HIGHLIGHTS
· Market Trend: Corn, ½ to 1 Lower; Soybeans, 3 to 4 Lower; Wheat, ½ to 1 Lower
· Asia finished the day mostly higher, following a slight end-of-day recovery in the U.S. The Hang Seng led with a .72% gain and the Nikkei closed up .37% while Shanghai was off .18%. Hopes for additional economic stimulus packages for both China and the Continent have Europe trading in positive territory this morning: FTSE, +.49%; DAX, +1.24% and the CAC-40, +1.03%. U.S. stock futures looked poised to follow suit with the Down up 49; the S&P, +5 ¼ and the Nasdadq, +15. Gold is $3.80 higher at $1,315.20; energy futures are mostly higher
· Mainly dry weather is forecast for the U.S. Central/Southern Plains during the next 7 days except for the chance of some light rain in the southeast today. Temperatures are projected to be above-normal today, near to below-normal Thursday-Friday and above-normal Saturday-Sunday. For western areas of the Midwest, dry weather is forecast today to be followed by light to moderate rain or some mixed precip in the north on Thursday. Temperatures are projected to be below- to much-below-normal through Saturday. In the eastern areas of the Midwest, dry weather is forecast for today to be followed by light to moderate rain on Thursday. Similar to western areas, temperatures are projected to be below- to much-below-normal through Saturday
· May Corn Down $.0025 at $4.8625; July Down $.0050 at $4.9075. The funds sold 3 K on Tuesday
· May SB Down $.0350 at $14.2450; July Down $.0375 at $13.98. The funds bought 2 K SB; 1 K SBM and sold 2 K SBO yesterday
· May Wheat Down $.0075 at $7.0750; July Wheat Down $.0025 at $7.1150. Fund selling totaled 2 k yesterday
CORN/SORGHUM
· Crop consultant: Generalized frost in lowlands of Buenos Aires and La Pampa, Argentina will affect final corn yields
· ATI Research: Model indicates U.S. corn exports should average 37.5mbu per week over the next month, +/- 5 million
· Ethanol crush margins reportedly reached record levels last week; EIA report out this morning at 9:30 CDT
SOYBEANS/WHEAT
· Crop consultant: Generalized frost in lowlands of Buenos Aires & La Pampa, Argentina will affect final soybean yields
· ATI Research: Bias is U.S. soybean exports will average 25-30mbu per week near-term
· Current crop ratings for 2014 HRW wheat in Kansas, Oklahoma and Texas are below levels seen for the 2013 crop at this time last year
· ATI Research: Bias is U.S. all wheat exports will average 17-22mbu per week near-term
ENERGY
· Futures are mostly higher: QCLK14, +$0.11 at $99.30; QRBK, +$0.0093; QNGK,-$.027 and QHOK, +$.0032
· Mixed trend noted in cash ethanol markets on Tuesday: Chicago down 5; Gulf off 4; NY slipped 1 ½; Dallas weakened 3 ½; Tampa nudged up 1; and LA prices were ½ lower at $4.00 per gallon
· EIA estimates (API): Crude, +2.8 mb (+6.3); gasoline, -1.3 (-2.8); distillates, -1.3 (+0.3)
· Steady to slightly weaker RINs: 2012’s off ¾ at 51 ½-52; 2013’s unch at 53-54; and 2014’s down ¼ to 50 ½-52
· The April RBOB/ethanol spread slipped $.0079/gallon but still maintained a $.0892 inverse
LIVESTOCK/POULTRY   ;
· Choice boxed beef values firmed 13-cents yesterday and have gained $1.09 over the last two days
· Cash cattle trading developed yesterday at $150 to $152, steady to up $2 from last week
· The USDA pork carcass cutout value firmed 6-cents yesterday after easing 19-cents on Monday
· The USDA’s Iowa/Minnesota average cash lean hog price fell $1.15 yesterday to $126.64
Sources: Bloomberg, Dow Jones, AP, T-storm Weather, Global Ag