HIGHLIGHTS

• MARKET TREND—Higher: CK, +$.0175; SK, +$.05; WK, +$.0475; KWK, +$.0375
• MACRO: Trade war tensions escalate as China announces additional tariffs less than 24 hours following the release of the White House’s list.  Asia: Sort of higher: Nikkei, +1.53%; Shanghai, closed; Hang Seng, closed.  EUROPE: Higher: DAX,+1.78%; FTSE, +1.31%; CAC, +1.72%.  WALL STREET:  Futures are higher: DOW, +60;S&P, +10.75; NAS, +35.25.  EXTERNALS: Apr Gold: -$10.80 @ $1,325; May crude:-$0.16 @ $63.21

·       T-storm Weather: A stormy period occurs over the next two weeks across most of the central U.S. as widespread coverage of near- and above-normal precipitation occurs, most notably within April 12-18.  The exception is in drought-stricken corn and HRW wheat areas of the southwest Plains where some precipitation occurs, but most focuses just north and east.  Note that temperatures continue to average 10F to 20F below normal in central and northern areas over the next week

·       CK, up $.0175 @ $3.8275; CN, up $.0175 @ $3.9150. Tariff-related fund liquidation totaled 8 K at mid-week            

• SK, up $.05 @ $10.2025; SN, up $.0525 @ $10.3175. Funds: Sold 25 SB, 5 SBM, 7 SBO. Board crush:  $1.73, +19; LY: $.87
• WK, up $.0475 @ $4.6050; WN, up $.0475 @ $4.7775.  The funds bought 1 K yesterday                   

CORN/SORGHUM

• Export Sales to be released at 7:30 am CDT.  Trade expects 39-51 mbu for 17/18 corn
• T-storm Weather: Second-crop corn in Brazil will be drier than normal the next two weeks (especially in Mato Grosso do Sul & Parana where ~40% is produced), but scattered rain continues the next few days in Goias & Mato Grosso

·       Consultant: In Argentina, once corn in the core region has been harvested, the nationwide corn yield is expected to decline because the later planted corn is rated worse than the early planted corn

·       Ethanol grind: Total of 1,018,000 barrels/day for week end March 30—up 15 thou v. last week but up 1.9% v. last year

SOYBEANS/WHEAT

·       Export Sales.  Trade expects 22-33 mbu for 17/18 soybeans; 150-350 K MT 17/18 soymeal; & 10-35 K MT 17/18 soyoil

• T-storm Weather: In Argentina, heavy rain occurs over the next 7-10 days when a few thunderstorms erupt along a cool front Fri.-Sat., but more so within Sun.-Tue.; 1.00”-3.00” across a wide area.  Soybean harvesting slows as a result

·       Consultant: Current maximum est. of Argentina soybean crop is 42.0 MMT & the current minimum est. is 37.0 MMT

·       Export Sales report.  Trade expects 7-18 mbu for 17/18 all wheat

·       T-storm Weather: In the U.S., another widespread freeze occurs Sat. morning across the HRW wheat belt.  Over the next 2 weeks, approx. half of HRW wheat remains drier to much-drier than normal; other half stays seasonable to wet 

ENERGY

·       Lower: CLK18, -$0.16 @ $63.21; EBN, +$0.08 @ $67.63; EBN-QCLN, +$0.17; RBK,-.0071; NGK, -.031; HOK, -.0119

·       On Wednesday, cash ethanol markets were weaker: Chicago was quoted at $1.3975, down $0.02; Basis to Chicago—New York, +10 ¼; Gulf, +10 ¼; Dallas, +7 ¾; Tampa, +19 ¾; and LA, +22 ¼ 

·       On Wednesday, ethanol RINs were declined further: 2017’s down 8 ¼ at 25-33; and 2018’s off 6 at 30-37

·       The April RBOB/April ethanol spread widened further, picking up $.0077 to+$.5768/gallon 

  LIVESTOCK/POULTRY                     &nbs​p;               

• Choice boxed beef values declined $1.49 on Wednesday to $218.19 and are down $3.43 vs. a week ago
• Over the past 9 trading days, choice boxed beef has fallen $7.02 (3.1%) & is trading at the lowest level since Feb. 21
• USDA mandatory pork carcass cutout value fell $1.32 on Wednesday to $68.77 and is 57-cents lower vs. last week
• CME Lean Hog Index eased $0.40 on Wed. at $55.60.  April futures firmed $1.40, but are still $2.525 below the index

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