HIGHLIGHTS
· TRENDS—Highe: CK, +$.04; SK, +$.10; WK, +$.07; KWK, +$.04
· What caught my eye: Some wire services circulating ideas that China may be preparing to purchase additional stocks of corn and soybeans for its reserve program with the U.S. likely to be the dominant supplier –U.S. corn prices ARE at a 6 year low
· Stocks are mixed. Asia: Mostly firm-- Nikkei, +1.52%; Shanghai, -0.19%; Hang Seng, +0.35%; EUROPE: Mostly lower—DAX, -0.16%; FTSE, -0.14%; CAC, +0.09%. WALL STREET: Futures, lower--DOW, -30; S&P, -0.75; NAS, -10.75. EXTERNALS: June crude, +$1.58 @ $15.36; Gold: +$12.60 @ $1,751; Sep $ Index, +0.262 @ 100.770
· T-storm Weather®: a potent system produces 0.75” to 1.50” across the Delta and southern third of the Corn Belt today (especially MO and central / southern areas of IL, IN, OH). A “northwest flow” pattern follows, initially accompanied by a system that flows from northwest to southeast through the central and northern Plains, Corn Belt, and Delta today-Sat., producing scattered showers in the Plains and 0.50” to 1.00” of rain in much of the Corn Belt (especially IL, IN, OH)
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CK, up $.04@ $3.2150; CN, up $.04 @ $3.2875. Funds bought 15 K, partially due to rumors of Chinese buying
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SK, up $.10 @ $8.4475; SN, up $.10 @ $8.5250. Funds bot 2 K SB,36 K SBO, sold 2 K SBM. Board crush: $0.81 (K/K), -3; LY, $1.09
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WK, up $.07 @ $5.50; WN, up $.07 @ $5.5075. Funds sold 3 K, moisture in some key HRW areas
CORN/SORGHUM
· Export Sales report to be released at 7:30 am CDT. Trade expects 24-43 for 19/20 corn
· T-storm Weather®: couple systems occur Apr. 27–May 1 in Corn Belt & Delta as pockets of rain unfold in a "northwest flow" pattern; Corn Belt will be seasonable to cool over much of the period (coolest in MI, IN, OH, WI & northern IL)
· Ethanol grind: Total of 563,000 barrels/day for the week ending April 17—down 7 thousand v. last week and 46.3% below last year
· T-storm Weather®: second-corn in Brazil receives little or no rain over the next 10 to 14 days as areas of high pressure dominate, indicating the dry season has started north, and the drought has resumed south
SOYBEANS/WHEAT
· Export Sales report. Trade expects 11-28 mbu for 19/20 soybeans; soymeal, 100-300 K MT; soyoil, 8-35
· T-storm Weather®: couple systems occur Apr. 27–May 1 in Corn Belt & Delta as pockets of rain unfold in a "northwest flow" pattern; Corn Belt will be seasonable to cool over much of the period (coolest in MI, IN, OH, WI & northern IL)
· ATI Research: bias on near-term U.S. soybean exports is unchanged at 15-25 mbu per week
· Export Sales report to be released at 7:30 am CDT. Trade expects 4-13 mbu for 19/20 all wheat and 7-18 for 20/21
· T-storm Weather®: next week, mildness dominates the U.S. Plains, aiding HRW wheat development (and spring wheat planting), though best rain chances are just outside the region
ENERGY
· Up: CLM20, +$1.58 @ $15.36; EBM, +$1.50 @ $21.87; EBM-QCLM, +$.07; RBM, +.0453; NGM, -.014; HOM, +.0297
· Chicago ethanol rallied $.03375 to $.92/gallon; basis, mostly softer: NYC, -$.02375 @ $.01; Gulf, -$.0050 @ $.06; Dallas, -$.00875 @ +$.10; Tampa, -$.0375 @ +$.19; LA, +$.0312 @ +$.2450
· Ethanol RINs values, higher; 2018’s, +1.75 @ 20 ½ -21; 2019’s, +1.75 @ 24 ½ -25; 2020’s: +2.25 @ 34-35        
·   The May RBOB/May ethanol spread fell $.1011 to $.2816/gallon, premium ethanol
LIVESTOCK/POULTRY  
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Choice boxed beef increased $15.90 on Wednesday to $275.75, and is $45.22 higher versus a week ago
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Estimates for Apr. 24 USDA Cattle on Feed: Apr. 1 on feed, 95.2%; Placed in Mar., 82.1%; Marketed in Mar., 112.3%
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USDA mandatory pork carcass cutout value firmed $3.61 on Wed. to $72.61, & is up $21.45 compared to last week
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CME Lean Hog Index gained $0.59 on Wed. to $45.36. May futures were $2.95 higher & are $1.865 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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