HIGHLIGHTS
· MARKET TREND: CK, Up $.0150; SK, Up $.0475; WK, Down $.0150; KWK, Down $.0025
· Crude’s up this morning and so are global equity markets. May WTI is trading 55-60 cents higher; gold is also up, $.9.50 & the $ Index is off .178 @ 94.395. ASIA: The Nikkei soars 3.7% on a weakening yen; Shanghia edged up .31% and the Hang Seng closed 1.3% to the plus side. EUROPE: DAX, +2.2%; CAC 40, +1.1%; FTSE, +.5%. U.S. Futures: Poised for another upward move? DOW, +57; S&P, +9.50; NAS, +33
· T-storm Weather: A very large system develops periodic areas of rain and thunderstorms within the Corn Belt, Delta and Plains through late-week. Several days of dry and mild weather follow, but warming will be accompanied by a sharp uptick in humidity this weekend. Waves of energy interact with the muggy air mass from around Sunday-Monday (April 24-25) forward, resulting in a stormy period with areas or rain and thunderstorms; widespread coverage of near- or above-normal rainfall is probable within April 25 - May 3
· CK, Up $.0150 @ $3.8250; CN, Up $.0150 @ $3.8650. The funds keep buying, 15 K to begin the week
· SK, Up $.0475 @ $9.59; SN, Up $.0475 @ $9.6775. Fund activity: Bought 4 K SB; sold 2 K SBM and bought 4 K SBO
· WK, Down $.0150 @ $4.7125; WN, Down $.0150 @ $4.7950. The funds bought 8 K on Monday
CORN/SORGHUM     ;  
· USDA pegs nationwide U.S. corn planting as of April 17 at 13% compared to 7% last year and the 5-year average of 8%. Sorghum planting pegged at 16% vs. 18% last year the 21% average.
· ATI Research: U.S. corn balance sheet; 15/16 carryout est. at 1.822 bbu; 16/17 carry-out est. at 2.257 bbu as we have raised the 2016 planted acreage estimate by 1.6 mil. after reviewing historical acreage, planting pace & price trends
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 65 mbu; 16/17 carry-out pegged at 88 mbu
· T-storm Weather: Dry/hot weather affect Brazil safrinha corn until at least Mon. when a cool front breaks the pattern
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 434 mbu; 16/17 carry-out estimated at 549 mbu
· T-storm Weather: In Argentina, heavy thunderstorms focus along the northern edge of concentrated soybean production this week. Some rain occurs this weekend when a cool front passes, followed by a cooler & drier pattern
· ATI Research: U.S. HRW wheat balance sheet; 15/16 carryout pegged at 425 mbu; 16/17 carry-out est. at 431mbu
· ATI Research: Updated 2016 U.S. winter wheat production estimates (in mbu): HRW, 824; SRW, 362; and White, 215
· T-storm Weather: Very heavy rain broke drought in incredible fashion across U.S. HRW wheat with the exception of Texas panhandle. Rain is likely to return to PlainsApril 25-26 with widespread coverage of 1.25”-2.50” into early May
ENERGY
· Higher: CLK16, +$0.59, $40.37; EBM, +$.82; EBM-CLM, +$1.94, +$0.22; RBK, +$.0224; NGK, +0.045; HOK, +$.0190
· A mixed trend was noted in cash ethanol markets on Monday: Chicago gained ¼; New York added ¼; Gulf down ¼; Tampa up 1 ½; Dallas climbed 2; and LA was ½ lower at $1.74 ½ per gallon
· Ethanol RINs firmer: 2014’s up 1/8 to 73-74; 2015’s added ¼ to 73 ¼-74; and 2016’s increased 1/8 to 73-74
· The MayRBOB/May Ethanol spread inverted further, up $.0307 to -$.1165/gal on Monday
LIVESTOCK/POULTRY  
· Choice boxed beef values declined 25-cents on Monday, but at $224.88 are still up $8.43 compared to a week ago
· 5-Area Weekly Weighted Average Steer price up $0.09 v. last week to $133.99/cwt but is $27.66 lower vs. last year
· USDA mandatory pork carcass cutout value was 91-cents higher Mon. at $79.52, which is up $3.20 vs. last week
· CME Lean Hog Index was $0.12 lower Mon. at $66.55. May futures added $0.45 and are $8.30 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather