HIGHLIGHTS
· MARKET TREND: CK, Up $.0050; SK, Up $.0175; WK, Up $.0225; KWK, Up $.05
· Markets are awaiting the latest insight from Fed Chairperson Yellen. Europe and U.S. futures are mixed. ASIA: Mostly lower with Shanghia off 1.26%; the Nikkei eased .18%; the Hang Seng was .10% higher. EUROPE: Steady, a tad higher—DAX, unch; FTSE, +.04%; CAC 40, +.49%. U.S.: DOW futures, off 30; NAS and S&P, each down 3 ¼. San Francisco Fed Head said yesterday U.S. economy doing “quite well”, problem is uncertainty elsewhere. EXTERNALS: $ Index, +.04; Gold, -$2.40; Crude, -$.65/bl
· T-storm Weather: Heavy rain affects the Delta Wednesday-Thursday, while a separate area of significant rain-snow extends from the northern Plains into the northern Corn Belt. Driest wheat in the southern Plains remains mostly dry as the system bypasses the region, followed by a continuation of drying for at least one week as upper-level high pressure keeps the region dry and turns wheat unseasonably mild with time. The setup within April 1-6 is not conducive to significant precip in most areas as humidity from the Gulf of Mexico fails to flow northward, primarily leaving some rain and / or thunderstorms limited to the northern U.S.
· CK, Up $.0025 @ $3.71; CN, Up $.0050 @ $3.7525. The funds began the week buying 6 K
· SK, Up $.0175 @ $9.1075; SN, Up $.0125 @ $9.1725. Funds bought 3 K SB; sold 3 K SBM and bought 5 K SBO
· WK, Up $.0225 @ $4.7325; WN, Up $.0275 @ $4.8075. Fund buying on Monday was estimated at 9 K
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
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 40 mbu; 16/17 carry-out also pegged at 40 mbu
· March 31 USDA Prospective Plantings: Avg. trade est. U.S. corn acreage, 90.0 mil (range 89.0-92.0) v. 88.0 mil in 2015
· March 31 USDA Grain Stocks: Avg. trade est. for U.S. corn stocks, 7.798 bbu (range 7.699-8.100) v. 7.750 bbu last year
· T-storm Weather: Heavy rain Thu-Sat of 1.00”-2.00”across key Argentina corn areas at least temporarily slows harvest
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 459 mbu; 16/17 carry-out estimated at 518 mbu
· March 31 USDA Prospective Plantings: Avg. trade est. U.S. soybean acreage, 83.1 mil (range 81.5-84.1) v. 82.7 in 2015
· March 31 USDA Grain Stocks: Avg. trade est. for U.S. soybean stocks, 1.557 bbu (range 1.425-1.611) v. 1.327 in 2015
· ATI Research: U.S. HRW wheat balance sheet; 15/16 carryout pegged at 425 mbu; 16/17 carry-out est. at 429 mbu
· March 31 USDA Prospective Plantings: Avg. trade est. U.S. all wheat acreage, 51.7 mil (range 50.5-54.6) v. 54.6 in 2015
· USDA Grain Stocks: Avg. trade estimate for U.S. all wheat stocks, 1.354 bbu (range 1.325-1.415) v. 1.140 bbu last year
· Index of USDA crop condition ratings for Kansas wheat was steady versus last week
ENERGY
· Lower: CLK16, -$0.65, $38.74; EBK, -$0.74; EBK-CLK, +$0.78, -$0.10; RBK, -$.0246; NGK, +$0.005; HOK, -$.0155
· Compared to last Thursday, cash ethanol markets were mostly firmer: Chicago added 1; New York firmed 1 ¾; Gulf increased 1 ¼; Tampa and Dallas climbed ½; but LA was ½ lower at $1.55 per gallon
· Ethanol RINs were lower: 2014’s down ¼ at 72 ¾-73; 2015’s off 1/8 to 72 ¾-73 ¼; and 2016’s eased ¼ to 72 ¾-73
· The April RBOB/April Ethanol spread tugged in $.0059 per gallon to +$.0350/gallonon Monday
LIVESTOCK/POULTRY      
· Choice boxed beef values gained 92-cents on Monday, but at $225.28 are still $4.52 lower compared to a week ago
· 5-Area Weekly Weighted Average Steer price down $3.06 v. last week to $136.12/cwt and is $29.45 lower vs. last year
· USDA mandatory pork carcass cutout firmed 73-cents Monday, but at $76.02 is still down 91-cents vs. last week
· CME Lean Hog Index was $0.33 lower Monday at $65.06. April futures were up $0.30 and are $4.865 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather