HIGHLIGHTS

·       USDA’s World Agricultural Supply and Demand Estimates (WASDE) report will be released at 11:00 am CDT

·       TRENDS—Higher:  CK, +$.0175; SK, +$.0350; WK, +$.0250; KWK, +$.0425 

·       What caught my eye: Most of the focus in today’s WASDE is likely to be on ethanol grind and the impact on ending corn stocks; yesterday’s EIA numbers had some talking an annual grind approaching 4.7 bbu, versus USDA’s March 5.425 figure 

·       Markets in search of direction.  Asia: Mostly firm-- Nikkei, -0.04%; Shanghai, +0.37%; Hang Seng, +1.38%; EUROPE: Mostly firm—DAX, +0.55%; FTSE, +0.63%; CAC, -0.36%.  WALL STREET: Futures, mixed--DOW, +19; S&P, -1.15; NAS, -9.25.  EXTERNALS: May crude, +$1.59 @ $26.68; Gold: +$21.20 @ $1,705; Sep $ Index, -0.055 @ 100.100

·       T-storm Weather®: in the U.S., an unusual cold period continues in some fashion for at least 10 to 14 days, peaking Mon.-Tue. after a powerhouse system exits this weekend, and potentially inducing record lows in 0s and 10s (F) in/near the Plains.  Areas of rain and snow occur in varying areas at varying times, especially Sat.-Sun. within a wide area (except western HRW wheat)

• CK, up $.0175 @ $3.3175; CN, up $.02 @ $3.3750.  Bearish EIA report, funds sell 3 K   
• SK, up $.0350 @ $8.58; SN, up $.0350 @ $8.6525.  Funds: Even SB, sold 1 SBM, 3 SBO.  Board crush: $0.89 (K/K), -5; LY, $1.01 
• WK, up $.0250 @ $5.5075; WN, up $.0175 @ $5.5025.  Fund buying at mid-week was estimated at 2 K                           &nbs​p;                

CORN/SORGHUM

·       USDA WASDE report at 11:00 am CDT: Avg. trade guess for U.S. corn 19/20 carryout is 2.004 bbu v. 1.892 in March

·       USDA WASDE report: Avg. trade guess Brazil corn crop, 100.6 MMT (101.0 in Mar); Argentina corn crop, 49.6 (50.0)

·       Export Sales report at 7:30 am CDT for the week ending April 2; trade expects 28-47 mbu for 2019/20 corn sales

·       Consultant: in Brazil, southern safrinha (double crop) corn areas have not been completely dry, but rains have been poorly distributed and the area remains drier than normal

·       T-storm Weather®: in Brazil, dry & cool weather affect the southern ~67% of double crop corn over the next week

·       Ethanol grind: Total of 672,000 barrels/day for week ending April 3, down 20.0% v. prior week & down 32.9% v. 2019

SOYBEANS/WHEAT

·       USDA WASDE report at 11:00 am CDT: Avg. trade guess for U.S. soybean 19/20 carryout is 0.430 bbu v. 0.425 in Mar.

·       USDA WASDE report: Avg. trade est. Brazil bean crop, 123.9 MMT (126.0 in Mar.); Argentina bean crop, 52.5 (54.0)

·       Export Sales report at 7:30 am CDT for the week ending April 2; trade expects 15-33 mbu for 2019/20 soybean sales; 100-250 for 19/20 soymeal; and 8-40 for 19/20 soyoil

·       USDA Supply/Demand report April 9: Avg. trade guess for U.S. wheat 19/20 carryout is 0.940 bbu v. 0.940 in March

·       Export Sales report for week end April 2; trade expects 2-7 mbu for 2019/20 wheat sales & 6-13 mbu for 2020/21

·       T-storm Weather®: 61% & 26% of U.S. HRW wheat was drier than normal last 14 & 30 days; 83% & 47% from Kansas

ENERGY

·       Firm: CLK20, +$1.59 @ $26.68; EBM, +$1.43 @ $34.27; EBM-QCLM, +$0.38; RBK, +.0320; NGK, -.009; HOK,&​nbsp;+.0231

·       Chicago ethanol was $.0135 higher yesterday at $.85/gallon; basis, mostly weaker:  NYC, +$.0040 @ $.0550; Gulf, -$.0135 @ $.08; Dallas, -$.0635 @ +$.07; Tampa, -$.0335 @ +$.18; LA, -$.0635 @ +$.10

·       Ethanol RINs values, firm: 2018’s, +1.50 @ 22 -22 ½; 2019’s, +2.00 @ 24 ¾-25 ¼; 2020’s: +2.25 @ 35-37                                     ​;                        ​                        &​nbsp;                        &​nbsp;