HIGHLIGHTS

• MARKET TREND—Definitely lower: CK, -$.04; SK, -$.1525; WK, -$.0450; KWK, -$.0650
• MACRO: White House raises ante; considering another $100 billion in extra tariffs; Trade Rep Lighthizer says a public comment process must 1^st be completed.  Asia: Mixed:  Nikkei, -0.36%; Shanghai, closed; Hang Seng, +1.11%.  EUROPE: Weaker:DAX, -0.47%; FTSE, -0.10%; CAC, -0.45%.  WALL STREET:  Futures are down but have recovered, some: DOW, -168; S&P, -15.75; NAS, -37.00.  EXTERNALS: Apr Gold:+$0.80 @ $1,325; May crude: -$0.28 @ $63.26

·       T-storm Weather: In the U.S., unusual coldness continues across a wide area through Mon., accompanied by areas of light rain & snow with highest totals today in the Delta.  Marked warming follows as next week progresses, especially in the central/southern Plains & Delta where highs reach the 80s several times.  Warmth occurs in advance of a strong system that triggers rain in the Corn Belt and/or Dakotas within Wed.-Fri., followed by additional rain across a wider area from next weekend forward

·       CK, down $.04 @ $3.8550; CN, down $.04 @ $3.9425. Funds were back buyingThursday; a total of 25 K            

• SK, dn $.1525 @ $10.16; SN, dn $.1525 @ $10.2675. Funds: Bought 8 SB, 2 SBM, 2 SBO. Board crush:  $1.62, -11; LY: $.83
• WK, down $.0450 @ $4.6025; WN, down $.0450 @ $4.7675.  The funds bought 8 K yesterday, mostly related to Plains‘ dryness                   

 CORN/SORGHUM

·       December 2018 corn futures on Thursday closed at $4.13 ¼—highest settlement price for the contract since Aug. 9

·       ATI Research: U.S. corn export sales of 35.4 mbu for week end March 29 were off 34% vs. prior week & 50% vs. the 4-week avg.  However, unshipped export sales of 910 mbu are up 41% vs. last year & are a record for this time of year

• T-storm Weather: Rain continues for northern ~55% of Brazil second-crop corn next 5-7 days; dryness continues for 10-14 days for ~45%.  Rain becomes less frequent mid-month forward, which may make rain chances key later in April
• Consultant: Most advanced safrinha (double crop) corn in Mato Grosso, Brazil will likely start to pollinate this week

SOYBEANS/WHEAT

• ATI Research: Unshipped 17/18 export sales of U.S. soybeans as of March 29: 364 mbu—a record for this time of year

·       Consultant: In Brazil, nationwide soybean harvest is 71% complete vs. 74% last year and 69% for 5-year avg. according to AgRural.  They are in the midst of harvest in northeastern Brazil, where new record high yields are expected

·       T-storm Weather: Numerous rains begin this weekend in Argentina, slowing or occasionally stopping soybean harvest

·       ATI Research: Unshipped 17/18 export sales of U.S. all wheat as of March 29: 148 mbu—dn 33% vs. 219 mbu last year

·       T-storm Weather: In the U.S., rain over the next two weeks continues to bypass driest HRW wheat in the Plains, maintaining the rainfall dichotomy where driest wheat stays dry and wettest wheat stays wet

ENERGY

·       Mixed: CLK18, -$0.28 @ $63.26; EBN, -$0.23 @ $67.67; EBN-QCLN, +$0.02; RBK,-.0074; NGK, +.034; H​OK, -.0087

·       On Thursday, cash ethanol markets were mixed: Chicago was quoted at $1.4105, down $0.013; Basis to Chicago—New York, +11 ¼; Gulf, +10 ¼; Dallas, +7 ¼; Tampa, +18 ¼; and LA, +19 ¾ 

·       On Thursday, ethanol RINs rebounded slightly: 2017’s up 1 ¾ at 29-32 ½; and 2018’s increased 1 ¾ to 33 ½-37

·       The May RBOB/April ethanol spread narrowed in $.0172 on Thursday to+$.5596/gallon 

  LIVESTOCK/POULTRY                  &nb​sp;                  

Choice boxed beef values plummeted $3.08 on Thursday to $215.09 and are $5.91 lower compared to last week 
• Dressed steer weight for week end March 24: 878 lbs, up a pound v. last week, 881 for 4-week avg. & 868 last year
• USDA mandatory pork carcass cutout value eased 91-cents on Thursday to $67.86 and is down $1.56 vs. a week ago
• CME Lean Hog Index fell $0.33 on Thu. to $55.27.  April futures declined $0.625 and are $2.82 below the index

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