HIGHLIGHTS
· 5:55 AM Market Trend: Corn, Down 3+; Soybeans, 6-7 Higher, SK leading; Wheat, 2-3 Higher
· China’s money supply declines; Ukraine tensions escalate as pro-Russian types have gained control of government installations in nearly 10 eastern cities; more sanctions against Russia are possible. Asian markets mostly lower with the Hang Seng off 1.6%; Shanghai fell 1.4% while the Nikkei managed to close up .6%. Europe is in the red: FTSE, -.29%; DAX, -.63% and the CAC-40, -.04%. Futures for major U.S. stock indices are mostly weaker: S&P, off ¼; Dow, 13 lower with the Nasdaq up ¾’s. Gold is down $18.45; the $ Index is up .100 at 80.05 and energy futures are weaker
· T-storm Weather: Sharply colder weather seeps further south this morning, which results in a large-scale freeze with some winterkill in southern HRW wheat areas. Another round of rain follows fromWednesday night through Thursday night; around 0.50” affects the Corn Belt and Delta, and around 0.33” - 0.67” remains probable in / adjacent to driest areas of southern Kansas. Thereafter, multiple days of drying are probable in most areas – except the Delta where a system brings unneeded rainfall aroundSunday. A sharply warmer pattern coincides with drying elsewhere to improve conditions for planting as next week progresses, but widespread rain is a decent probability around April 24-25; best rain chances are in Corn Belt and Delta at that time
· May Corn Down $.0325 at $4.9975; July Down $.0325 at $5.06. The funds bought 6 K to begin the week
· May SB Up $.0625 at $14.8250; July Up $.0550 at $14.6900. Fund activity: bought 5 K SB along with 5 K SBM and 1 K SBO
· May Wheat Up $.0250 at $6.8125; July Up $.0250 at $6.8925 The funds opened the week buying 8 K; overnight KS lows around 25F although readings as low noted west of Salina
CORN/SORGHUM
· USDA Crop Progress: U.S. corn planting at 3% complete as of Sunday vs. 2% in 2013 and the 5-year average of 6%
· ATI Research: Updated balance sheet for 13/14 corn pegs carryout up 48mbu vs. last week to 1.334Bbu, with 14/15 up a like amount to 1.702Bbu
· Export Inspections; Corn, 57.0mbu (38.0 needed) with zero to China; Milo, 8.1 (4.0), China in for 7.2 million bushels
SOYBEANS/WHEAT
· ATI Research: Updated balance sheet for 13/14 soybeans--carryout unch at 126mbu with 14/15 stable at 326 million
· Crop consultant indicates Brazil soybean harvest approximately 85% complete; output pegged at 86.5 MMT
· Export Inspections: Soybeans, 9.8mbu (only 3.8 needed) with China taking 2.4 (vs. 7.2 last week)
· ATI Research: 13/14 HRW wheat carryout unchanged at 186mbu; 14/15 pegged at 176mbu
· Good/Excellent winter wheat ratings drop 1% to 34%; ATI pegs all winter output at 1.491Bbu, dn 9mbu vs. last week
ENERGY
· Futures are easier: QCLK14, -$0.95 at $103.10; QRBK, -$0.0183; QNGK, -$.014; and QHOK, -$.0053
· Cash ethanol markets were mostly weaker on Monday: Chicago off 5; Gulf up 3; Dallas declined 8; Tampa dipped 6; NY slipped 12; and LA prices were 14 lower at $3.25 per gallon
· RINs lost ground: 2012’s off 2 to 43-45; 2013’s down ½ to 44 ½-45 ½; and 2014’s dipped 2 to 41-43
· May RBOB/May ethanol spread widen further, premium RBOB to $.6964/gallon, up $.067
LIVESTOCK/POULTRY  
· After falling $11.52 over the previous seven trading days, Choice boxed beef values gained 40-cents yesterday
· The USDA 5-area weekly average steer price for last week was $149.16, down 55-cents from the week before
· The USDA pork carcass cutout value fell 98-cents yesterday and has declined $7.15 over the last six trading days
· The USDA’s Iowa/Minnesota average cash lean hog price gained 66-cents yesterday to $119.03
Sources: Bloomberg, Dow Jones, AP, T-storm Weather