat balance sheet; 15/16 carryout pegged at 298 mbu; 16/17 carry-out est. at 331 mbu
· USDA crop condition ratings for Kansas wheat pegged at 57% Good/Excellent, which is up one point vs. the prior week
· T-storm Weather: 35% of U.S. HRW wheat production received less than half of its normal over the last 60 days. Rain chances do exist in driest areas short-term, but best chances are to the north and east
ENERGY
· Lower: CLK16, -$0.10 $41.41; EBK, -$0.08; EBK-CLK, +$0.09, +$.06; RBK, -$.0062; NGK, -0.013; HOK, -$.0031
· Cash ethanol markets showed additional declines on Monday: Chicago down 4 ¾; New York eased 3 ½; Gulf declined 4 ¾; Tampa off 1 ½; Dallas fell 2 ½; and LA was 3 lower at $1.51 ½ per gallon
· Ethanol RINs firmed: 2014’s added ¼ to 73-73 ½; 2015’s up 3/8 to 73-73 ¾; and 2016’s gained ¼ to 73-73 ½
· The carry in the April RBOB/April Ethanol spread grew further, gaining $.0459 to+$.0689 Monday
LIVESTOCK/POULTRY    
· Choice boxed beef values declined $2.01 on Monday, but at $229.80 are still up $2.33 compared to a week ago
· 5-Area Weekly Weighted Average Steer price up $1.25 vs. last week to $139.18/cwt but is $24.37 lower vs. last year
· USDA mandatory pork carcass cutout increased $1.02 on Monday, and at $76.93 is 70-cents higher vs. the prior week
· CME Lean Hog Index was down $0.42 at $66.19. April futures were $2.10 lower but are still $3.16 above the index
Sources: Bloomberg, Dow Jones, AP