HIGHLIGHTS
· Market Trend: Corn, CK Down $.01; Soybeans, SK Down $.0075; Wheat, WK Steady; KWC Up $.0150
· Shanghai posted a gain of nearly 2 ¼% on hopes of further economic stimulus but other Asian markets closed lower: the Nikkei fell 1.17% and the Hang Seng, -.31%. Greece’s situation is weighing heavily on Europe with the CAC posting a 1.37% loss; the DAX is down 1.8% and the FTSE, off .58%. U.S. futures: DOW, -148; S&P, -15 ¼; NAS, -42 ¾. Focus: CPI and more earnings releases. Externals: $ Index is ¼ point lower; gold is up $6.70 at $1,204.50 and energy futures are lower across the Board
· T-storm Weather: A large and slow-moving system dumps widespread rain across most of the central U.S. through Monday, including driest and wettest corn and winter wheat areas. A notably cooler pattern follows as the system exits, likely resulting in frosts and freezes in northern areas (to the north of most winter wheat). The cooler pattern causes the main storm track to shift further south, resulting in areas of rain from the central / southern Plains through the Corn Belt and Delta, including drought-stricken wheat in the Plains, and wet corn and SRW wheat in the south
· May Corn Down $.01 at $3.7525; July Down $.0125 at $3.82. The Funds bought 2 KThursday
· May SB Down $.0075 at $9.6525; July Down $.0075 at $9.68 The Funds bought 2 K SB; bought 1 K SBM and were even SBO
· May Wheat Steady at $4.9450; July Steady at $4.9075. The funds bought 2 K yesterday
CORN/SORGHUM        
· December 2015 corn futures closed at $4.00 ¼ on Thurs.; one year ago, December 2014 corn contract settled at $4.99
· Year-to-date total 14/15 export sales commitments of sorghum are 314 mbu, or 89.8% of the latest USDA forecast for 350 million. Outstanding sales: 96 mbu vs. 50 last year
· U.S. corn export sales for 14/15 of 23.2 mbu for week end April 9 were down 8% vs. last week but up 19% v. 4-week avg. This was also the second highest total of the past six weeks. Outstanding sales: 554 mbu vs. 687 last year
· T-storm Weather: Widespread rain impacts the Corn Belt and Delta Saturday-Sunday; 0.75”-1.50” affects nearly all of the central U.S. while higher amounts of 1.25”-2.50” are likely in/adjacent Nebraska, Delta & far southeast Corn Belt
SOYBEANS/WHEAT
· Export sales for U.S. 14/15 soybeans of 11.5 mbu for week end April 9 were a major increase over last week’s net reduction of 6.5 million. Outstanding sales: 130 mbu v. 113 last year
· T-storm Weather: A wetter pattern continues through 7-10 days from Argentina northward into southern Brazil as several cool fronts sweep northward, resulting in 1.25”-2.50” of rain to slow soybean harvesting
· U.S. 14/15 wheat export sales week end April 9: Marketing year low, 1.8 mbu. Outstanding: 145 mbu v. 171 in ‘14
· T-storm Weather: Significant proportion of U.S. HRW wheat is likely to receive beneficial rainfall from current system
ENERGY
· Weaker: CLK15, -$0.53 to $56.18; EBM, -$0.54 to $63.45; EBM-CLK, +7.26, RBK, -$.0131;NGK, -$.008; HOK, -$.0135
· Cash ethanol markets were mixed on Thursday: Chicago added 1/8; New York and Dallas up 1;Gulf down 1 ½; Tampa unchanged; and LA was a penny higher at $1.70 per gallon
· Mixed trend in RINs: 2013’s off ¾ to 71-73; 2014’s down ½ to 73 ½-74; & 2015’s up 1/8 to 71 ½-71 ¾
· The May RBOB/May Ethanol spread was little changed yesterday at $.3440/gal
LIVESTOCK/POULTRY    
· Choice boxed beef values were down 42- cents on Thursday but are $1.99 higher compared to one week ago
· Dressed steer weights for week ending April 4: 869 lbs vs. 874 last week, 873 for 4-week avg. and 851 last year
· The USDA mandatory pork carcass cutout value declined 70-cents on Thursday but is up 8-cents vs. a week ago
· CME Lean Hog Index was $0.82 higher at $62.98. June futures up $0.90 at $76.375 and are $13.395 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather