HIGHLIGHTS

·       TRENDS—Mostly higher:  CK, -$.0125 SK, +$.0775; WK, +$.0750; KWK, +$.0650 

·       What caught my eye: The April WASDE is still a week away but a key focus will likely be crush and domestic meal use with some suggesting a 50 million bushel or larger, boost to the former will be necessary to replace lost DDGs production

·       Most global indices lower as Covid-19 stays front and center.  Asia: Lower-- Nikkei, -1.57%; Shanghai, -0.90%; Hang Seng, -1.32%; EUROPE: Lower—DAX, -0.28%; FTSE, -0.80%; CAC, -0.91%.  WALL STREET: Futures, sort of firm--DOW, +4; S&P, +3.5; NAS, +25.5.  EXTERNALS: May crude, -1.08 @ $20.43; Gold: -$9.60 @ $1,644; Sep $ Index, +0.334 @ 98.860

·       T-storm Weather®: in southern Brazil, mainly dry & hot weather prevail across safrinha (double crop) corn through at least Wed.  A fast-moving but weakening cool front then sweeps across the region Thu., but only triggers a few thunderstorms with scattered 0.25”-0.75” amounts most common.  In central Brazil, upper-level high pressure suppresses rainfall across a wide area over the next 7-10 days, only allowing scattered 0.50”-1.00” totals to form.  In Argentina, very warm & hot weather continue through today

• CK, dn $.0125 @ $3.4475; CN, dn $.01 @ $3.5075.  The funds sold 5 K to close out the week   
• SK, up $0.0775 @ $8.8925; SN, up $.0775 @ $8.93.  Funds: Bot 2 SB; 1 SBM; 4 SBO.  Board crush: $1.25 (K/K), +3; LY, $1.00 
• WK, up $.0750 @ $5.7875; WN, up $.0625 @ $5.6350.  Fund buying related to possible Russian export quota was 4 K                              &n​bsp;        

CORN/SORGHUM

&​middot;       Export Inspections released at 10 am CDT; Corn, 46.3 mbu needed; 32.1 last week.  Milo—3.1 needed; 4.0 last week

·       T-storm Weather®: some thunderstorms dot safrinha (double crop) corn near-term in Brazil, but not heavy totals, leaving southern corn in particular in need of heavy rain in one to two weeks to avoid stress

·       Consultant: in Parana, Brazil, there are concerns in the northwestern part of the state that dry conditions have hurt the early development of the safrinha (double crop) corn

·       Buenos Aires Grain Exchange last week pegged Argentina corn harvest at 15.8%.  Harvest is currently delayed in the center of the agricultural area, as recent heavy rainfall has led to waterlogging in Buenos Aires and Santa Fe

SOYBEANS/WHEAT

·       Export Inspections released at 10 am CDT; Soybeans, 29.5 mbu needed; 21.0 last week

·       T-storm Weather®: in Argentina, widespread rain begins on Tue., resulting in 0.75”-1.50” (& pockets of 2.00”) on nearly all soybeans.  Much drier/cooler period then follows for at least a week, improving harvest condition with time

·       Consultant: in Brazil, dryness in state of Parana during soybean pod fill in Feb. has led to lower-than-expected yields

·       Export inspections released at 10 am CDT; Wheat, 26.2 needed; 12.8 last week

·       T-storm Weather®: in the U.S., showers & thunderstorms occur across much of the central/southern Plains & Delta today-Tue., producing 0.75”-1.25” for SRW wheat in the Delta & 0.25”- 0.75” on HRW wheat in much of KS, OK, & TX

ENERGY

·       Lower: CLK20, -$1.08 @ $20.43; EBK, -$1.92 @ $23.01; EBK-QCLK, -$.86; RBK, -.0505; NGK, -.046; HOK, -.0335

·      ​ Chicago ethanol gained $.0175 on Friday to $.9600/gallon; basis, weaker:  NYC, -$.0125 @ $.07; Gulf, -$.0025 @ $.0850; Dallas, -$.0225 @ +$.1550; Tampa, -$.0375 @ +$.21; LA, -$.0525 @ -$.0150

·       Ethanol RINs values, lower: 2018’s, -3.00 @ 22-24; 2019’s, -3.25 @ 20 -23; 2020’s, -3.25 @ 25 ½ -29                              ​                         ​                        &​nbsp;                       &n​bsp;                   

·       The April RBOB/April ethanol inverse eased $.0609 on Friday to $.3653, premium ethanol     

LIVESTOCK/POULTRY                 ​;                      

• Choic​e boxed beef eased 73-cents on Friday to $252.84, & is 91-cents lower compared to last week
• Cash cattle sales last week traded $116 to $122 in the South, $9.00 to $10.00 higher than the previous week
• USDA mandatory pork carcass cutout value plummeted $3.80 on Fri. to $72.72, & is $6.21 lower versus a week ago
• CME Lean Hog Index was $0.29 higher on Fri. at $66.46.  April futures fell $4.500 & are now $8.010 below the index

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