HIGHLIGHTS
· Market Trend: Corn, CK Down $.0050; Soybeans, SK Down $.01; Wheat, WK Up $.03, KWK Up $.0125
· Many overseas markets are closed today for the May Day celebration. The Nikkei edged up .06%; the FTSE is .22% higher. U.S. futures suggest a modest recovery from Thursday’ssharp sell-off with the DOW pre-market reading at +69; the S&P, +6 ¼ and the NASDAQ, +8. A deluge of data is set to hit the market with attention focused on the ISM mfg index (a rise to 52 is hoped for); construction spending; vehicle sales and the U of MI April consumer survey. Externals: $ Index up .188 at 95.28; the energies are weaker and June gold is off $1.50 at $1,180.90
· T-storm Weather: Temperatures warm sharply from west to east through Saturday, followed by sharp increases in humidity from Monday forward. Mainly dry weather accompanies warming, but a dissipating cool front triggers thunderstorms from / near Nebraska through the northwest half of the Corn Belt Sunday-Monday. Thereafter, a large system passes overTuesday-Thursday and develops widespread thunderstorms within the Plains and much of the Corn Belt, but areas in / near the Delta stay dry due to the influence of surface-level high pressure in the Southeast. Rain likely returns to the Delta from around next Thu. - Fri. forward
· May Corn Down $.0050 at $3.62; July Down $.0050 at $3.6575. Dely: Corn, 0; ETOH, 8. Funds sold 5 K on Thursday
· May SB Down $.01 at $9.7750; July Up $.0050 at $9.7650. Dely: SB, 1; SBO, 378 The Funds sold 5 K SB; 6 K SBM; even SBO
· May Wheat Up $.03 at $4.70; July Up $.03at $477. Dely: HRW, 217; SRW, 125. The funds sold 6 K
CORN/SORGHUM       ;
· ; ATI Research: Since 2009, the increase in U.S. corn planting progress from April 26 to May 3 has ranged from 5% in 2013 to 21% in 2012. The increase in 2015 looks set to top the recent high if short-term dry weather forecasts hold
· Year-to-date total 14/15 export sales commitments of sorghum are 317.8 mbu, or 90.8% of the latest USDA forecast for 350 million. Outstanding sales: 85 mbu vs. 51 last year
· U.S. corn export sales for 14/15 of 32.8 mbu for week end April 23 were down 4% vs. last week but up 33% v. 4-week avg. Outstanding sales: 531 mbu vs. 636 last year
· T-storm Weather: Corn planting continues over the next 7-9 days in the Delta and southeast Corn Belt
SOYBEANS/WHEAT
· Export sales for U.S. 14/15 soybeans of 15.9 mbu for week end April 23 were up sharply from the prior week and well above the 4-week average of only 2.5 million. Outstanding sales: 135 mbu v. 96 last year
· T-storm Weather: A cool front brings heavy rainfall of 0.75” to 1.50” to Argentina today-Saturday, slowing remaining soybean harvesting
· U.S. 14/15 wheat export sales week end April 23: -16.5 mbu, marketing year low. Outstanding: 101 mbu v. 147 in ‘14
· Updated NWS forecast for month of May shows above to much above normal precip for Central and Southern Plains
ENERGY
· Lower: CLM15, -$0.090; EBM, -$0.0177; EBM-CLM, +6.83, RBM, -$.0177; NGM, -$.028; HOM, -$.0101
· A mixed trend was noted in cash ethanol markets on Thursday: Chicago down 1 ½; New York and Dallas slipped 1; Gulf eased ½; Tampa up ¼; and LA was 3 lower at $1.80 per gallon
· Mixed trend in RINs: 2013’s steady at 73-74 ½; 2014’s down ¼ to 74-75 ½; and 2015’s up ¾ to 72 ½-74
· The June RBOB/May Ethanol spread gained almost 5 cents on Thursday, settling at $.4307/gal; currently, $.3954
LIVESTOCK/POULTRY ;
· ;Choice boxed beef values were $1.65 lower on Thursday and are down $3.11 compared to a week ago
· Dressed steer weight for week ending April 18: 872 lbs vs. 871 last week, 871.25 for 4-week avg. and 844 last year
· The USDA mandatory pork carcass cutout value gained $1.54 Thurs., is up $3.18 v. last week & highest since Feb. 18
· CME Lean Hog Index $0.91 higher to $68.16. May futures up $1.625 to $76.95 and are $8.79 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather