HIGHLIGHTS
· Market Trend: Corn, CK Down $.0025; Soybeans, SK Up $.0475; Wheat, WK Down $.04; KWC Down $.0525
· Lack of fresh news has global markets drifting this morning. The Nikkei closed .02% higher; Shanghai gained .34% while the Hang Seng lost over 1 ½ %, on profit-taking after an 8-day higher run. The DAX and CAC 40 are both .4% lower ahead of an ECB meeting this week and the beginning of the European earnings season; the FTSE is modestly higher. U.S. futures suggest a weaker start: DOW, -14; NAS, -5.8 and the S&P, 1.5 lower. The $ Index is slightly higher, +.012 at 100.235; gold is $10.50 to the downside at $1,188.60 and energy futures are all registering gains
· T-storm Weather: Areas of rain focus on southern wheat areas today as a large upper-level system exits. Attention then turns to a large upper-level system that disconnects form the jet stream Tuesday-Wednesday, and then attempts to wobble through the Plains Thursday-Saturday. The system needs to follow a path that will allow sustained winds from the east to produce rain, but it is unclear if it will follow this exact path. Regardless, a moderate chance for widespread rain continues for HRW wheat. Best overall rain chances are across the Delta because the region will be laced with tropical air to trigger thunderstorms
· May Corn Down $.0025 at $3.7025; July Down $.0025 at $3.7775. The Funds liquidated 9 K to begin the week
· May SB Up $.0450 at $9.5325; July Up $.0450 at $9.725 The Funds again sold 4 K SB along with 2 K SBM; bought 1 K SBO
· May Wheat Down $.04 at $4.9825; July Down $.0350 at $4.9675. The funds sold 10 K on Monday
CORN/SORGHUM      
· December 2015 corn futures closed at $3.96 on Monday--the lowest settlement price for the contract since Oct. 20
· ATI Research: U.S. corn balance sheet; 14/15 carryout up 3 mbu compared to last week to 1.863 bbu
· ATI Research: U.S. sorghum balance sheet; 14/15 carryout down 5 mbu vs. last week to 22 mbu
· USDA pegs nationwide U.S. corn planting as of April 12 at 2% compared to 3% last year and the 5-year avg. of 5%
· T-storm Weather: An upper-level system disconnects from the just stream Wednesday and causes rain to recur in the Delta and southeast Corn Belt from Thursday forward, most likely resulting in 0.75” to 1.50” amounts
SOYBEANS/WHEAT
· November 2015 soybean futures closed at $9.39 ¼ on Monday--lowest settlement price for the contract since Oct. 3
· ATI Research: Updated U.S. soybean balance sheet; 14/15 carryout up 4 mbu vs. last week to 348 mbu
· ATI Research: Expect average of near-term U.S. soybean exports to slip to 9-10 mbu per week over the next month
· T-storm Weather: Soybean harvest in Argentina slows through 7-10 days as cool fronts result in 1.00” to 2.00” of rain
· ATI Research: U.S. winter wheat crop model declines 17 mbu to 1.465 bbu; HRW, 877; SRW, 394; and White, 194
· T-storm Weather: Unneeded rain of 0.75” to 1.50” occurs through today for U.S. SRW wheat in/adjacent the Delta
ENERGY
· Firmer: CLK15, +$0.36 at $52.27; EBK, +$0.23 to $58.16; EBK-CLK, +5.91, RBK, +$.0138;NGK, +$.015; HOK, +-$.0126
· Cash ethanol markets were mixed on Monday: Chicago off 1 5/8; New York down 2 ¾; Gulf declined 2; Tampa up ¾; Dallas eased ½; but LA was 2 higher at $1.69 ½ per gallon
· RINs were firmer: 2013’s up ½ at 69 ½-71 ½; 2014’s gained ¾ to 71-72 ½; and 2015’s added 1 ¼ to 68 ¾-71
· The May RBOB/May Ethanol spread gained over 1 ½ cents on Monday to $.2546/gal; trading $.2384 currently
LIVESTOCK/POULTRY  
· Choice boxed beef values were $1.19 higher on Monday and are up $1.22 vs. a week ago
· 5-Area Weekly Weighted Average Steer price decreased $3.34 last week to $164.23/cwt but is up $15.07 vs. last year
· The USDA mandatory pork carcass cutout value was 7-cents lower on Monday but 15-cents higher vs. last week
· CME Lean Hog Index was up $0.39 at $60.74. April futures up $0.55 at $63.10 and are $2.36 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather