HIGHLIGHTS
· MARKET TREND—lower: CN, down $.02; SN, down $.0325; WN, down $.0375; KWN, down $.05
· MACRO—More earnings reports today along with jobless claims and international trade data. ASIA—Mostly lower:Nikkei, +0.70%; Shanghai, -0.26%; Hang Seng, -0.05%. EUROPE—Higher: DAX, +0.82%; FTSE, +0.38%; CAC, +0.91%.Wall Street-Futures are higher: DOW, +57; S&P, +6.75; NAS, +17. EXTERNALS: Sep $ Index, -0.132 @ 98.78; June Gold, -$13.40 @ $1,235; June Crude, -$0.47 @ $48.36. Deliveries: SBM, 226; SBO, 320; Corn, 544; ETOH, 168; HRW, 150; SB, 49; SRW, 0
· T-storm Weather: Heavy rain pounds the southeast third of the Corn Belt and portions of the Delta into Friday. Drying begins elsewhere today, then in the aforementioned areaFriday or Saturday. Temperatures will initially be cool in the Corn Belt with light frost in the eastern Corn Belt Saturdayand / or Sunday morning, but the Plains turn sharply warmerFriday-Saturday as maximums pop to and stay in the mid-70s to mid-80s, and then gradually expand eastward as all areas turn warmer with time
· Corn: CN down $.02 @ $3.7275; CU down $.0175@ $3.8025. The funds bought 6 K Wednesday
· SB: SN down $.0325 @ $9.72; SQ down $.0325 @ $9.7325. Funds: bot 5 SB, ,4 SBM, sold 3 SBO. Board Crush: $.84, +1; LY; $.78
· Wheat: WN down $.0375 @ $4.5025; WU down $.04 @ $4.6325. The funds sold 1 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 28-35 for 16/17 corn
· T-storm Weather: System moves into central/southern Plains around May 10 & produces pockets of rain starting near Kansas. Some showers also occur to the north, but a cool front should turn at least northeast third of Corn Belt cool
· Ethanol grind: Total of 986,000 barrels/day for week end April 28—down 1 thou v. last week but up 6.8% v. last year
· Consultant: The temperatures in southern Brazil recently set record lows. The safrinha (double crop) corn in Parana and southern Mato Grosso du Sul needs to be frost free until at least early June to avoid potential damage
SOYBEANS/WHEAT
· Export Sales report. Trade expects 11-18 mbu for 16/17 soybeans; soymeal, 50-200 K MT; soyoil, 0-22
· ATI Research: U.S. soybean export forecast raised 40 mbu to 2.1 bbu due to prospects for more shipments to China
· T-storm Weather: Strong, slow-moving system produces heavy rain of 1.00”-3.00” across Argentina over the next 10 days; potential for sharply higher amounts from Entre Rios & Santa Fe north. Soybean harvest in far north is at 5-10%
· Export Sales report. Trade expects 0-6 mbu for 16/17 all wheat and 7-15 mbu for 17/18
· T-storm Weather: Frost is plausible for SRW wheatSaturday and/or Sunday mornings in Michigan, Ohio, and potentially eastern Indiana as minimum temperatures fall into the low- and mid-30s, but a major freeze is unlikely
ENERGY
· Weaker: CLM17, -$0.47 @ $48.36; EBN, -.46 @ $50.34;EBN-QCLN, +.01; RBM,-$.0239; NGM, +$0.006; HOM, -$.0156
· Additional declines were seen in cash ethanol marketson Wednesday: Chicago off 2 1/8; New York eased 1 ½; Gulf fell 2 ¼; Dallas down 2 ½; Tampa dipped 3; and LA was 5 ¾ lower at $1.68 ½ per gallon
· Ethanol RINs were slightly firmer on Wednesday: 2016’s increased ¼ to 43-44 ½; and 2017’s added ½ to 43 ½-44 ½
· The June RBOB/May ethanol inverse swung $.0362 yesterday, back to a +$.01480/gallon carry, premium RBOB
LIVESTOCK/POULTRY
· Choice boxed beef values were $3.14 higher on Wednesday at $232.59, and are up $13.41 compared to last week
· Active cash cattle trading occurred on Wednesday with sales in the South priced at $145-146—up $8-9 vs. last week
· USDA mandatory pork carcass cutout was 42-cents loweron Wednesday at $75.21, but is $2.37 higher v. a week ago
· CME Lean Hog Index firmed $0.85 on Wed. to $61.14. May futures were $1.00 higher and are $6.81 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather