HIGHLIGHTS
· Market Trend: Corn, CK Down 1; Soybeans, SK Down, 2 ¾; Wheat, WK Up 1
· Asia ended Friday on a mixed note with Yemen and poor data out of Japan. The latter saw zero inflation, raising fears of deflation again; retail sales were below estimates. The Nikkei closed down .95%; the Hang Seng, off .04% while Shanghai gained .27%. Europe is trading in a similar fashion after speculation over closure of a key oil shipping route subsided: FTSE, -.30%; DAX, +.35%; CAC 40, +.47%. U.S. futures are lower: DOW, -38; S&P, -4 ½; NAS, -8. $ Index, +.395; Gold, -$6.70; Energies are weaker.
· T-storm Weather: Arctic air retreats from all areas early next week, which flattens the jet stream, and allows a parade of storm systems to sweep through the central U.S. from next week forward. Additionally, humidity will surge from time to time across / adjacent the Corn Belt and Delta, providing fuel for each system to develop thunderstorm clusters. It is most likely for near- and above-average rainfall to occur in the Corn Belt and Delta from the middle of next week forward (April 1 -10). Rain chances exist from Tuesday forward for HRW wheat, but highest chances are along the eastern fringe of production nearest high humidity.
· May Corn Down $.0125 at $3.90; July Down $.0125 at $3.98. The funds sold 7 K on Thursday
· May SB Down $.03 at $9.7150; July Down $.0275 at $9.76. The Funds sold 3 K SB; 2 K SBM and bought 1 K SBO
· May Wheat Up $.0125 at $5.0025; July Up $.0050 at $5.0525 The Funds sold 8 K
CORN/SORGHUM     ;
· U.S. corn export sales for 14/15 of 17.1 mbu for week end March 19 were down 13% vs. last week 29% v. 4-week avg. Of note was China’s purchase of 2.3 mbu for 14/15. Outstanding sales to all destinations: 597 mbu vs. 747 last year
· Year-to-date total 14/15 export sales commitments of sorghum are 318 mbu, or 106% of the USDA forecast. Barring some cancellations and/or rolling of sales to new-crop, the UISDA projection continues to appear to be too low
· In order for May 2015 corn futures to post a week-to-week gain (i.e. Friday-Friday), it must close above $3.85 today
· T-storm Weather: Recent rainfall sharply diminished the proportion of U.S. corn that is dry at the deep-subsoil level by 25 points over the last 4 days--now only including 45% of production--and a further decrease in dryness is probable
SOYBEANS/WHEAT
· U.S. soybean export sales of 18.6 mbu for week end March 19 were up 47% from the previous week and 54% from the prior 4-week avg. This week’s total was also the highest in 5 weeks. Outstanding sales: 193 mbu vs. 169 last year
· T-storm Weather: Sustained dryness continues through at least 7-10 days for second-crop soybeans in Argentina
· U.S. wheat export sales for week end March 19 crop year low of 3.7 mbu. Outstanding sales: 166 mbu v. 201 last year
· T-storm Weather: Despite recent rains, dryness has not notably diminished for U.S. HRW wheat
ENERGY
· Futures are weaker: CLK15, -$0.94 at $50.49; RBK, -.0020; NGK, -$.021 and HOK, -$.0133
· Cash ethanol markets had a mixed tone on Thursday: Chicago of 5/8; New York eased ½; Gulf added ¾; Tampa and Dallas up 2; and LA gained a penny to $1.66 ½ per gallon
· Firmer trend for RINs: 2013’s added ½ to 68-70; 2014’s up 1 ¾ to 71-72 ½; and 2015’s gained 1 7/8 to 69 ¾-71 ½
· The April RBOB/April Ethanol spread widened over 5 ¼ cents to $.3897/gal to $.3365
LIVESTOCK/POULTRY    
· Choice boxed beef values were 16-cents higher on Thursday and are up $4.06 compared to last week
· Dressed steer weights for week ending March 14: 871 lbs vs. 876 last week, 878 for 4-week avg. and 856 last year
· The USDA mandatory pork carcass cutout value increased 45-cents on Thursday but is down $1.33 vs. a week ago
· CME Lean Hog Index was $0.50 lower at $60.81. April futures up $1.15 at $60.975 and $0.165 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather