HIGHLIGHTS
· Market Trend: Corn, 1-2 Lower; Soybeans, Down 19-22 (China); Wheat, 4-5 Lower
· U.S.’s Conference Board Index of Leading Indicators posted the largest gain in 3 months during February; jobless numbers suggest a stable employment market. Visa/Master Card stop servicing 2 Russian banks, could curb internet shopping. Hang Seng closes up 1.2%; Shanghai rises 2.7% but Nikkei sputters, slips 1.6%. Europe off to a positive start with .4 to .6% gain common-place; U.S. stock futures point to a positive start—Dow, +41; S&P, +5 and the Nasdaq, +11.50. Gold is $8.25 to the plus side; energy futures are higher and the $ Index is a bit weaker, off .093 at 80.425
· Dry conditions are forecast today for Rio Grande do Sul, Brazil while lingering light showers persist in Parana. Mostly dry weather is projected for both regions Saturday-Wednesday. Temperatures are forecast to be near to below-normal today through Saturday, near to above-normal Sunday-Wednesday. Episodes of scattered showers and thunderstorms occur through tomorrow in Mato Grosso with moderate to heavy totals expected. Variable temperatures are likely today and then near to below-normal Saturday-Sunday. In Cordoba, Santa Fe and Northern Buenos Aires, Argentina dry weather is forecast the next 7 days. Temperatures are projected to be below-normal today, variable Saturday and near to above-normalSunday-Monday
· May Corn Down $.0075 at $4.7775; July Down $.0075 at $4.8275. The funds sold 8 K Thursday
· May SB Down $.1925 at $14.1475; July Down $.2175 at $13.8825. The funds were even on SB, sold 2 K SBM and 8 K SBO
· May Wheat Down $.0450 at $6.9925; July Wheat Down $.0475 at $7.0075. Fund liquidation total 5 K yesterday
CORN/SORGHUM
· ATI Research: Old-crop corn export sales topped expectations, coming in at 29.4mbu vs. the trade range of 16-28
· Production consultant indicates full scale corn harvest is occurring in Argentina, although intermittent rains are producing frequent delays. Most of Southern Santa Fe and some of Northern Buenos Aires have excessive moisture
· Updated NWS April forecast: Midwest, below/much-below-normal temps, equal chance above/below normal precip
SOYBEANS/WHEAT
· ATI Research: Old-crop soybean export sales of 7.4mbu were noticeably higher vs. last week’s 4.2, although they were 31% below the prior 4-week average. Decreases of 2.9mbu each were seen for China and Unknown destinations
· Production consultant indicates soybean harvest in Argentina has just begun with rain also slowing progress
· ATI Research: Old-crop all wheat export sales of 14.8mbu were towards the upper end of the range of 9-18
· Updated NWS Seasonal Drought Outlook: Mixed for HRW wheat; some improvement in KS but not in TX Panhandle
ENERGY
· Futures are higher: QCLK14, +$0.18 at $99.08; QRBK, +$0.0020; QNGK, -$.010 and QHOK, -$.0036
· Cash ethanol markets continue their upward surge Thursday: Chicago and Gulf soared 18; NY gained 15; Dallas jumped 18 ½; Tampa up 19; and LA prices were 15 ½ higher at $3.83 ½ per gallon
· RINs bounce continued: 2012’s were 3 ¼ higher at 51-52; 2013’s up 2 at 52-53; and 2014’s also gained 2 to 48-52
· The April RBOB/ethanol continued its upward spiral, gaining $.0683 to $.0945—logistics, further inventory decline
LIVESTOCK/POULTRY    
· Choice boxed beef values fell $1.80 yesterday and have lost $2.51 over the last two days
· Cash cattle lightly traded yesterday at $150, up $2 from last week
· Following a 27-cent decline Wed., the USDA pork carcass cutout value rebounded 93-cents yesterday to a record high
· The USDA’s Iowa/Minnesota average cash lean hog price gained $3.09 yesterday to $125.79
Sources: Bloomberg, Dow Jones, AP, T-storm Weather, Global Ag