Market Trend Corn, CK Down 4, Soybeans, SK Down 4, Wheat, WK

HIGHLIGHTS

·         Market Trend: Corn, CK Down $.0375; Soybeans, SK Down $.035; Wheat, WK Down $.0375; KWK Down $.0325

·         World stocks are firmer today with buying linked to investor optimism over recent stimulus efforts, market reform measures in China and quarterly earnings from U.S. and European companies.  Hong Kong’s Hang Seng jumped 2.8%, the Shanghai Composite Index in mainland China increased 1.8% and Japan’s Nikkei added 1.4%.  Europe is also mostly firmer with Germany’s DAX up 0.4%.  U.S. markets are also showing gains:  DOW futures, +52; NAS, +16 and the S&P, +7. Outside markets:  energy futures are mostly lower; The $ Index is 0.370 higher at 98.63 and the price of gold is up $5.08 at $1,198.58

·         T-storm Weather: A cool pattern focuses on the Corn Belt over the next 7-10 days, resulting in numerous frosts and freezes into the weekend in northern areas of Corn Belt & Plains.  Areas of rain occur to the south Wed-Sat.  Changes follow as next week progresses & a milder pattern develops.  It remains most probable for: 1) one or two upper-level systems to disconnect from the jet stream, developing widespread rain within at least the first half of next week, or 2) smaller waves develop rain as they ride through the heart of the central Plains and Corn Belt.  Either way, at least near-average rainfall is probable across a large area

·         May Corn Down $.0375 at $3.7425; July Down $.03750at $3.81. The Funds sold 5 K to begin the week

·         May SB Down $.035 at $9.74; July Down $.0375 at $9.7575.  The Funds bought 4 K SB; bought 4K SBM and purchased 1 K SBO

·         May Wheat Down $.035 at $4.9525; July Down $.04 at $4.9425.  The funds bought 5 K on Monday        

CORN/SORGHUM                              &nbs​p;                        ​;                        ​                         ​                        &​nbsp;        

·  &n​bsp;      ATI Research: U.S. corn balance sheet; 14/15 carryout up 54 mbu compared to last week to 1.917 bbu

·         ATI Research: U.S. sorghum balance sheet; 14/15 carryout unchanged vs. last week to 22 mbu

·         USDA pegs nationwide U.S. corn planting as of April 19 at 9% compared to 6% last year and the 5-year average of 13%.  Sorghum planting pegged at 19% vs. 23% last year the 22% average.

·         T-storm Weather: Rains return to the southern half of the central U.S. within Wednesday-Saturday as waves of energy ride the edge of coolness, another 0.67”-1.33” unfolds within much of the region

·         Private crop consultant increases corn production estimates for Brazil (+2.0 MMT) and Argentina (+1.0 MMT)

SOYBEANS/WHEAT

·         ATI Research: Updated U.S. soybean balance sheet; 14/15 carryout up 3 mbu vs. last week to 351 mbu

·         Private crop consultant increases Argentina soybean production estimate by 1.0 MMT

·         T-storm Weather: Frosts/freezes for HRW wheat today in northeast Colorado, western Nebraska & northwest Kansas

·         ATI Research: U.S. winter wheat crop model declines 25 mbu to 1.440 bbu; HRW, 851; SRW, 396; and White, 194

·         ATI Research: U.S. HRS wheat balance sheet, 14/15 carryout at 185 mbu; 15/16 carryout is forecast at 194z mbu

ENERGY

·         Weaker: CLK15, -$0.23 to $56.15; EBM, -$0.32 to $63.13; EBM-CLK, +6.98, RBK, -$.0182;NGK, +$.018; HOK, -$.0042

·         Cash ethanol markets were steady to higher to begin the week on Monday: Chicago gained 2 1/8; New York added 1 1/8; Gulf up 1 ½; Tampa steady;  Dallas climbed ½; and LA was unchanged at $1.72 ½ per gallon

·         RINs were mixed: 2013’s up ¼ at 71-73; 2014’s gained 1/8 to 72 ¾-74; and 2015’s eased ½ to 70 ½-71

·         The May RBOB/May Ethanol spread Is trading $.0172 lower at $.2913/gal

LIVESTOCK/POULTRY                                      &nb​sp;                    <​/p>

·         Choice boxed beef values increased $1.35 on Monday and are $1.44 higher compared to last week

·         5-Area Weekly Weighted Average Steer price decreased $2.69 last week to $161.65/cwt but is up $14.72 vs. last year

·         The USDA mandatory pork carcass cutout value decreased 54-cents on Monday but is up $1.86 vs. a week ago 

·         CME Lean Hog Index was up $0.54 at $64.27.  May futures $0.25 lower at $70.275 and are $6.005 above the index

Sources: Bloomberg, Dow Jones, AP, T-storm Weather

 

 

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