HIGHLIGHTS
· MARKET TREND—Mixed: CK, down $.0050; SK, up $.01; WK, down $.0025; KWK, up $.0025
· MACRO—Markets are somewhat on edge in anticipation of today’s meeting between Trump and China’s Xi Jining. Key discussion items include trade, currencies and North Korea. ASIA—Mostly lower: Nikkei, -1.40%; Shanghai, +0.35%; Hang Seng, -0.52%. EUROPE—Mostly lower: DAX, -0.35%; FTSE, -0.49%; CAC, +0.09%. Wall STREET-Futures are mixed: DOW, +2; S&P, +0.25; NAS, -flat. EXTERNALS: Sep $ Index, +0.024 @ 100.305 April Gold, +$7.50 @ $1,253; May Crude, +$0.07 @ $51.22
· T-storm Weather: A stormy period continues across the central U.S. over the next two weeks as systems continue to parade eastward, but limited humidity may be a lacking factor for widespread coverage of heavy rain. This issue will take more time to determine with the main point being that rain affects northern areas of the Plains and Corn Belt Sunday-Monday, then the Corn Belt and Delta within Monday-Thursday
· Corn: CK down $.0050 @ $3.6425; CN down $.0075 @ $3.7175. The funds bought an estimated 4 K at mid-week
· SB: up $.01 @ $9.4525; SN up $.0150 @ $9.5675. Funds: bought 3 SB, 2 SBM, 3 SBO. Board Crush: $.7 ½, +1 ¾; LY; $.60
· Wheat: WK down $.0050 @ $4.2925; WN down up $.0050 @ $4.42. The funds were buyers of 2 K yesterday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 28-39 for 16/17 corn
· T-storm Weather: Heavy rain (and some snow) affect the southeast two-thirds of the U.S. Corn Belt into today. Several days of drying follow until the next series of systems pass next week (April 9-14)
· Ethanol grind: Total of 1,019,000 barrels/day for week end March 31—dn 35 thou v. last week but up 4.4% v. last year
· Consultant: Argentina corn crop estimate is unchanged this week at 37.0 MMT. A potential problem is excessive rain, especially in western & southern regions. Farmers fear some crop losses in low lying areas, & harvest will be slowed
SOYBEANS/WHEAT
· Export Sales report. Trade expects 13-20 mbu for 16/17 soybeans; soymeal, 100-300 K MT; soyoil, 5-20
· Consultant: Argentina soybean crop est. is unchanged this week at 56.0 MMT. Ample recent rains in La Pampa and Buenos Aires probably caused some localized production losses, but the magnitude is unclear at this time
· T-storm Weather: Heavy rain affects Argentina through early next week, turning wetter soybean areas wetter
· Export Sales report. Trade expects 9-17 mbu for 16/17 all wheat
· T-storm Weather: Near freezing minimum temps affect most U.S. winter wheat once or twice through Sat. as a brief period of unseasonable coolness follows exit of the powerhouse system. Sharp warming occurs west to east Sat-Mon
ENERGY
· Mixed: CLK17, +0.07 @ $51.22; EBM, +$0.06 @ $54.42; EBM-QCLM, +.05; RBK, -$.0038; NGK, -$0.004; HOK, +$.0028
· Cash ethanol markets were mixed on Wednesday: Chicago added 1/8; New York eased ½; Gulf and Dallas unchanged; Tampa increased ½; and LA was 1 ¾ higher at $1.82 ½ per gallon
· Ethanol RINs were weaker on Wednesday: 2016’s decreased ½ to 56-57; and 2017’s fell ¾ to 56-57
· The May RBOB/April ethanol again narrowed, $.0058, to+$.0648/gallon, premium RBOB
LIVESTOCK/POULTRY    
·   Choice boxed beef values declined $1.98 on Wednesday to $209.71, and are $7.21 lower compared to last week
· Over the past 11 trading days, choice boxed beef values have fallen $15.22 (6.8%) and are the lowest since March 6
· USDA mandatory pork carcass were 73-cents lower on Wed. at $74.34, and is down $1.49 vs. a week ago
· CME Lean Hog Index fell $0.47 on Wed. to $66.60. April futures were $0.05 lower and are $2.975 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather