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
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CK, dn $.0125 @ $3.4475; CN, dn $.01 @ $3.5075. The funds sold 5 K to close out the week
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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
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WK, up $.0750 @ $5.7875; WN, up $.0625 @ $5.6350. Fund buying related to possible Russian export quota was 4 K  
CORN/SORGHUM
· 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    
· The April RBOB/April ethanol inverse eased $.0609 on Friday to $.3653, premium ethanol
LIVESTOCK/POULTRY  
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Choice boxed beef eased 73-cents on Friday to $252.84, & is 91-cents lower compared to last week
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Cash cattle sales last week traded $116 to $122 in the South, $9.00 to $10.00 higher than the previous week
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USDA mandatory pork carcass cutout value plummeted $3.80 on Fri. to $72.72, & is $6.21 lower versus a week ago
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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®
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