HIGHLIGHTS
· MARKET TREND—Steady to Firmer: CK, unch; SK, up $.0250; WK, up $.0025; KWK, up $.0125
· MACRO—Tax reform . . . “soon, very soon” per Mnuchin boosted stocks yesterday. 1st round of the French election is Sunday, said to be too close to call. U.S. existing home sales out this am. ASIA—Mostly firmer: Nikkei, +1.03%; Shanghai, +.03%; Hang Seng, -.06%. EUROPE—Mostly weaker: DAX, +0.16%; FTSE, -0.07%; CAC, -0.46%. Wall STREET-Futures are mixed: DOW, -3; S&P, +1.50; NAS, +9.50. EXTERNALS: Sep $ Index, +0.175 @ 99.70; April Gold, -$0.10 @ $1,282; May Crude, +$0.03 @ $50.74
· T-storm Weather: A swath of heavy rain occurs Fri.-Sat. from Kansas through southern Corn belt & northern Delta. Dry weather follows (or continues) in all areas for approx. 5-7 days. A major system moves across central U.S. April 25-30. Widespread coverage of heavy rain results, affecting nearly all of central U.S. Highest coverage & amounts occur in western Corn Belt & eastern Plains, especially Wed.-Fri. Rain then focuses further to the east, ending drying across eastern Corn Belt & Delta Fri.-Sun.
· Corn: CK unch @ $3.5775; CN unch @ $3.6425. The funds sold an estimated 10 K on Thursday
· SB: up $.0250 @ $9.4925; SN up $.0250 @ $9.5925. Funds: Sold 4 SB, 4 SBM, & Bought 3 SBO. Board Crush: $.82, +1; LY; $.73
· Wheat: WK up $.0025 @ $4.0650; WN up $.0075 @ $4.2250. Fund selling amounted to 8 K yesterday
CORN/SORGHUM
· ATI Research: The 5-year avg. for U.S. sorghum planting progress increases approximately 3% from April 16-23 to 23%
· T-storm Weather: For U.S. corn planting, as of Wednesdaymorning the coverage of subsoil wetness was the highest for mid-April since 2013, but the coverage of topsoil wetness was low compared to the last five growing seasons
· Export sales of U.S. corn for week ending April 13: 29.8 mbu, down 23% v. 4-week avg. and 37% below last year’s 47.4
· Consultant: Argentina corn yields thus far are high because 54% of crop harvested is from northern & southern regions, which are highest yielding locations in the country. Yields expected to fall as harvest moves into other areas
SOYBEANS/WHEAT
· Export sales of U.S. soybeans week end April 13: 7.8 mbu, down 60% v. 4-week avg. & 48% below last year’s 15.0. Export sales of soymeal of 135,000 MT were 7% below the 4-week avg. but up 3% vs. last year’s 131.6
· Consultant: Soybean yields in the non-flooded areas of Argentina are going to be very good and probably better than expected, so that will compensate for some—but not all—of the losses caused by the flooding
· KCBT July 2017 wheat futures plummeted $0.14 on Thursday, posting a new contract low settlement price of $4.15 ½
· T-storm Weather: Coverage of topsoil & subsoil wetness are fairly low for U.S. spring wheat vs. the last five years
· Export sales of U.S. wheat week ending April 13: 15.2 mbu, down 12% v. 4-week avg. but up 41% v. last year’s 10.8
ENERGY
· Firm: CLM17, +$0.03 @ $50.74; EBM, +.02 @ $53.01; EBM-QCLM, -.02; RBM,+$.0066; NGM, +$0.015; HOM, +$.0017
· Cash ethanol markets remained mixed on Thursday: Chicago eased ½; New York and Gulf gained ½; Dallas and Tampa steady; and LA was ½ lower at $1.79 ½ per gallon
· Ethanol RINs were unchanged on Thursday: 2016’s steady at 51-52; and 2017’s steady at 51-52
· The May RBOB/May ethanol spread widened $.0085 to+$.05050/gallon, premium RBOB on Thursday
LIVESTOCK/POULTRY
· Choice boxed beef values were 55-cents higher on Thursday at $215.72, and are up $5.05 compared to a week ago
· Estimates for today’s USDA Cattle on Feed: Apr 1 on feed, 99.9%; Mar placements, 107.5%; Marketed in Mar 109.5%
· USDA mandatory pork carcass cutout declined 53-cents on Thursday to $74.02, and is 75-cents lower vs. last week
· CME Lean Hog Index eased $0.30 on Thu. to $61.59. May futures fell $2.075 but are still $2.21 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather