HIGHLIGHTS
· Market Trend: Corn, 1-2 Lower; Soybeans, ½ to 2 Lower; Wheat, 7-9 Lower
· Overseas action again is mostly centered on hopes for a Chinese stimulus package. The Nikkei gained 1/2% despite a drop in February household spending. The Hang Seng picked up 1.1%; Shanghai was .2% lower. Europe is off to a positive start with each of the 3 major bourses reporting gains of .3 to .5%. U.S. futures are positive ahead of the opening: Dow, up 47; S&P, +6 ½ and the Nasdaq, +16 ½. Outside markets have energy futures mostly higher; gold is $1.55 dearer at $1,296.20 and the $ Index is quoted at 80.72, up .160
· For the U.S. Central/Southern Plains, conditions are forecast to be mostly dry today into the weekend. Temperatures are projected to be below-normal today, but above- to much-above-normal on Saturday-Sunday. Mostly dry weather is forecast today through Sunday for western areas of the Midwest. Near- to below-normal temperatures are likely through Saturday before rebounding to above-normal for Sunday. For eastern areas of the Midwest, mostly dry weather is forecast today although there is a chance for some mixed precipitation favoring southern areas on Saturday. Temperatures are projected to be near- to above-normal through the weekend
· May Corn Down $.0175 at $4.9025; July Down $.0175 at $4.9450. The funds purchased 6 K on Thursday-strong exports
· May SB Down $.01 at $14.3550; July Down $.0050 at $14.0650. The funds were even on SB; 1 K SBM and sold 2 K SBO
· May Wheat Down $.0875 at $7.0175; July Wheat Down $.0725 at $7.0725. The Funds bought 6 K on Thursday
CORN/SORGHUM
· ATI Research: Old-crop corn export sales were awesome at 55.4mbu, with combined old-new sales of 56.6 sharply above the trade range of 20-30. The 13/14 total was up 89% from last week and 49% from the prior 4-week average
· May 2014 corn futures traded to $4.92 ¾ Thursday, which is the highest price since March 13. If the contract closes above $4.89 today, it would be the highest Friday settlement price since Sept. 6, 2013
· Anecdotal report of small amount of corn planting taking place this week east of St. Louis in Southern Illinois
SOYBEANS/WHEAT
· ATI Research: Combined old-new soybean export sales of 20.1mbu (0.4 old, 19.7 new) were near the high end of the trade range of -6 to +22. Worth noting that China is still buying with purchases totaling 797 thousand bushels
· May 2014 soybean meal futures posted a new contract high of $475.30 on Thursday
· ATI Research: Combined old-new wheat export sales of 26.7mbu (14.7 old, 12.0 new) well above trade range of 11-23
· If May 2014 KC wheat contract closes above $7.71 ¼ today, would be highest Fri. settlement price since June 7, 2013
ENERGY
· Futures are again mostly higher: QCLK14, +$0.50 at $101.78; QRBK, +$0.0002; QNGK,-$.035 andQHOK, +$.0012
· Cash ethanol markets were mixed on Thursday: Chicago jumped 18 ½; Gulf climbed 17; NY gained 7 ½; Dallas and Tampa both lost a penny; and LA prices declined 3 ½ to $3.90 ½ per gallon
· Steady to slightly lower RINs: 2012’s unch at 50-52; 2013’s down ½ to 52-53 ½; and 2014’s lost ½ to 50 ½-51
· The April RBOB/ethanol spread stays inverted, gains strength to -.0744, up nearly 4 cents per gallon
LIVESTOCK/POULTRY    
· After rising $1.60 during the previous three days, Choice boxed beef values fell $2.51 yesterday
· Friday’s USDA Hogs & Pigs report expected to show the first decline in pigs saved per litter since 2001 due to PEDv
· After rising to another record high on Wednesday, the USDA pork carcass cutout value fell $1.24 yesterday
· The USDA’s Iowa/Minnesota average cash lean hog price gained $3.03 yesterday to $129.82
Sources: Bloomberg, Dow Jones, AP, T-storm Weather, Global Ag