HIGHLIGHTS
· MARKET TREND—Mostly firm: CK, up $.01; SK, down $.0175; WK, up $.0125; KWK, up $.0150
· MACRO—Weaker start expected but plenty of data coming out—personal income; consumer spending, core PCE prices. ASIA—Mostly lower: Nikkei, -.81%; Shanghai, +0.39%; Hang Seng, -0.78%. EUROPE—Lower: DAX, -0.03%; FTSE, -0.45%; CAC, -0.24%. Wall STREET-Futures are weaker: DOW, -39; S&P, -6.00; NAS, -9.00. EXTERNALS: Sep $ Index, +0.035 @ 100.160; April Gold, -$3.50 @ $1,241.50; May Crude, -$0.36 @ $49.99
· T-storm Weather: Three systems produce areas of rain thoughnext Thursday-Friday (April 6-7)., breaking dryness and / or drought. A drier period briefly unfolds late next week and weekend in most areas, but remains likely to be followed by more rain as systems continue to crash into the west coast, then move across the central U.S. Note that temperatures fluctuate widely over the next two weeks, but generally average above normal despite a cold snap in the Corn Belt late next week
· Corn: CK up $.01 $3.5850; CN up $.0125 @ $3.6625. The funds sold 5 K ahead of the stx/acreage report
· SB: down $.01750 @ $9.6125; SN down $.0125 @ $9.72. Funds: sold 5 SB, 2 SBM, 4 SBO. Board Crush: $.82, +2; LY; $.61
· Wheat: WK up $.0125 @ $4.2225; WN up $.01 @ $4.35. Fund selling totaled 5 K yesterday
CORN/SORGHUM
· USDA Prospective Plantings at 11:00 AM CDT: Average trade estimate of U.S. corn acreage is 90.9 mil (range 89.0-92.5) v. 94.0 in 2016. Average trade estimate of U.S. sorghum acreage is 6.5 mil (range 5.8-7.5) v. 6.7 mil in 2016
· USDA Grain Stocks 11:00 AM CDT: Avg. trade est. U.S. corn stocks, 8.543 bbu (range 8.280-8.817) v. 7.822 bbu in 2016
· Export sales of U.S. corn for week ending March 23: 28.2 mbu, dn 47% v. 4-week avg. and 9% below last year’s 31.1
· T-storm Weather: Stormy trend persists into at least 2nd week of April for northern Brazil safrinha (double crop) corn. Rains also return to southern areas of Brazil in about a week, most notably to some drier safrinha corn in/near Parana
SOYBEANS/WHEAT
· USDA Prospective Plantings 11:00 AM CDT: Avg. trade est. U.S. soybeans, 88.3 mil (range 86.4-90.2) v. 83.4 mil in ‘16
· USDA Grain Stocks 11:00 AM CDT: Avg. trade est. U.S. soybeans, 1.676 bbu (range 1.627-1.734) v. 1.531 bbu in 2016
· Export sales U.S. soybeans week end March 23: 25.0 mbu, up 42% v. 4-week avg. & more than double last year’s 10.0
· USDA Prospective Plantings: Avg. trade est. U.S. all wheat acreage, 46.1 mil (range 44.2-48.6) v. 50.2 mil in 2016
· USDA Grain Stocks: Avg. trade est. U.S. all wheat stocks, 1.627 bbu (range 1.498-1.721) v. 1.372 bbu in 2016
· Export sales of U.S. wheat week ending March 23: 17.1 mbu, up 33% v. 4-week avg. and 46% above last year’s 11.7
· T-storm Weather: Proportion of U.S. HRW wheat drier than normal over last 60 days fell from 64% to 25% this week
ENERGY
· Lower: CLK17, -$0.36 @ $49.99; EBK, -$0.37 @ $52.59; EBK-QCLK, -.01; RBK, -$.0143; NGK, +$0.032; HOK, -$.0086
· Cash ethanol markets were firmer on Thursday: Chicago and Gulf up 2 ½; New York added 2; Dallas increased 3; Tampa climbed 4; and LA was 7 ½ higher at $1.75 per gallon
· Ethanol RINs eased Thu.: 2015’s off 1 3/8 at 51-54; 2016’s fell 1 5/8 to 52-54 ½; & 2017’s declined 1 3/8 to 52-55
· The April RBOB/April ethanol spread lost $.0098 on Thursday, narrowing to +$.09620/gallon, premium RBOB
LIVESTOCK/POULTRY ;
· ; Choice boxed beef values declined $1.71 on Thu. to $215.21, are down $7.07 vs. a week ago & lowest since March 8
· Scattered live cattle sales noted in Texas on Thu. at $128 ($2 lower), dressed values in the North were $2 to $5 lower
· USDA mandatory pork carcass fell $1.28 on Thursday to $74.55, and is $2.28 lower vs. last week
· Hogs and Pigs: All hogs & pigs, 104.2% (103.9% avg. est); breeding, 101.5% (101.7%); market, 104.4% (104.1%)
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather