HIGHLIGHTS
· Market Trend: Corn, CK Down $.0050; Soybeans, SK Up $.04; Wheat, WK Up $.0150; KWC Up $.0325
· Yesterday, China’s Central Bank cut the reserve ratio by 1%, larger than expected. After trading higher early, Shanghai closed down 1.6%; the Hang Seng lost 2%; the Nikkei, eased .1%. Europe took a more leisurely view of China’s actions with mid-day gains of 1.53% noted for the DAX; France’s CAC 40 is up .42% and the FTSE, .72% higher. U.S. pre-markets are called higher: DOW futures, +118; NAS, +23 and the S&P, +13 ¼. Outside markets: energy futures are mostly higher; The $ Index is 1/3rd point higher at 98.47 and gold futures are off $4.40 at $1,198.30
· T-storm Weather: Temperatures average 4°F to 8°F cooler than usual across / adjacent the northern Plains and Corn Belt over the next 10 days as several cool front pass through next Wed. (Apr. 29), while areas to the south will be seasonably-warm as maximums generally stay in the 70s from the southern Plains through the Delta. The northern half of the central U.S. stays mostly dry through 7-10 days as coolness suppresses humidity for rain. Areas to the south stay wet as multiple waves of energy ride the edge of coolness to trigger areas of rain and thunderstorms within much of the central/southern Plains, Delta & southern Corn Belt
· May Corn Down $.0050 at $3.7925; July Down $.0050 at $3.8625. The Funds bought 4 K to close out the week
· May SB Up $.04 at $9.73; July Up $.04 at $9.7550. The Funds bought 2 K SB; bought 2K SBM and sold 3 K SBO
· May Wheat Up $.0125 at $4.9575; July Up $.0275 at $4.92. The funds sold 2 K on Friday
CORN/SORGHUM ;        
· Export Inspections released at 10 AM CDT; Corn, 42.4 needed; 33.7 last week. Milo—5.5 needed; 9.3 last week
· USDA Crop Progress report scheduled for release at 3:00 PM CDT projected to show U.S. corn planting progress as of April 19 at 6-7% compared to approx. 6% last year and the five-year average of approx. 13%
· T-storm Weather: Following cool temps this week, a seasonable to mild pattern likely returns to Corn Belt from April 30-May 5. Mildness likely shifts the storm track northward, resulting in high coverage of at least near-average rainfall
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 14,850 contracts
SOYBEANS/WHEAT
· Export Inspections released at 10 AM CDT; Soybeans, 6.2 needed; 16.5 last week
· ATI Research: New-crop soybean export sales are a 5-year low as importers are in no rush to make forward purchases
· Commitment of Traders report: Non-Commercial long soybean futures only positions decrease 3,803 contracts
· T-storm Weather: Multiple rounds of rain broke drought across the U.S. Plains in recent days. Several additional rounds of rain follow through next Wednesday (April 29) for driest HRW wheat in the central / southern Plains
· Export Inspections released at 10 AM CST; Wheat, 22.9 needed; 16.4 last week
· Commitment of Traders report: Non-Commercial long CBT wheat futures only positions increase 415 contracts
ENERGY
· Firmer: CLK15, +$0.26 to $56.00; EBM, +$0.13 to $63.58; EBM-CLK, +7.59, RBK, +$.0045;NGK, -$.051; HOK, +$.0038
· A firmer tone was evident in cash ethanol markets on Friday: Chicago up 1 1/8; New York and Tampa gained 2; Gulf added 3; Dallas tacked on 1 ½; and LA was 2 ½ higher at $1.72 ½ per gallon
· RINs were lower: 2013’s down ¼ to 71-72 ½; 2014’s slipped ½ to 73-73 ½; and 2015’s off 3/8 to 71-71 ½
· The May RBOB/May Ethanol spread settled $.0305 lower on Friday at $.3139/gal
LIVESTOCK/POULTRY    
· Choice boxed beef values lost $2.59 on Fri.—the largest one-day drop since Jan. 29—but are up $1.28 vs. last week
· April live cattle futures settled limit-down on Fri. at $157.80—lowest Fri. closing price for the contract since March 13
· The USDA mandatory pork carcass cutout value increased $1.49 on Friday and is $2.33 higher vs. the prior week
· CME Lean Hog Index was up $0.75 at $63.73. May futures down $0.50 at $70.525 and are $6.795 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather