HIGHLIGHTS

·        MARKET TREND—Mostly higher: CK, steady; SK, up $.0175; WK, up $.0125; KWK, up $.0325

·        MACRO—Poor March U.S. car sales do not bode well for consumer spending, economic growth; how will Trump/President XI meeting go Thurs/Fri?  ASIA—Mixed:  Nikkei, -0.91%; Shanghai, closed; Hang Seng, +0.62%.  EUROPE—Mostly lower:  DAX, -0.09%; FTSE, +0.24%; CAC, -0.12%.   Wall STREET-Futures are lower:  DOW, -47; S&P, -6; NAS, -15.25.  EXTERNALS: Sep $ Index, +0.078 @ 100.330;  April Gold, +$7.50 @ $1,258; May Crude, +$0.20 @ $50.44 

·        T-storm Weather: Two systems produce heavy rain across the central Plains and southeast half to two-thirds of the Corn Belt through Wed.-Thu.  A several-day break in rain follows before the next series of systems pass, initially focusing rain on northern areas of the Plains Sun.-Mon., then elsewhere next week as the wet pattern continues into mid-month.  The pattern most likely remains similar beyond next week given the upper-level wind flow stays similar to that of last week, this week, and next week

·        Corn: CK unch @ $3.6775; CN unch @ $3.7525.  Fund buying carried over to Monday with another 7 K purchased 

·        SB: up $.0175 @ $9.40; SN up $.0175 @ $9.51.  Funds: sold 4 SB, 2 SBM, 4 SBO.  Board Crush: $.84, +2; LY; $.59

·        Wheat: WK up $.0125 @ $4.29; WN up $.0075 @ $4.41.  The funds opened the week buying 4 K   

CORN/SORGHUM

·        ATI Research: Near-term U.S. corn export forecast model decreased from 60.4 mbu to 56.5 per week, which is 0.8 mil lower than the avg. of the past 4 weeks; is 11 mbu higher than last year; and 20 million above the 5-year seasonal avg.

·        USDA updated corn planting in Delta: Arkansas, 30% v. 30% avg; Mississippi, 63% v. 37%; & Louisiana, 90% v. 70%

·        Consultant: Brazil and Argentina corn production estimates steady from last week at 88.0 MMT and 37.0, respectively

·        ATI Research: U.S. corn balance sheet; 16/17 carryout est. at 2.263 bbu; U.S. sorghum; 16/17 carry-out at 38 mbu

·        T-storm Weather: Heavy rain is forecast over the next 10 days across southern Brazil safrinha (double crop) corn

SOYBEANS/WHEAT

·        ATI Research: Near-term U.S. soybean export forecast increased from 18.6 mbu last week to 19.2 this week.  This compares to 12.4/week last year; the 5-year average of 15.2; and the latest 4-week average of 30.9

·        Consultant: Brazil 16/17 soybean production estimate is increased 1.0 MMT to 109.0 MMT (vs. 96.5 last year).  Argentina estimate is unchanged at 56.0

·        ATI Research: U.S. soybean balance sheet; 16/17 carryout est. at 459 mbu and 17/18 pegged at 598 mbu

·        ATI Research: Near-term U.S. wheat export forecast is 20-25 mbu/week v. 14.6 last year & latest 4-week avg. of 21.1

·        ATI Research: U.S. SRW wheat balance sheet; 16/17 carryout est. at 220 mbu and 17/18 pegged at 179 mbu

ENERGY

·        Higher: CLK17, +0.20 @ $50.44; EBM, -$0.01 @ $53.11; EBM-QCLM, -.21; RBK, +$.0022; NGK, +$0.003; HOK, +$.0044

·        The uptrend in cash ethanol markets continued on Monday: Chicago and New York up 3 ¾; Gulf added 2 ¾; Dallas firmed 4; Tampa gained 3 ½; and LA was 3 ½ higher at $1.82 ½ per gallon

·        Ethanol RINs were firmer on Monday:  2016’s increased 2 ½ to 55-56 ½; and 2017’s firmed 2 ¼ to 55-56 ½

·        The May RBOB/April ethanol narrowed up $.0274 to+$.05870/gallon on Monday, premium RBOB

  LIVESTOCK/POULTRY                                 ​;                   

·        Choice boxed beef values were 69-cents lower on Mon. at $213.43, and are down $6.48 compared to last week

·        5-Area Weekly Weighted Average Steer price down $3.53 v. last week at $127.381/cwt, but is $6.45 lower v. last year

·        USDA mandatory pork carcass firmed 21-cents on Monday to $75.08, but is still $3.32 lower vs. a week ago

·        Current nearby board hog crush value is $43.50/cwt vs. last week’s $45.33, last month’s $44.53 & last year’s $50.59

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