HIGHLIGHTS
· Market Trend: Corn, ¾ to 3 Lower; Soybeans, 2-6 Lower; Wheat, May is Up 2
· Decidedly weaker in Asia—up-coming Ukrainian referendum/Russia military exercises and stress over China’s slowing growth: Nikkei closes down 3.3%; the Hang Seng loses 1% and Shanghai falls ¾%. Moscow’s bourse not a good place for 401-K funds, down 5% this morning. Europe is off from .25% (FTSE) to .64% (CAC) in early trading. U.S futures are positive but it is still over 2 hours to the opening bell: Dow, +10; S&P, +2.5; Nasdaq, +5.75. Gold is $1.78 lower; energy futures are mixed and the $ Index is 1/10 a point lower at 79.525
· Mainly dry conditions are likely for southern Brazil today, although episodes of scattered showers and thunderstorms are possible Saturday-Sunday. Further north, episodes of scattered to widely scattered showers and thunderstorms are forecast for Mato Grosso through Saturday. Temperatures are projected to be near to above normal through the weekend. Across Cordoba, Santa Fe and Northern Buenos Aires in Argentina, scattered showers and thunderstorms are forecast for today with moderate to heavy amounts expected. Temperatures are variable today and then near to below normal for the weekend
· Mar Corn Down $.0325 at $4.81; May Down $.01 at $4.8425. The funds sold 3 K yesterday
· Mar SB Down $.020 at $13.88750; May Down $.0650 at $13.8975. Funds: bought 3 K SB; 4 K SBM and sold 4 K SBO
· May Wheat Up $.0225 at $6.76; July Wheat Up $.02 at $6.80. Fund selling totaled 5 contracts on Thursday
· Deliveries: 234 Corn; 99 SB; 0 Wheat; 0 SBM and 44 SBO; 0 ethanol
CORN/SORGHUM
· The Friday closing price for the May 2014 corn futures contract has been higher than the previousFriday closing price for 7 consecutive weeks. For the that to continue, the contract must close above $4.89 today
· ATI Research: Old-crop corn export sales were 26.9mbu, down 33 mil. vs. the prior week & 37% below the 4-week avg. Milo old-crop sales were small at just 35,000 bu; China bought 4.6mbu but Unknown cancelled a like amount
· USDA will be wrapping up its surveys for the key March 31 Grain Stocks & Prospective Plantingsreports this weekend
SOYBEANS/WHEAT
· The Friday closing price for the May 2014 soybean futures contract has been higher than the previousFriday closing price for 5 consecutive weeks. For the that to continue, the contract must close above $14.57 ¾ today
· ATI Research: Old-crop soybean export sales were a little light at 4.2mbu, which was 65% below the prior 4-week avg.
· CBT May 2014 wheat futures traded to $6.96 ½ Thursday—the highest since Oct. 30, 2013—but closed 10 cents lower
· ATI Research: All wheat old-crop export sales of 17.5mbu were off 14% vs. last week & down 2% vs. prior 4-week avg.
ENERGY
· Futures are mixed with QCLJ14, +$0.21 at $98.41; QRBJ, -$0.0024; QNGJ, -$.035 and QHOJ, +$.0091
· Cash ethanol markets were sharply higher Thursday: Chicago jumped 12 ½; Gulf and NY gained 12; Dallas and Tampa soared 20; and LA prices were 20 ½ higher at $3.26 ½ per gallon
· Mixed trend in RINs: 2012’s gained ½ to 51-52; 2013’s up ½ at 51 ½-52 ½; but 2014’s were ½ lower at 49 ½-50
· The April RBOB/ethanol spread tightens another $.1069/gallon, now at $.4779 as logistics curb ethanol output
LIVESTOCK/POULTRY  
· After setting new record highs for two days, Choice boxed beef values eased 21-cents yesterday to $241.30
· Lean hog futures set another new record high yesterday with nearby April settling at $118.925
· The USDA pork carcass cutout value set a new record high for a fifth day yesterday gaining $1.12 to $120.62
· The USDA’s Iowa/Minnesota average cash lean hog price gained $0.88 yesterday to $113.54
Sources: Bloomberg, Dow Jones, AP, T-storm Weather, Global Ag