HIGHLIGHTS
· Market Trend: Corn, CK Down 1+; Soybeans, SK Down 5; Wheat, WK Down ¼
· Bad news is good news in Asia—weak PRC mfg data, job cuts accelerate, hopes for stimulus action rises = higher markets: Shanghai, +.43%; Nikkei, +1.46%, Hang Seng, +.77%. Europe slightly firmer: FTSE, +.14%; CAC 40, +.05%; DAX, -.10%. Lots of data today: jobless claims, trade #’s expected to show smaller deficit; Feb factory orders, etc. Futures don’t look particularly stellar: DOW, off 51; S&P, down 7 ½; NAS, 18 lower. Energy futures are down; gold is $3 cheaper at $1,205 and the $ Index is .358 lower
· T-storm Weather: Temperatures average warmer to much-warmer than usual in the central / southern Plains and Delta through at least mid-month. Waves of energy ride the edge of warmth to produce above-average rain in the Corn Belt and Delta – especially the southeast Corn Belt and northern Delta. Since corn planting begins in earnest now in this region, it is not well-timed; best rain chances are today-Friday, then every few days. The same waves also move across the central and southern Plains, but lower humidity likely suppresses coverage and amounts; best chances are tonight and Friday in parts of the central Plains
· May Corn Down $.0150 at $3.8025; July Down $.0150 at $3.8850. Funds buy 5 K at mid-week
· May SB Down $.0450 at $9.8525; July Down $.0450 at $9.90 The Funds were buyers of 7 K SB; 4 K SBM and 2 K SBO
· May Wheat Down $.0025 at $5.2825; July Down $.0075 at $5.2875. The Funds bought back 6 K yesterday
CORN/SORGHUM       ;
· ; Export Sales to be released at 7:30 AM CDT. Trade expects 16 to 28 mbu corn
· Ethanol grind: 952,000 barrels per day for week end March 27--dn 1 thou vs. last week but 3.3% higher vs. last year
· Private crop consultant: It appears that Brazilian farmers planted more double-crop corn than anticipated in order to take advantage of the higher domestic price of corn and improved weather. Crop estimate up 1.0 MMT to 75.0
· T-storm Weather: Thunderstorms occur across the Corn Belt and Delta over the next 10-14 days. Above average rain results with 1.50”-3.00” in the Southeast Corn Belt and Delta, while 1.00”-2.00” falls elsewhere
SOYBEANS/WHEAT
· November 2015 soybean futures closed $9.72 ¾ on Wed., the highest settlement price for the contract since March 4
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, 5 to 15 mbu; soymeal, 200-350; soyoil, 0-20
· Private crop consultant: Soybean harvest in Argentina is approximately 4-5% complete and early yields continue to be outstanding. Crop estimate increased 1.0 MMT 57.0
· T-storm Weather: The coverage of 30-, 60- and 90-day dryness relative to U.S. HRW wheat production continues to parallel last year’s dry spring, currently including 78%, 58% and 56% of production
· Export Sales to be released at 7:30 AM CDT. Trade expects 6-18 mbu for all wheat
ENERGY
· Weaker: CLK15, -$0.86 at $49.24; EBK, -$0.55 to $56.55; EBK-CLK, +7.26, RBK, -$.0242;NGK, -$.007; HOK, -$.0228
· Cash ethanol markets posted gains on Wednesday: Chicago and Dallas up 4 ½; New York added 6; Gulf climbed 5 ¼; Tampa tacked on 3 ½; and LA was 4 higher at $1.68 ½ per gallon
· Mixed trend in RINs: 2013’s steady at 68-69; 2014’s up ½ to 70-71; and 2015’s down ¼ to 68 ¼-68 ½
· A 770 K barrel draw in ETOH stx trimmed the May RBOB/April Ethanol spread $.0168 to $.2762/gal on Wednesday
LIVESTOCK/POULTRY   </wbr>
· On Wednesday, choice boxed beef values increased $1.29 and are up $4.91 compared to last week
· Over the past 8 trading days, choice boxed beef cutout values have increased a total of $10.91
· The USDA mandatory pork carcass cutout value slid $1.50 on Wednesday and is down $2.85 vs. a week ago
· CME Lean Hog Index was $0.02 lower at $59.68. April futures up $0.475 to $62.90 and are $3.22 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather