HIGHLIGHTS
· Market Trend: Corn, CK Up $.0125; Soybeans, SK Up $.0450; Wheat, WK Up $.0375, KWK Up $.0275
· The impact of sluggish QI U.S. growth traveled overseas, with the Nikkei tanking 2.69%; the Hang Seng fell .94% and Shanghai was off .76%. Europe seems to be faring a little better, only the CAC 40 is lower, off .08% with gains posted for both the FTSE (+.14%+ and the DAX (+.24%). Pre-Market indicators have the DOW 53 lower; the S&P is off 5 and NAS futures are down 21.75. Outside markets find energy mixed to edging higher (CLM, +$.40); the $ continues to be in disfavor, off .410 to 95.82 and gold is -$5.40
· T-storm Weather: Sharp warming unfolds from west to east through Saturday, and then warmth dominates through the first half of May. Except for a few showers in the Corn Belt as warming unfolds, most areas stay dry through at least Saturday. Changes begin Sunday-Monday across the northwest half of the Corn Belt as a dissipating cool front triggers widely scattered thunderstorms. Thereafter, a classic setup for rainfall begins with widespread amounts probable over May 5-10 – initially focused on the Plains and western Corn Belt, then shifting into the rest of the Corn Belt (and Delta) toward the end of the period
· May Corn Up $.0125 at $3.625; July Up $.0150 at $3.6925. Dely: Corn, 0; ETOH, 15. Funds bought 5 K Wednesday
· May SB Steady Up $.0450 at $9.93; July Up $.0350 at $9.9150. Dely: SB, 1; SBO, 12 The Funds bought 5 K SB; 5 K SBM and 4 K SBO
· May Wheat Up $.0375 at $4.81; July Up $.0450 at $4.88. Dely: HRW, 295; SRW, 184. The funds bought 4 K
CORN/SORGHUM          
·   Export Sales to be released at 7:30 AM CDT. Trade expects 20 to 28 mbu old-crop corn, 2-8 new-crop
· T-storm Weather: Dry through the weekend but widespread rain from May 5-10. Beyond May 10, a warm and stormy pattern is probable to continue as an absence of cool air prevents the jet stream from shifting around.
· Ethanol grind: 921,000 barrels per day for week end April 24--down 9 thou vs. last week but up 2.6% vs. a year ago
· December 2015 corn futures closed at $3.85 ½ on Wednesday; one year ago, the December 2014 corn contract settled at $5.12 ¼
SOYBEANS/WHEAT
· ATI Research: Narrow U.S./Brazil soybean price spread, slow S Am producer selling supporting U.S. soybean exports
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, 2 to 9 mbu old-crop, 7-15 new-crop; soymeal, 100-200 old-crop, 0-50 new-crop; soyoil, 0-20 old-crop, zero new-crop
· T-storm Weather: A low to moderate chance exists for significant rainfall to break drying in/near South Dakota over May 5-8
· Export Sales to be released at 7:30 AM CDT. Trade expects 0-4 mbu for old-crop all wheat, 4-11 new-crop
ENERGY
· Mixed: CLM15, +$0.40; EBM, -$0.02 to $65.82; EBM-CLM, +6.87, RBM, +$.0025; NGM, -$.039;HOM, -$.0044
· Cash ethanol markets were firmer on Wednesday: Chicago and Dallas added 1; New York climbed 3; Gulf up ½; Tampa gained 2; and LA was 4 ½ higher at $1.83 per gallon
· RINs were higher: 2013’s gained 5/8 to 73-74 ½; 2014’s up 3/8 to 74-76; and 2015’s added 1/8 to 72-73
· The June RBOB/June Ethanol spread added ¾ of a cent to $.3905 per gallon on Thursday
LIVESTOCK/POULTRY    
·   Choice boxed beef values were 83-cents higher on Wednesday but are down $1.51 vs. last week
· Daily estimated cattle slaughter on Wednesday was 115,000 vs. 110,000 a week ago and 119,000 last year
· The USDA mandatory pork carcass cutout value gained 41-cents Wed.--is up $3.62 v. last week & highest since Feb. 23
· CME Lean Hog Index up $0.76 to $67.25. May futures gain $1.575 to $75.325 and are $8.075 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather