HIGHLIGHTS

• MARKET TREND—Higher: CK, +$.0075; SK, +$.1250; WK, +$.05; KWK, +$.0525
• MACRO: Trade concerns ease, administrative spokesman downplay rift, markets higher. Markets await Xi Jinping’s Tuesday speech at the Boao Forum.   Asia: Higher:  Nikkei, +0.51%; Shanghai, +0.26%; Hang Seng, +1.29%.  EUROPE: Higher: DAX, +0.65%; FTSE, +0.07%; CAC, +0.27%.  WALL STREET:  Futures are higher: DOW, +172; S&P, +18.00; NAS, +60.25.  EXTERNALS: Apr Gold: -$4.90 @ $1,327; May crude: +$0.10 @ $62.16

·         T-storm Weather: Despite a warm-up later this week, temps average colder to much-colder than normal over the next 2 weeks in most of the central U.S..  The exception is in drought-stricken areas of the southwest Plains, where temps occasionally soar into the 70s-80s.  Most areas will also be wetter than normal, especially in the northern Plains, Corn Belt & Delta.  The exception is in drought-stricken areas of the western Plains, where some rain occurs but best chances are north & east of driest areas

·         CK, up $.0075 @ $3.89250; CN, up $.0075 @ $3.97725. The funds bought 5 K to close out the week            

• SK, up $.1250 @ $10.4625; SN, up $.1225 @ $10.57. Funds: Bought 7 SB, 5 SBM, sold 3 SBO. Board crush:  $1.59, -3; LY: $.82
• WK, up$.05 @ $4.7725; WN, up $.0475 @ $4.9325.  The funds bought 4 K on Friday                   

 CORN/SORGHUM

·       &nbs​p; USDA WASDE report on April 10: Avg. trade guess for U.S. corn 17/18 carryout is 2.189 bbu vs. 2.127 in March

·         USDA WASDE: Avg. trade est. 17/18 Brazil corn crop, 90.0 MMT (94.5 in Mar); Argentina corn, 32.7 MMT (36.0 in Mar)

• T-storm Weather: In Brazil, below to much-below normal rain over next 10 days affects 75-80% of second-crop corn.  Risk of crop stress rises, though substantial rains in recent weeks left 85% of corn seasonable to wet the last 30 days

·         Export Inspections released at 10 am CDT: Corn 57.4 mbu needed; 53.1 last week.  Milo—4.4 needed; 2.1 last week

·         May 2018 corn on Friday closed at $3.88 ½, which was up slightly from $3.87 ¾ compared to the previous Thursday

SOYBEANS/WHEAT

·         USDA WASDE report on April 10: Avg. trade guess for U.S. soybean 17/18 carryout is 0.574 bbu vs. 0.555 in March

·         USDA WASDE: Avg trade est. 17/18 Brazil soybean crop, 116.2 MMT (113.0 Mar); Argentina soy, 41.3 MMT (47.0 Mar)

·         T-storm Weather: In Argentina, near- & above-normal rain next 2 weeks slows/stops soybean harvest in some areas  

·         Export Inspections released at 10 am CDT: Soybean 24.6 mbu needed; 19.9 last week

• USDA WASDE report on April 10: Avg. trade guess for U.S. wheat 17/18 carryout is 1.036 bbu vs. 1.034 in March

·         T-storm Weather: Temperatures on Saturday morning were below freezing across the entire U.S. HRW wheat belt

·         Export Inspections released at 10 am CDT: Wheat, 21.6 mbu needed compared to 13.3 last week

ENERGY

·         Mixed: CLK18, +$0.10 @ $62.16; EBN, +$0.34 @ $67.02; EBN-QCLN, +$0.24; RBK, -.0016; NGK, -.024; HOK, +.0057

·         On Friday, cash ethanol markets were higher: Chicago was quoted at $1.42725, up $0.01675; Basis to Chicago—New York, +11 ¼; Gulf, +10 ¾; Dallas, +8 ¾; Tampa, +19 ¾; and LA, +21 ¼ 

·         On Friday, ethanol RINs were mixed: 2017’s down 1 at 28 ½-31; but 2018’s up ¾ to 35-37

·         The May RBOB/April ethanol spread gave up $.0389 on Friday, falling to +$.52070/gallon 

  LIVESTOCK/POULTRY                           &nb​sp;                       &nbs​p;                        ​;   

• Choice boxed beef values fell 78-cents on Friday to $214.31 and are down $6.73 vs. a week ago
• Since March 22, choice boxed beef values have fallen $10.90 (4.8%) and are at the lowest level since Feb. 19
• USDA mandatory pork carcass cutout value declined $1.90 on Friday to $65.96 and is $4.32 lower vs last week
• CME Lean Hog Index eased $0.52 on Fri. to $54.75.  April futures fell $0.325 and are $2.625 below the index

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