Market Trend Corn, CK Down 1, Soybeans, SK Down 1, Wheat, WK
April 22, 2015 07:06 AM
HIGHLIGHTS
· Market Trend: Corn, CK Down $.0075; Soybeans, SK Down $.01; Wheat, WK Up $.0225; KWK Up $.015
· A mixed tone has developed in world stocks today. Japan’s Nikkei firmed 1.1% to close above the 20,0000-level for the first time in 15 years, encouraged by the country’s first monthly trade surplus since 2012. In contrast, European markets are weaker amid concern about Greece; Germany’s DAX off 0.8%, while the FTSE slipped 0.8%. U.S. stocks are lower in pre-opening trade: DOW futures, -72; NAS, -17 and the S&P, -7. Outside markets: energy futures are mostly lower; the $ Index is 0.430 lower at 97.785 and the price of gold is $0.30 lower at $1,202.60
· T-storm Weather: A cool pattern produces frosts and freezes in northern areas into the weekend. Waves of energy flow along the southern edge of coolness within Wednesday-Saturday (and potentially into Sunday-Monday), ultimately resulting in significant rainfall across the southern third to half of corn, soybeans, and winter wheat. A milder pattern develops as next week progresses, potentially opening a larger-scale corn planting window as topsoil dries and warms. That said, mildness ultimately shifts the jet stream further to the north, likely helping a stormier pattern to resume rom around next Friday (May 1 forward)
· May Corn Down $.0075 at $3.7225; July Down $.005 at $3.795. The Funds sold 5 K on Tuesday
· May SB Down $.01 at $9.7425; July Down $.005 at $9.7625. The Funds sold 3 K SB; sold 3K SBM and purchased 3 K SBO
· May Wheat Up $.0225 at $5.03; July Up $.0225 at $5.025. The funds bought 3 K on Tuesday
CORN/SORGHUM ; ;    
· T-storm Weather: A series of systems develop rainfall of 0.50”-1.50” across much of the central/southern Plains, Delta and southern Corn Belt within Wednesday-Saturday, further increasing soil moisture in wettest corn areas
· ATI Research: Near-term weekly U.S. exports—corn, 30-35 mbu (vs. 52 last year); sorghum, 9.0 mbu (vs. 3.9 last year)
· ATI Research: U.S. corn planting progress for the week ending April 26 was 17% last year and the 5-year avg. is 25%
· Ethanol margins: $0.46 per gallon, unchanged vs. last week but below $1.09 last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· ATI Research: Expect near-term weekly U.S. soybean exports to average near 8 mbu—unchanged from last year
· U.S. soybean planting progress: Mississippi, 32% v. 24% for 5-year avg.; Louisiana, 16% v. 27%; Arkansas, 11% v. 12%
· Private crop consultant: Brazil soybean crop est. at 93.5 MMT but may increase depending on results from northeast
· T-storm Weather: 78% of U.S. HRW wheat and 87% of Kansas HRW wheat were considerably wetter than usual from April 14-20, having received at least 125% of average rainfall
· ATI Research: Near-term U.S. wheat exports projected to average 15-20 mbu short-term vs. 22.4 last year
ENERGY
· Weaker: CLM15, -$0.25 to $56.36; EBM, -$0.30 to $61.78; EBM-CLM, +5.44, RBK, -$.0023;NGK, +$.042; HOK, -$.0085
· EIA estimates: crude, +2.8 (API: +5.5); Gasoline, -0.8 (+1.1); Distillates, +1.1 (+1.7)
· Cash ethanol markets were once again mostly steady to higher on Tuesday: Chicago up 1 ¼; New York and Gulf gained 2 ¼; Tampa steady; Dallas eased ½; and LA was unchanged at $1.72 ½ per gallon
· Weaker trend in RINs: 2013’s down 1 ¼ at 70 ½-71; 2014’s off 5/8 to 72 ½-73; and 2015’s slipped 1/8 to 70 ½-70 ¾
· The May RBOB/May Ethanol spread Is trading $.0076 lower at $.2425/gal
LIVESTOCK/POULTRY  
· Choice boxed beef values were 68-cents higher on Tuesday and are up $1.37 vs. a week ago
· Trade estimates for April 24 USDA Cattle on Feed report: On feed, 99.0%; Placements, 95.6%; Marketed, 98.1%
· The USDA mandatory pork carcass cutout value increased $1.20 on Tuesday & is $2.19 higher compared to last week
· CME Lean Hog Index was up $0.49 at $64.76. May futures $1.325 higher at $71.60 and are $6.84 above the index
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