HIGHLIGHTS

• MARKET TREND—Mixed: CK, -$.01; SK, +$.0350; WK, -$.0550; KWK, -$.08.  USDA supply/demand report at 11:00 am CDT
• MACRO: Chinese President Xi Jinping vows to lower import tariffs, particularly on cars and do more to protect intellectual property rights; encourage foreign investment.   Asia: Higher:  Nikkei, +0.54%; Shanghai, +1.67%; Hang Seng, +1.65%. EUROPE: Higher: DAX, +1.05%; FTSE, +0.46%; CAC, +0.62%.  WALL STREET:  Futures are sharply to the upside: DOW, +246; S&P, +26.25; NAS, +91.75.  EXTERNALS: AprGold: -$2.00 @ $1,334; May crude: +$0.71 @ $64.13

·       T-storm Weather: In the U.S., temperatures average considerably colder than normal over the next two weeks as a series of Arctic fronts pass, and despite several days of unseasonable mildness later this week.  Areas of rain and snow accompany the pattern, especially from a strong system that develops heavy precipitation in northern areas of the Corn Belt and Plains Friday, as well as the Delta and southern Corn Belt Friday-Saturday

·       CK, down $.01 @ $3.8975; CN, down $.0075 @ $3.9825. Solid fund buying with an estimated 10 K purchased            

• SK, up $.0350 @ $10.5050; SN, up $.03 @ $10.6050. Funds: Bought 10 SB, 5 SBM, even SBO.  Board crush:  $1.57, -2; LY: $.83
• WK, down $.0550 @ $4.8525; WN, down $.0550 @ $5.0025.  The funds opened the week buying an impressive 15 K                    

CORN/SORGHUM

·       USDA WASDE report at 11:00 am CDT: 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, thunderstorms focus on the northern 20% to 25% of second-crop corn production going forward, while other areas receive little to no rain as sharp drying continues over the next two weeks

·       Consultant: Argentina corn crop estimate is unchanged at 32.0 MMT with a lower bias going forward.

·       ATI Research: U.S. corn ending stocks for the 17/18 crop year are pegged at 2.107 bbu vs. USDA at 2.127 bbu

·       USDA corn planting pace: Arkansas, 31% vs. 24% last week & 39% avg; Louisiana, 95/84/85; Mississippi, 55/50/51

SOYBEANS/WHEAT

·       USDA WASDE report at 11:00 am CDT: Avg. trade guess 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)

·       Consultant: Argentina soybean production estimate is lowered 1.0 MMT to 39.0 MMT with a lower bias going forward

• USDA WASDE report at 11:00 am CDT: Avg. trade guess for U.S. wheat 17/18 carryout is 1.036 bbu vs. 1.034 in March

·       T-storm Weather: Unseasonable mildness occurs Wed.-Fri. across drought-stricken U.S. HRW wheat; however, the same area has another widespread freeze Saturdayand/or Sunday morning when lows reach the mid-20s to low-30s

ENERGY

·       Mixed: CLK18, +$0.71 @ $64.13; EBN, +$0.87 @ $69.05; EBN-QCLN, +$0.18; RBK,+.0151; NGK, ​+.004; HOK, +.0185

·       On Monday, cash ethanol markets were mostly higher: Chicago was quoted at $1.455, up $0.02775; Basis to Chicago—New York, +9 ¾; Gulf, +9 ¼; Dallas, +6 ½; Tampa, +19 ½; and LA, +18 ½ 

·       On Monday, ethanol RINs were weaker: 2017’s fell 1 ¼ to 28-29; and 2018’s off 1 at 34-36

·       The May RBOB/May ethanol spread edged $.0045 wider on Monday to+$.52520/gallon 

  LIVESTOCK/POULTRY                   ​;                  

• ​ Choice boxed beef values increased 73-cents on Monday to $215.04 but are still $4.76 lower compared to last week
• 5-Area Weekly Weighted Average Steer price was dn $4.23 v. last week at $116.73/cwt, and is down $7.60 v. last year
• USDA mandatory pork carcass cutout value firmed 16-cents on Mon. to $66.12 but is still down $4.47 vs. a week ago
• Current nearby board hog crush value is $40.84/cwt vs. last week’s $43.06, last month’s $44.29 & last year’s $43.01

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