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.

• CK, dn $.0050 @ $3.3125; CN, dn $.0050 @ $3.3625.  Markets ignore 375 mbu decline in ethanol grind, buy 3 K   
• 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 
• 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,&n​bsp;-.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                                    &​nbsp;                       &n​bsp;                                                 &n​bsp;                

·       The May RBOB/May ethanol inverse increased $.0457 to -$.2607/gallon on Thursday, premium ethanol     

LIVESTOCK/POULTRY                  &​nbsp;                    <​/wbr>

• Choice boxed beef firmed $1.26 on Friday to $223.93, but is still down $6.51 versus a week ago
• Week-to-week declines have been seen for choice boxed beef for 11 consecutive trading days
• USDA mandatory pork carcass cutout value gained $1.73 on Fri. to $52.33, but is still down $4.44 versus last week
• 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®