HIGHLIGHTS
· MARKET TREND—Lower: CK, down $.01; SK, down $.0450; WK, down $.0125; KWK, down $.0025
· MACRO—Not much happening; traders will look to initial jobless claims and GDP data to give an impetus to today’s trading. ASIA—Weaker: Nikkei, -.80%; Shanghai, -1.00%; Hang Seng, -0.37%. EUROPE—searching for direction: DAX, +0.12%; FTSE, -0.09%; CAC, +0.00%. Wall STREET-Futures are lower: DOW, -17; S&P, -2.50; NAS, -4.25. EXTERNALS: Sep $ Index, +0.159 @ 99.845; April Gold, -$4.00 @ $1,249.70; May Crude, -$0.18 @ $49.33 @ $48.65
· T-storm Weather: Three well-organized systems generate heavy rain across most of the central U.S. over the next 7 to 10 days, especially across the central / southern Plains, southeast two-thirds of the Corn Belt, and Delta; 1.50" to 3.00" amounts commonplace. Therefore, soil moisture sharply increases – most notably in the Plains where recent and upcoming totals are particularly heavy relative to climatology
· Corn: CK down $.01 @ $3.5750; CN down $.0075 @ $3.6625. Fund buying totaled 1 K at mid-week
· SB: down $.0450 @ $9.6450; SN down $.0375 @ $9.7550. Funds: sold 3 SB, 0SBM, 3 SBO. Board Crush: $.80, +1; LY; $.60
· Wheat: WK down $.0125 @ $4.2425; WN down $.0125 @ $4.3750. The funds bought 1 K in Wednesday trading
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 35-47 for 16/17 corn
· T-storm Weather: A several-day period of drying develops away from U.S. Southern Plains late next week & weekend, but additional systems are likely to pass; near-normal rain is most probable within a cooler period over April 8-12.
· Ethanol grind: Total of 1,054,000 barrels/day for week end March 24—up 10 thou v. last week & up 6.3% v. last year
· Consultant: Argentina corn crop estimate is unchanged this week at 37.0 MMT. Early planted corn is 16% harvested, which is up 6% for the week. Later planted corn is entering into grain filling in good condition with good soil moisture
SOYBEANS/WHEAT
· Export Sales report. Trade expects 13-20 mbu for 16/17 soybeans; soymeal, 100-300 K MT; soyoil, 0-30
· Consultant: Argentina soybean crop est. is up 1.0 MMT this week at 56.0 MMT. Barring any future problems such as flooding rains, crop is going to be much better than anyone had expected—especially after flooding in late December.
· T-storm Weather: Heavy rain affects the western quarter of soybeans in Argentina through next week
· Export Sales report. Trade expects 9-17 mbu for 16/17 all wheat
· T-storm Weather: Prior to current heavy rain, 64% of U.S. HRW wheat had been drier than normal the last 60 days. Rain will sharply diminish coverage by more than 50 points—the 3rd consecutive year dryness broke sharply in spring
ENERGY
· Down: CLK17, -$0.18 @ $49.44; EBK, -$0.30 @ $52.12; EBK-QCLK, -.12; RBK, -$.0071; NGK, -$0.022; HOK, -$.0102
· A mostly higher trend was noted in cash ethanol markets on Wednesday: Chicago climbed 2 1/8; New York firmed 1 ¾; Gulf, Dallas and Tampa all increased 1; but LA was 2 lower at $1.65 per gallon
· Ethanol RINs lower Wed.: 2015’s down 1/8 at 53 ½-54 ¼; 2016’s eased 1/8 to 54 ½-55 ¼; & 2017’s fell ¼ to 54 ½-55 ¼
· The April RBOB/April ethanol spread widened $.0311 to+$.10600/gallon yesterday, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values fell $2.65 on Wednesday to $216.92, and are down $6.08 vs. last week
· Over the past six trading days, choice boxed beef has declined $8.01 (3.6%) and is the lowest since March 9
· USDA mandatory pork carcass declined $1.20 on Wednesday to $75.83, and is $2.75 lower compared to a week ago
· Quarterly Hogs and Pigs report today: Avg. trade est, all hogs and pigs, 103.9%; breeding, 101.7%, market, 104.1%
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather