HIGHLIGHTS
· MARKET TREND—Mixed: CK, unch; SK, down $.02; WK, down $.0075; KWK, up $.0025
· MACRO—DOW futures tumble 100 points, mostly recovers; Russia requests emergency meeting of UN Security Council as a result of U.S. missile strike on Syrian airfield. ASIA—Mostly higher: Nikkei, +0.36%; Shanghai, +0.18%; Hang Seng, -0.03%. EUROPE—Mostly lower: DAX, -0.54%; FTSE, +0.06%; CAC, -0.28%. Wall STREET-Futures are lower: DOW, -28; S&P, -3.75; NAS, -7.75. EXTERNALS: Sep $ Index, +0.085 @ 100.500 ; April Gold, +$12.50 @ $1,263; May Crude, +$0.64 @ $52.34
· T-storm Weather: Storm systems parade across the central U.S. over the next two weeks, resulting in pockets of thunderstorms next week and widespread thunderstorms the following week; widespread coverage of near- and above-normal rainfall occurs. As such, the coverage of HRW wheat that is wet at the subsoil level (based on 30-day rainfall) remains high, and the coverage of wet corn and soybeans further increases through mid-month
· Corn: CK flat @ $3.6075; CN flat @ $3.6850. Fund selling totaled 10 K yesterday
· SB: down $.0225 @ $9.3925; SN down $.0225 @ $9.5050. Funds: sold 4 SB, 2 SBM, 6 SBO. Board Crush: $.87 ¼, -1/4; LY; $.58
· Wheat: WK down $.0075 @ $4.2250; WN down $.0025 @ $4.3575. The funds were estimated to have liquidated 7 KThursday
CORN/SORGHUM
· USDA WASDE on April 11: Avg. trade est U.S. corn carryout--16/17, 2.345 bbu (range 2.270-2.484) and 2.320 in March
· WASDE estimates: Avg. trade est. 16/17 Brazil corn crop, 92.5 MMT (91.5 Mar); Argentina corn, 37.8 MMT (37.5 Feb)
· WASDE estimates: Avg. trade est world corn carryout--16/17, 222.1 MMT (range 219.6-225.2) and 220.7 in March
· T-storm Weather: Sharp drying occurs in key second-crop corn areas of Brazil from this weekend forward, potentially leaving parts of Parana drier than ideal, though coolness prevails
· U.S. corn export sales for week ending March 30: 44.8 mbu, up 13% v. 4-week avg. and 20% above last year’s 31.6
SOYBEANS/WHEAT
· WASDE estimate: Avg. trade est U.S. soybean carryout--16/17, 0.447 bbu (range 0.425-0.471) and 0.435 in March
· WASDE: Avg. trade est. 16/17 Brazil soybeans, 110.0 MMT (108.0 in Mar); Argentina soybeans, 56.0 MMT (55.5 Mar)
· WASDE estimates: Avg. trade est world soybean carryout--16/17, 84.2 MMT (range 83.2-85.8) and 82.8 in March
· T-storm Weather: Heavy rain affects Argentina soybeans Fri-Mon, followed by at least one week of dry, cool weather
· U.S. soybean export sales for week end March 30: 17.7 mbu, down 11% v. 4-week avg. but up 15% vs. last year’s 15.4
· WASDE estimate: Avg. trade est U.S. all wheat carryout--16/17, 1.152 bbu (range 1.125-1.200) and 1.129 in March
· WASDE estimates: Avg. trade est world wheat carryout--16/17, 250.6 MMT (range 249.0-253.0) and 249.4 in March
ENERGY
· Firmer: CLK17, +0.64 @ $52.34; EBM, +$0.57 @ $54.46; EBM-QCLM, -.07; RBK,+$.0139; NGK, -$0.019; HOK, +$.0188
· A weaker trend was evident in cash ethanol markets on Thursday: Chicago and Gulf down 5; New York and Dallas fell 3 ½; Tampa fell 3; and LA was 3 ½ lower at $1.79 per gallon
· Ethanol RINs were lower on Thursday: 2016’s eased 1 to 55-56; and 2017’s declined 1 to 55-56
· The May RBOB/May ethanol widened sharply on Thursday, out $.0533 to +$.1196/gallon, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values fell another $1.81 on Thursday to $207.90, and are down $7.31 vs. a week ago
· Over the past 12 trading days, choice boxed beef values have fallen $17.03 (7.6%) and are the lowest since March 1
· USDA mandatory pork carcass was down 95-cents on Thursday at $73.39, and is $1.16 lower compared to last week
· CME Lean Hog Index eased $0.45 on Thu. to $66.15. April futures firmed $0.30 but are still $2.225 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather