HIGHLIGHTS
· TRENDS—Mostly firm: CK, -$.0050; SK, unch; WK, +$.0650; KWK, +$.0725
· What caught my eye: Was a little surprised that with the USDA taking combined corn and milo ethanol grind down 400 mbu on Thursday, feed/residual use of the two was increased just 125 mbu, which seems light according to some sources
· Oil production cut weighs on futures. Asia: Weaker-- Nikkei, -2.33%; Shanghai, -0.49%; Hang Seng, closed; EUROPE: Higher—DAX, +2.24%; FTSE, +2.90%; CAC, +1.44%. WALL STREET: Futures, lower--DOW, -304; S&P, -36; NAS, -89. EXTERNALS: May crude, +$0.25 @ $23.01; Gold: -$11.80 @ $1,741; Sep $ Index, -0.212 @ 99.265
· T-storm Weather®: in the U.S., several days of unseasonable coldness develop with hard freezes this week, including lows in the mid-20s (-4°C) on wheat in much of OK & TX Mon. & Tue., & mid-10s to low-20s (-5°C to -10°C) from CO-KS north. Some showers follow for drier HRW wheat Thu. A milder period starts next weekend to aid planting in drier areas, but a stormier period likely follows April 19 forward as a series of systems produce rain & thunderstorms within at least southern two-thirds of central U.S.
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CK, dn $.0050 @ $3.3125; CN, dn $.0050 @ $3.3625. Markets ignore 375 mbu decline in ethanol grind, buy 3 K
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SK, unch @ $8.6350; SN, up $.0025 @ $8.7124. Funds: Bot 5 SB, 3 SBO, even SBM. Board crush: $0.82 (K/K), -7; LY, $1.00
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WK, up $.0650 @ $5.63; WN, up $.0525 @ $5.6275. The funds bought 5 K on Report Day
CORN/SORGHUM
· Export Inspections released at 10 am CDT; Corn, 45.9 mbu needed; 50.1 last week. Milo—3.1 needed; 0.4 last week
· T-storm Weather®: drought is in progress on second-crop corn in Brazil & continues for at least the southern half into late-month as thunderstorms the next few days fail to provide enough rain to counter previous & upcoming deficits
· Consultant: in Brazil, the safrinha (double crop) corn crop in the state of Goias will continue to need beneficial rains for another 2-3 months with the harvest starting in July or August
· Buenos Aires Grain Exchange last week pegged Argentina corn harvest at 26.3%. Harvest has continued expanding into early-planted plots with good yields. Final corn production estimate remains at 50.0 MMT
SOYBEANS/WHEAT
· Export Inspections released at 10 am CDT; Soybeans, 28.7 mbu needed; 11.0 last week
· Buenos Aires Grain Exchange last week pegged Argentina soybean harvest at 16.2%. Good weather fostered harvest in Córdoba, Santa Fe, Entre Ríos and part of Buenos Aires. Final soybean production estimate remains at 49.5 MMT
· Consultant: soybean yields very good in Argentina northern core region, but these should be best in the country in ‘20
· Export inspections released at 10 am CDT; Wheat, 27.6 needed; 11.8 last week
· T-storm Weather®: in the U.S., light showers occur on HRW wheat in the central & southern Plains on Tue. when a weak system passes, then a better-organized system Thu. that has the potential to produce 0.10”-0.50” in the Plains
ENERGY
· Mixed: CLK20, +$0.25 @ $23.01; EBM, -$0.12 @ $31.37; EBM-QCLM, -0.24; RBK, -.0007; NGK, +.044; HOK, -.0130
· Chicago ethanol was $.0425 higher Thursday at $.8925/gallon; basis, mixed: NYC, unch @ $.0425; Gulf, -$.0200 @ $.06; Dallas, +$.0025 @ +$.0725; Tampa, +$.0125 @ +$.1925; LA, +$.0675 @ +$.1675
· Ethanol RINs values, firm: 2018’s, +1.00 @ 23 -23 ½; 2019’s, +1.25 @ 26-25 ½; 2020’s: +1.00 @ 36 ¾-37 ½      
· The May RBOB/May ethanol inverse increased $.0457 to -$.2607/gallon on Thursday, premium ethanol
LIVESTOCK/POULTRY   </wbr>
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Choice boxed beef firmed $1.26 on Friday to $223.93, but is still down $6.51 versus a week ago
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Week-to-week declines have been seen for choice boxed beef for 11 consecutive trading days
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USDA mandatory pork carcass cutout value gained $1.73 on Fri. to $52.33, but is still down $4.44 versus last week
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CME Lean Hog Index was $1.86 lower on Thu. at $51.11. April futures eased $0.325 and are $8.31 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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