HIGHLIGHTS
· Market Trend: Corn, 3-4 Higher; Soybeans, 10-12 Higher; Wheat, 2 Higher
· Asia responds favorably to yesterday’s factory production #’s; breathes a sigh of relief over economic sanctions placed on Russian individuals. Shanghai was up .08%; the Nikkei gained nearly 1% and the Hang Seng moved up a ½ point. Europe is weaker this morning, however: FTSE, off .06%; DAX, down .36% and the CAC-40, -.03%. U.S futures suggest a mixed start: S&P, -.75; Nasdaq, -2.25 and the Dow, +1. Gold is $10 lower, $1,363; energy futures are mostly higher and the $ Index is +.031 @ 79.685
· Scattered moderate to heavy showers and thunderstorms are forecast for Rio Grande do Sul, Brazil during the next 48 hours. Dry conditions or just a few light showers are projected for Parana. Scattered moderate to heavy showers and thunderstorms in both regions on Wednesday and Thursday. Temperatures variable through Wednesday, near to below-normal Thursday-Sunday. Further north in Mato Grosso, mostly dry weather is forecast through Tuesday with above-normal temperatures. Rainfall amounts increase on Wednesday-Thursday with variable temps. For Argentina, mostly dry weather is forecast the entire week with below-normal temperatures today and variable on Tuesday
· May Corn Up $.0375 at $4.8275; July Up $.0375 at $4.8775. The funds sold 5 K to start the week
· May SB Up $.1250 at $14.0425; July Up $.1075 at $13.86. Fund activity: bought 3 K SB; 5 K SBM; sold 3 K SBO
· May Wheat Up $.025 at $6.7650; July Wheat Up $.02 at $6.8025. The funds sold an estimated 5 K on Monday
CORN/SORGHUM
· ATI Research: Updated 2014 U.S. corn planted acreage forecast is 93.8 mil. acres compared to final 2013 total of 95.4 mil. Balance sheet:13/14 corn carryout down 50mbu vs. last week to 1.456Bbu; 14/15 up 229 million to 2.020Bbu
· Export Inspections; Corn, 38.5mbu (35.0 needed) although zero to China. Milo, 7.8 (3.3) with China in for 7.8
· Private crop consultant leaves Brazil and Argentina corn crop estimates unchanged at 68.5 MMT & 23.0, respectively
SOYBEANS/WHEAT
· ATI Research: Updated 2014 U.S. soybean planted acreage forecast is 83.0 mil. acres . vs. final 2013 of 76.5 mil. Balance sheet: 13/14 soybean carryout down 2mbu vs. last week at 119mbu; 14/15 up 178 million to 387mbu
· Export Inspections: Soybeans, 34.5mbu (4.2 needed) with China taking 19.1
· Private consultant lowers Brazil soybean crop estimate by 1.0 MMT to 86.0 MMT citing lower-than-expected yields
· ATI Research: 13/14 HRW wheat carryout increases 10mbu to 181mbu; 14/15 also up 10 million to 220mbu
· Export Inspections: Wheat, 18.2mbu (23.7 needed)
· USDA wheat condition ratings deteriorate: Kansas: 34% Good/Excellent vs. 37% last week; Oklahoma, 18% vs. 22%
ENERGY
· Futures are mostly higher: QCLJ14, +$0.06 at $98.14; QRBJ, +$0.0086; QNGJ, -$.030 and QHOJ, +$.0137
· Cash ethanol markets were mostly lower to start the week: Chicago off 1 ½; Gulf down 9; NY declined 3; Dallas dipped 6 ½; Tampa dropped 2 ½; and LA prices were a nickel higher at $3.42 per gallon
· RINs declined: 2012’s off 1 ½ to 46-47; 2013’s down 1 ½ to 47-48; and 2014’s a penny weaker to 44 ½-47
· The April RBOB/ethanol spread tightened further, narrowing $.0546/gallon to $.4381
LIVESTOCK/POULTRY    
·   Choice boxed beef values jumped $2.41 yesterday to $242.85 and are once again at record highs
· The USDA 5-area weekly average steer price for last week was $149.95, up 95-cents from the week before
· The USDA pork carcass cutout value set a new record high for a seventh day yesterday gaining $2.42 to $126.02
· The USDA’s Iowa/Minnesota average cash lean hog price gained $2.69 yesterday to $119.15
Sources: Bloomberg, Dow Jones, AP, T-storm Weather, Global Ag