HIGHLIGHTS

·       TRENDS—Mostly firm:  CK, +$.03; SK, +$.0325; WK, -$.01; KWK, +$.01

·       What caught my eye: Bean export sales.  At just 9 million, the lowest weekly total of the year and well below the implied rate of 22.  Not surprising with the weak Real encouraging farmer sales 20 points above average

·       A Gilead Sciences drug offers hope for COVID-19 treatment.  Asia: Higher-- Nikkei, +3.15%; Shanghai, +0.66%; Hang Seng, +1.56%; EUROPE: Much higher—DAX, +3.95%; FTSE, +3.36%; CAC, +3.93%.  WALL STREET: Futures, UP!--DOW, +747; S&P, +87; NAS, +201.   EXTERNALS: May crude, -$0.78 @ $19.06; Gold: -$30.70 @ $1,701; Sep $ Index, +0.185 @ 100.250

·       T-storm Weather®: in the U.S., some rain & snow in Corn Belt & Delta near-term limit planting, while drying aids it from KS south.  A round of rain then affects the Delta around Sunday, where wet conditions again exist.  Attention then turns to a system that focuses rain on the southern third to half of the central U.S. Tue.-Wed., including at least some of the driest HRW wheat in CO, KS, and OK.  Another system then passes April 24-26, producing rain within a wider area of the central U.S., turning more areas wetter

• CK, up $.03 @ $3.2275; CN, up $.0325 @ $3.2950.  Fund selling moderated, 3 K on Thursday       
• SK, up $.0325 @ $8.40; SN, up $.0325 @ $8.49.  Funds: sold 5 SB, SBM & SBO, NA.  Board crush: $0.95 (K/K), +23; LY, $1.03
• WK, dn $.01 @ $5.2875; WN, dn $.02 @ $5.2850.  The funds sold 6 K, not quite so dry in the Black Sea region                                       ​         

CORN/SORGHUM

​ ·       December 2020 corn futures on Thu. closed at $3.41, which is the lowest settlement price for life of the contract

·       T-storm Weather: in Brazil, no rain is expected for 10 days or longer on southern corn.  Some thunderstorms affect northern corn into early next week, then likely a sharply drier period

·       U.S. 2019/20 corn export sales for the week ending April 9 totaled 35.7 mbu, which is down 51% from the previous week and 36% from the prior 4-week average

·       NWS forecast for May released on Thu. projected above normal precip for western Corn Belt, most of IL, southern IN & the Southeast; an equal chance of above or below normal precip is forecast for MN, WI, MI, OH, ND & northern IN

SOYBEANS/WHEAT

·       Consultant: in Argentina, patchy frosts were seen last week in Buenos Aires, La Pampa, southern Santa Fe, and extreme southern Cordoba.  The cold temperatures could impact the double crop soybeans, which are still filling pods

·       NWS forecast for May released on Thu. projected above normal precip for western Corn Belt, most of IL, southern IN & the Southeast; an equal chance of above or below normal precip is forecast for MN, WI, MI, OH, ND & northern IN

·       U.S. 2019/20 wheat export sales for week end April 9 were down 31% v. last week & 49% from the prior 4-week avg.

·       T-storm Weather: rain is needed in parts of CO, OK & much of KS, accounting for the main reason that 81% & 52% of HRW wheat was drier than normal over the last 14 & 30 days.  First chance for rain on driest HRW wheat is Tue.-Wed.

ENERGY

·       Firmer: CLK20, -$0.78 @ $19.06; EBM, +$0.71 @ $28.53; EBM-QCLM, -0.20; RBK, +.0205; NGK, +.018; HOK, +.0301

·       C​hicago ethanol was $.0050 higher at $.9250/gallon; basis, mostly firmer:  NYC, +$.0125 @ $.0450; Gulf, -$.03 @ $.06; Dallas, +$.03 @ +$.0750; Tampa, +$.0350 @ +$.1750; LA, +$.0150 @ +$.12

·       Ethanol RINs values, weaker; 2018’s, -1.25 @ 22 ¾-23 ¾; 2019’s, -1.625 @ 25 ¾-28; 2020’s: -1.75 @ 34-37 ½                                                    &​nbsp;                       &n​bsp;                       &nb​sp;                       &nbs​p;  

·       The May RBOB/May ethanol inverse moved back out $.0203 to -$.2469/gallon on Thursday, premium ethanol      

LIVESTOCK/POULTRY             <​wbr>                   &n​bsp;      

• Choice boxed beef increased $5.34 on Thursday to $235.87, and is $13.20 higher versus a week ago
• Thursday’s cattle slaughter was est. at 92,000 head, 7,000 head less than last week & 30,000 less than a year ago
• USDA mandatory pork carcass cutout value was $3.05 higher on Thu. to $54.21, & is up $3.61 compared to last week
• Thursday’s hog slaughter was est. at 444,000 head, 28,000 head less than last week & 36,000 less than a year ago

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