HIGHLIGHTS

·         Market Trend:  Corn, 8-9 Lower; Soybeans, 10-12 Lower;  Wheat, 12 Lower

·         This morning finds Asia mixed:  the Nikkei closed .35% lower; the Hang Seng fell .3% and the Shanghai Composite reversed the trend, gaining nearly 1%.  Slower than expected growth in EU inflation suggests continuation of loose ECB monetary policy; markets are higher with the FTSE up .46%; the DAX is .72% higher and the CAC-40, +.53%.  Early indications are for U.S. markets to open higher:   S&P, +9.75; Nasdaq, +23.50.  Gold is $1.10 higher; energy futures, mostly lower and the $ Index, +.017 @ 79.455

·         Episodes of scattered showers and thunderstorms are forecast for Rio Grande do Sul, Brazil throughtomorrow.  Moderate to heavy totals are expected.  Showers diminish on Wednesday and Thursday.  Temperatures in the region will be variable today and tomorrow before cooling to near- to below-normalWednesday-Thursday.  Further north in Mato Grosso, mostly dry conditions and near- to above-normal temperatures are forecast through tomorrow.  In Cordoba, Santa Fe and Northern Buenos Aires, Argentina mostly dry and cooler-than-normal weather is forecast through Tuesday

·         Mar Corn Down $.0875 at $4.7725; May Down $.0850 at $4.82.  The funds bought 2 K to close out the week

·         Mar SB Down $.1175 at $13.7675; May Down $.0975 at $13.62.  Funds:  sold 3 K SB; bought 2 K SBM; Sold 4 K SBO

·         May Wheat Down $.1225 at $6.7450; July Wheat Down $.1225 at $6.78.  The funds bought 5 K on Friday

CORN/SORGHUM

·         May 2014 corn futures closed at $4.86 on Friday.  A year ago, the May 2013 corn contract closed at $7.16 ½

·         Export Inspections released at 10 AM CDT; Corn, 35.2 needed; 36.8 last week.  Milo—3.5 needed; 7.2 last week

·         ATI Research:  China has 52mbu of unshipped corn export sales--trade watching to see if any shipments take place

·         Commitment of Traders report: Non-Commercial long corn futures only positions increase 21,474 contracts

SOYBEANS/WHEAT

·         May 2014 soybean futures closed at $13.88 ½6 on Fri.  A year ago, the May 2013 soybean contract closed at $14.35 ½

·         Export Inspections released at 10 AM CDT; Soybeans, 5.4 needed; 39.7 last week

·         Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 8,990 contracts

·         Export Inspections released at 10 AM CDT; Wheat, 23.3 needed; 15.8 last week

·         Commitment of Traders: Non-Commercial long CBT wheat futures only positions increase 870 contracts

ENERGY

·         Futures are mostly lower: QCLJ14, -$0.23 at $98.66; QRBJ, -$0.0137; QNGJ, +$.105 and QHOJ, -$.0162

·         A generally firmer tone was seen in cash ethanol markets on Friday: Chicago and Gulf up ½; NY off 2; Dallas was 19 ½ higher; Tampa gained 20; and LA prices climbed 10 ½ to $3.37 per gallon

·         RINs were weaker: 2012’s down 3 ½ to 47-49; 2013’s off 3 at 48-50; and 2014’s were 3 lower at 45-48 ½

·         The April RBOB/ethanol spread eased $.0148 to $.4927 per gallon Friday

LIVESTOCK/POULTRY                                    ​                       <​/wbr>

·         Choice boxed beef values eased 86-cents Friday and have declined $1.07 over the last two trading days

·         Cash cattle traded last week at mostly $148, steady to up $1 from the week before

·         The USDA pork carcass cutout value set a new record high for a sixth day Friday gaining $2.98 to $123.60

·         The USDA’s Iowa/Minnesota average cash lean hog price gained $3.65 Friday to $117.08

Sources: Bloomberg, Dow Jones, AP, T-storm Weather, Global Ag