HIGHLIGHTS

·       USDA Prospective Plantings and Grain Stocks reports will be released at 11:00 am CDT

·       TRENDS—Mixed:  CK, +$.0025; SK, -$.0350; WK, +$.0025; KWK, -$.01 

·       What caught my eye: Refreshing to see season high corn exports of 50 million bushels for the week ending of March 26^th.  Key focus today however, will be March 1 corn stocks as well as farmers intentions with respect to corn and soybean acreage 

·       Improving PMI data from China supports global equities.  Asia: Mostly firm-- Nikkei, -0.88%; Shanghai, +0.11%; Hang Seng, +1.85%; EUROPE: Higher—DAX, +1.62%; FTSE, +1.49%; CAC, +0.73%.  WALL STREET: Futures, firm--DOW, +80; S&P, +8; NAS, +54.25.  EXTERNALS: May crude, +1.26 @ $21.35; Gold: -$27.40 @ $1,616; Sep $ Index, +0.544 @ 99.790

·       T-storm Weather®: in Brazil, a few thunderstorms form Thu. in driest second-corn in the south, but most areas will be much drier than normal over the next week.  Some thunderstorms follow in southern areas April 6-8, but it is likely for high pressure to limit coverage & amounts.  Area to the north will also be drier than normal for at least next 10 days as upper-level high pressure lingers

• CK, up $.0025 @ $3.4150; CN, unch @ $3.47.  The funds start the week by selling 6 K    
• SK, dn $0.0350 @ $8.7875; SN, dn $.0275 @ $8.8375.  Funds: Even SB & SBO, bot 3 SBM.  Board crush: $1.29 (K/K), +4; LY, $1.01 
• WK, up $.0025 @ $5.6975; WN, dn $.01 @ $5.5725.  The funds were even in Monday’s trading                                         

​ CORN/SORGHUM

·       USDA Prospective Plantings report to be released today: average trade estimate of U.S. corn acreage is 94.1 million acres (range of 92.0-96.4)

·       USDA Grain Stocks today: avg. trade est. U.S. corn stocks, 8.134 bbu (range 7.825-8.492) v. 8.613 bbu last year

·       T-storm Weather®: on safrinha (double crop) corn in southern Brazil, mainly dry & hot weather prevail through Wed.  A fast-moving but weakening cool front sweeps across the region on Thu,. but only triggers isolated thunderstorms

·       Consultant: Brazil corn crop est. is unch at 98.0 MMT with a neutral to lower bias.  Weekend rain on southern safrinha (double crop) corn was not enough to recharge soil moisture; at least 30-40% of the safrinha corn is in need of rain 

SOYBEANS/WHEAT

·       USDA ​Prospective Plantings report to be released today: avg. trade est. of U.S. soybean acreage is 85.0 million acres (range of 82.7-87.5)

·       USDA Grain Stocks today: avg. trade est. U.S. soybean stocks, 2.228 bbu (range 2.075-2.701) v. 2.727 bbu last year

·       USDA Prospective Plantings today: avg. trade est. of U.S. wheat acreage is 45.0 million acres (range of 44.0-46.0)

·       USDA Grain Stocks today: avg. trade est. U.S. wheat stocks, 1.430 bbu (range 1.385-2.701) v. 1.593 bbu last year

·       T-storm Weather®: in the U.S., two systems produce rain through Sat.-Sun.; highest totals in wettest areas of Delta, as well as driest areas of eastern Dakotas & MN; upcoming rains aid some drier HRW wheat in western KS around Thu.

ENERGY

·       Higher: CLK20, +$1.26 @ $21.35; EBK, +$0.49 @ $23.25; EBK-QCLK, -$.76; RBK, +.0135; NGK, +.029; HOK, +.0130

·       Chicago ethanol fell $.0650 Monday to $.8950/gallon; basis, mostly firm:  NYC, +$.0150 @ $.0850; Gulf, +$.0150 @ $.10; Dallas, unch @ +$.1550; Tampa, -$.0050 @ +$.2050; LA, +$.12 @ +$.1050

·       Ethanol RINs values, lower: 2018’s, -8.00 @ 14-16; 2019’s, -3.50 @ 17 ½ -18 ½: -2.25 @ 23 ½ -26 ½                                   &n​bsp;                       &nb​sp;                        &nb​sp;                       &nbs​p;               

&midd​ot;       The April RBOB/April ethanol inverse narrowed $.0108 Monday to $.3545, premium ethanol     

LIVESTOCK/POULTRY                             &​nbsp;         

• Choice boxed beef was $1.87 lower on Monday at $250.97, and is down $6.35  versus a week ago
• 5-Area Weekly Weighted Average Steer price gained $9.42 v. last week to $119.31/cwt, but is dn $7.03 v. last year
• USDA mandatory pork carcass cutout value fell $2.72 on Mon. to $70.00, & is down $12.68 versus last week
• Current nearby board hog crush value is $36.73/cwt vs. last week’s $40.35, last month’s $50.17 & last year’s $62.16

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®