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 26th. 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
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CK, up $.0025 @ $3.4150; CN, unch @ $3.47. The funds start the week by selling 6 K
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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
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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        
· The April RBOB/April ethanol inverse narrowed $.0108 Monday to $.3545, premium ethanol
LIVESTOCK/POULTRY  
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Choice boxed beef was $1.87 lower on Monday at $250.97, and is down $6.35 versus a week ago
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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
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USDA mandatory pork carcass cutout value fell $2.72 on Mon. to $70.00, & is down $12.68 versus last week
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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®
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