HIGHLIGHTS

• MARKET TREND—Lower: CK, -$.0050; SK, -$.01; WK, -$.0250; KWK, -$.0475
• MACRO: Overseas and U.S. futures are higher this morning in a so far, quiet news day. Asia--Higher: Nikkei, +0.86%; Shanghai, +1.97%; Hang Seng, +1.26%.  EUROPE: Mostly Higher: DAX, +0.33%; FTSE, +0.31%; CAC, -0.115%.  WALL STREET: Futures suggest a positive opening: DOW, +109 S&P, +12.25; NAS, +35.25.  EXTERNALS: AprGold: +$3.70 @ $1,326; June crude: +$0.40 @ $69.04

·       T-storm Weather: The Corn Belt remains cooler than normal over the next five days.  All of the central U.S. then turns sharply warmer from west to east Sat.-Sun., followed by widespread mildness next week.  Areas of rain affect the eastern Corn Belt through today, as well as much of the Plains today-Wed., & the Delta on Thu.  Dry weather follows for all of these areas April 27-30, & drying also continues within far-northern areas of the Plains & northwest half to two-thirds of Corn Belt in this period

·       CK, dn $.0050 @ $3.7850; CN, dn $.0075 @ $3.8675.  The funds began the week buying 4 K               

• SK, dn $.01 @ $10.1975; SN, dn $.01 @ $10.3125. Funds: sold 6 SB, 2 SBO, 2 SBM.Board crush:  $1.39, 0; LY: $.83
• WK, dn $.0250 @ $4.59; WN, dn $.0325 @ $4.7125.  The funds sold 2 K on Monday                        ​ 

CORN/SORGHUM

• USDA estimates U.S. corn planting progress as of April 22 at 5% vs. 15% last year and the 5-year average of 14%
• T-storm Weather: In the U.S., a series of storm systems likely pass from May 1 forward, resulting in widespread coverage of near-normal rainfall for the Corn Belt over May 1-7; current forecast amounts are 0.50" to 1.50"

·       Consultant: Brazil corn crop est. is steady at 87.0 MMT with a neutral bias going forward.  Current estimates are that approx. 65% to 70% of the safrinha (double crop) corn in Brazil is in good condition, while the remainder needs a rain

• ATI Research: Bias on near-term U.S. corn exports is 50-60 mbu per week

SOYBEANS/WHEAT

• USDA estimates U.S. soybean planting progress as of April 22 at 2% vs. 5% last year and the 5-year average of 2%

·       Consultant: Brazil soybean crop est. is steady at 115.0 MMT with a neutral to slightly higher bias.  Harvest is at 91% 

• ATI Research: Near-term U.S. soybean exports est. at 10-20 mbu/week.  While sales of U.S. beans have been record large, that may be for naught should China abandon the U.S. for the rest of the 17/18 crop year in favor of Brazil

·       ATI Research: Near-term U.S. wheat export forecast is 15-20 mbu/week v. 24.0 last year & latest 4-week avg. of 18.2

·       ATI Research: U.S. Good/Excellent unch at 31%; winter wheat model pegs ‘18 crop @ 1.097 bbu; -5 mbu v. last week

• USDA estimates U.S. spring wheat planting progress as of April 22 at 3% vs. 21% last year and the 5-year avg. of 25%

ENERGY

·       Higher: CLM18, +$0.40@$69.04; EBM, +$0.22@$74.93; EBM-QCLM, -$0.17; RBM,+.0041; NGM, +.010; ​;HOM, +.0047

·       On Monday, cash ethanol markets were mixed: Chicago was quoted at $1.50375, down $0.00625; Basis to Chicago—New York, +11; Gulf, +8 ½; Dallas, +9; Tampa, +22; and LA, +27 ½

·       On Monday, ethanol RINs eased: 2017’s off ¼ to 28 ½-30; and 2018’s fell 1 to 35 ½-37

·       The May RBOB/May ethanol spread continues to widen, adding $.0368 on Monday, to+$.6337/gallon

  LIVESTOCK/POULTRY                        &nbs​p;            

• Choice boxed beef values soared $3.13 on Monday to $215.11, and are $3.32 higher compared to last week 
• 5-Area Weekly Weighted Average Steer price was up $2.22 v. last week at $121.71/cwt, but is down $9.89 v. last year
• USDA mandatory pork carcass cutout value eased 13-cents on Monday to $66.97, and is down 61-cents v. a week ago
• Current nearby board hog crush value is $46.49/cwt vs. last week’s $45.21, last month’s $41.64 & last year’s $39.34

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