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)
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CK, up $.0175 @ $3.3175; CN, up $.02 @ $3.3750. Bearish EIA report, funds sell 3 K
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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
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WK, up $.0250 @ $5.5075; WN, up $.0175 @ $5.5025. Fund buying at mid-week was estimated at 2 K  
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, +.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      
· The May RBOB/May ethanol inverse was little changed at $.2150/gallon, premium ethanol
LIVESTOCK/POULTRY    
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Choice boxed beef fell $5.54 on Wednesday to $222.34, and is $12.83 lower compared to last week
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There was light cash cattle trade on Wed. in TX, NE and KS all at $105, $4.00 lower than last week's weighted average
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USDA mandatory pork carcass cutout value declined $3.02 on Wed. to $50.68, & is $10.50 lower versus a week ago
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CME Lean Hog Index was $2.55 lower on Wed. at $52.92. April futures fell $1.000 and are $9.845 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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