HIGHLIGHTS
· Market Trend: Corn, CK Down $.0250; Soybeans, SK Up $.0275; Wheat, WK Up $.01; KWC Down $.0025
· Asia closed mixed on PRC GDP data; Mid-day Europe is higher as are U.S. futures. 1stQTR Chinese growth at 7% was in line with survey ideas and vs 7.3% previous. Shanghai closes 1.26% lower; Nikkei slips .2%; Hang Seng and Kospi gain .21% and .39%. Higher oil is helping lift Europe ahead of ECB’s interest rate announcement: FTSE, DAX and CAC 40 all up .38% to .74%. DOW futures, +47; S&P, +5; NAS, +9.7, ahead of more corporate earnings reports. Externals: Oil, higher; gold, off $1.20; $ Index, up 1/3rd
· T-storm Weather: A large upper-level system disconnects from the jet stream through today, then wobbles through the central U.S. Thurs-Mon. It is most probable for it to bring rain to HRW wheat in the Plains, as either: 1) thunderstorms form as the system approaches, 2) prolonged periods of light to moderate rain develop as the system swirls nearby, or 3) both. Thus, the potential for multiple rain events exist Thurs-Sun. Given an array of feasible possibilities, we are most comfortable forecasting widespread rain (0.75"-1.50"), which would be a striking change as around one month of normal rain falls across HRW wheat within matter of days
· May Corn Down $.0250 at $3.71; July Down $.0250 at $3.7850. The Funds bought an estimated 4 K Tuesday
· May SB Up $.0250 at $9.6275; July Up $.02 at $9.66. The Funds bought 4 K SB; 3 K SBM and 3 K SBO
· May Wheat Up $.01 at $4.98; July Down $.0025 at $4.9625. The funds sold 3 K yesterday
CORN/SORGHUM   ;      
· T-storm Weather: Rain likely in much of Corn Belt & Delta within Sat-Mon. As the system exits, it marks the start of at least one week of below-average temps & a continuation of near- to above-avg. rain in at least the Corn Belt & Delta
· ATI Research: Near-term weekly U.S. exports—corn, 35-40 mbu (vs. 51 last year); sorghum, 8-10 mbu (vs. 7 last year)
· Private crop consultant: Weather has been beneficial for second-crop corn in Brazil; May rainfall will be important
· Ethanol margins: $0.46 per gallon vs. $0.47 last week but well below $1.39 last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· ATI Research: Expect near-term weekly U.S. soybean meal exports to average 180-190 K MT—10 K above last year
· NOPA crush report at 11:00 AM CDT. Avg. trade guess for March U.S. soybean crush is 156.2 mbu (range 155.2-157.4)
· Private crop consultant: Soybean yields in Argentina are going to be record high, it’s just a matter of how high.
· T-storm Weather: A moderate to high probability for rain exists for most drought-stricken HRW wheat later this week; please see HIGHLIGHTS section above for details
· ATI Research: U.S. SRW wheat balance sheet, 14/15 carryout at 173 mbu; 15/16 carryout is forecast at 163 mbu
ENERGY
· Firmer: CLK15, +$0.67 at $53.95; EBK, +$0.72 to $59.15; EBK-CLK, +5.21, RBK, +$.0269;NGK, +$.003; HOK, +-$.0174
· EIA estimates: crude, +3.6 (API: +2.6); Gasoline, +0.1 (-4.1); Distillates, +0.5 (-0.6)
· Cash ethanol markets were narrowly mixed on Tuesday: Chicago up 1 7/8; New York eased ¼;Gulf added 2; Tampa gained 1 ¼; Dallas of ¼; and LA was 2 ½ lower at $1.67 per gallon
· Notable gains in RINs: 2013’s up 2 5/8 to 72 ½-73 ¾; 2014’s added 3 ½ to 74-76 ½; & 2015’s firmed 2 5/8 to 71 ½-73 ½
· The May RBOB/May Ethanol spread widened $.0184 to $.2730/gal
LIVESTOCK/POULTRY    
· Choice boxed beef values gained 75-cents on Tuesday and are $1.47 higher compared to last week
· Daily estimated cattle slaughter on Tuesday was 111,000 vs. 110,000 a week ago and 115,000 last year
· The USDA mandatory pork carcass cutout value was 87-cents higher on Tuesday and are up 75-cents vs. a week ago
· CME Lean Hog Index gained $0.62 to $61.36. April futures up $0.075 at $63.175 and are $1.815 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather