HIGHLIGHTS

·       MARKET TREND—Mixed: CK, up $.0125; SK, down $.0075; WK, up .0175; KWK, down $.0025

·       MACRO—Numerous earnings releases pre-opening; initial jobless claims, durable goods out to day as well.  ASIA—Mostly higher:   Nikkei, -0.19%; Shanghai, +0.37%; Hang Seng, +0.49%.  EUROPE—Weaker:  DAX, -0.28%; FTSE, -0.61%; CAC, -0.48%.   Wall STREET-Futures are slightly higher:  DOW, +12; S&P, +0.25; NAS, +2.00.  EXTERNALS: Sep $ Index, -0030 @ 98.73; May Gold, +$0.50 @ $1,263; May Crude, -$0.48 @ $49.14 

·       T-storm Weather: Heavy rain expands early today into the Delta & Illinois, Wisconsin, & a western county or two of Indiana.  Showers also occur further east today, but not heavy rain.  A secondary area of light rain develops in Iowa & Nebraska today & Fri.  The main event occurs over Fri.-Mon. with highest potential for flooding in Arkansas, Illinois, & Missouri, including corn, soybean, & winter wheat areas.  Temps will be unusually cool across northwest third to half of central U.S. through at least Sun.

·       Corn: CK up $.0125 @ $3.6025; CN up $.01 @ $3.6750.   The funds sold 8 K at mid-week       

·       SB: down $.0075 @ $9.45; SN down $.0025 @ $9.5625.  Funds: Sold 5 SB, 5 SBM & bot 4 SBO.  Board Crush: $.86, +3; LY; $.67

·       Wheat: WK up $.0175 @ $4.0950; WN up $.0175 @ $4.2825.  The funds bought an estimated 2 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: Another system develops over May 2-5, turning temperatures cool across a large area while also producing pockets of showers – especially from the Corn Belt through the Delta (but less-so in the Plains)

·       Ethanol grind: Total of 987,000 barrels/day for week end April 21—down 6 thou v. last week but up 6.5% v. last year

·       Consultant: The weather in southern Brazil has improved for safrinha (double crop) corn in Parana, Sao Paulo and southern Mato Grosso du Sul.  No frosts are currently forecasted for safrinha corn areas of Parana

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 11-18 mbu for 16/17 soybeans; soymeal, 100-200 K MT; soyoil, 8-30 

·       Consultant: The last two soybean areas of Brazil to harvest are Rio Grande do Sul in the south & crops in the northeast.  In both areas, farmers are reporting excellent yields that have exceeded earlier estimates

·       T-storm Weather: Beyond May 5, a number of feasible possibilities exist for primary U.S. soybean growing areas, but a sudden change to dry and mild weather is the least likely scenario

·       Export Sales report.  Trade expects 11-18 mbu for 16/17 all wheat

·       T-storm Weather: A light freeze is forecast Sun. morning across western quarter to third of central Plains HRW wheat

ENERGY

·       Lower: CLM17, -$0.48 @ $49.14; EBM, -.54 @ $51.28;EBM-QCLM, -.07; RBM,-$.0301; NGM, 0$0.019; HOM, -$.0162

·       Cash ethanol markets were weaker on Wednesday: Chicago and Dallas off 1; New York eased 1 ½; Gulf fell ¾; Tampa declined 2; and LA was a 2 lower at $1.77 per gallon

·       Ethanol RINs firmed slightly on Wednesday: 2016’s up 1 at 43-45; and 2017’s increased 1 ¼ to 43-45 ½ 

·       The May RBOB/May ethanol spread moved to a slight inverse, -$.00470/gallon, premium ETOH

  LIVESTOCK/POULTRY                        ​             

·      ​; Choice boxed beef values were 17-cents higher on Wednesday at $219.18, and are up $4.01 compared to a week ago

·       With Wed. gains, choice boxed beef over the past 13 trading days has risen $11.96 (5.8%) & is highest since March 28

·       USDA mandatory pork carcass cutout fell 45-cents on Wed. to $72.84, and is at the lowest level since Dec. 2, 2016

·       CME Lean Hog Index eased $0.23 on Wed. to $59.93.  May futures fell $0.55 but are still $4.745 above the index

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather