HIGHLIGHTS
· Market Trend: Corn, CK Down $.0175; Soybeans, SK Down $.0425; Wheat, WK Up $.0125; KWC Up $.0025
· Markets in Asia followed the U.S. higher, led by Shanghai’s 2.71% gain; the Kospi closed up .94%; the Hang Seng, +.44% while the Nikkei edged .08% higher. S&P trimmed Greece’s credit rating from “B-“ to “CCC+” with a negative outlook and this rattled European investors: DAX, off 1.61%; CAC 40, -.69% and the FTSE, -.47%. Housing data dominates the U.S. scene this am; Pre-markets are weaker—DOW, -49; NAS, -11; S&P, -7 ¼. Energy is lower; the $ Index is off .40 at 98.60 and gold, +$6.70 to $1,207.90
· T-storm Weather: A multi-faceted system disconnects from the jet stream and wobbles across the central U.S. through Monday. The exact setup cannot be assessed as small-scale waves of energy spin off the main system, affecting the position of the system and the low-level wind flow. Regardless, the main point remains that multiple areas of rain and thunderstorms occur through the period with 1.00" to 2.00" most likely in corn and wheat areas from the central Plains eastward through southern Corn Belt and Delta; lesser but notable amounts of less than 1.00" occur elsewhere in the Corn Belt
· May Corn Down $.0175 at $3.7425; July Down $.0125 at $3.8175. The Funds bought 3 Kon Wednesday
· May SB Down $.0425 at $9.6075; July Down $.0425 at $9.6350. The Funds bought 2 K SB; sell 1 K SBM and buy 4 K SBO
· May Wheat Up $.0125 at $4.92; July Up $.0075 at $4.8975. The funds sold 4 K yesterday
CORN/SORGHUM ;        
· Export Sales to be released at 7:30 AM CDT. Trade expects 16 to 24 mbu old-crop corn, 0-4 new-crop
· T-storm Weather: A sustained period of below-average temperatures is forecast for April 20-27. Occasional frosts and freezes affect the northern Plains and northwest Corn Belt, as is well within normal climatology of April
· Ethanol grind: 924,000 barrels per day for week end April 10--down 12 thou vs. last week and 1.6% below last year
· Percentage change in December corn futures using settlement prices from April 15 to the post-pollination (i.e. after July 1) peak or low for the past 5 crop years is as follows: 2010, +50%; 2011, +18; 2012, +59%; 2013, -23%; 2014, -36%
SOYBEANS/WHEAT
· ATI Research: March NOPA soybean crush of 162.8 mbu (vs. 156.2 avg. guess) implies a month of much stronger than expected domestic soymeal use (subject to the usual disparity between NOPA shipment data & Census/Export Sales)
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, -2 to +6 mbu old-crop, 9-17 new-crop; soymeal, 50-150 old-crop, 25-100 new-crop; soyoil, 0-20 old-crop, zero new-crop
· T-storm Weather: Showers affect portions of the Corn Belt and Delta today, most notably including wet SRW wheat areas of Indiana, Kentucky and Ohio. Please see the HIGHLIGHTS section for a detailed forecast for U.S. HRW wheat
· Export Sales to be released at 7:30 AM CDT. Trade expects 4-11 mbu for old-crop all wheat, 2-9 new-crop
ENERGY
· Weaker: CLK15, -$0.92 to $55.47; EBM, -$0.90 to $62.38; EBM-CLK, +6.90, RBK, -$.0253;NGK, -$.033; HOK, -$.0195
· Steady to firmer trend noted in cash ethanol markets on Wednesday: Chicago tacked on 2 5/8; New York added 2 ½; Gulf unchanged; Tampa and Dallas climbed 1; and LA was 2 higher at $1.69 per gallon
· RINs were lower: 2013’s down 3/8 to 72-73 ½; 2014’s eased 1 to 73 ½-75; & 2015’s off 1 to 71-72
· The May RBOB/May Ethanol spread gained nearly 7 ¼ cents to $.3450/gal
LIVESTOCK/POULTRY ; ;
· Choice boxed beef values were $2.35 higher on Wed., are up $1.66 vs. last week & are at highest level since Jan. 15
· Daily estimated cattle slaughter on Wednesday was 110,000 vs. 104,000 a week ago and 116,000 last year
· The USDA mandatory pork carcass cutout value gained 74-cents on Wednesday and is $1.88 higher vs. last week
· CME Lean Hog Index was up $0.80 at $62.16. June futures down $3.00 at $75.475 and are $13.315 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather