HIGHLIGHTS

• MARKET TREND—Mixed: CK, -$.0050; SK, down $.0025; WK, +$.0225; KWK, +$.0525
• MACRO: Overseas markets gain on U.S. strength; futures suggest the latter is taking a pause for today.  Asia: Higher: Nikkei, +0.15%; Shanghai, +0.85%; Hang Seng, +1.40%.  EUROPE: Mostly higher: DAX, -0.02%; FTSE, +0.23%; CAC, +0.23%. WALL STREET: Futures are a little weaker: DOW, -6; S&P, -3.25; NAS, -3.00.  EXTERNALS: Apr Gold: -$3.80 @ $1,347; May crude: +$0.37 @ $68.84

·       T-storm Weather: In the U.S., dry weather is forecast in the Corn Belt over the next week, aiding drying though temperatures remain colder than normal over the next 7 to 10 days (then warm to normal levels), guaranteeing one of the coldest Aprils since 1895, and probably the coldest since 1907.  In the central and southern Plains, 0.50" to 1.00" of rain affects drought-stricken areas as a strong system passes Fri.-Sat., including a few pockets of higher amounts

·       CK, down $.0050 @ $3.8250; CN, unch @ $3.9175. The funds were buyers in mid-week trading for a total of 6 K              

• SK, dn $.0025 @ $10.4150; SN, unch @ $10.5325. Funds: sold 3 SB, 5 SBM, bot 2 SBO. Board crush:  $1.33, -3; LY: $.81
• WK, up $.0225 @ $4.7750; WN, up $.0250 @ $4.9175.  Fund buying: estimated at 5 K                       

 <​strong>CORN/SORGHUM

·       Export Sales to be released at 7:30 am CDT.  Trade expects 28-47 for 17/18 corn

• T-storm Weather: In the U.S., areas of rain return from west to east over April 25-27 with near-normal totals most probable, though it will take time to determine the exact path of several systems and rainfall coverage/amounts
• Ethanol grind: Total of 1,009,000 barrels/day for week end April 13—dn 25 thou v. last week but up 1.6% v. last year
• Consultant: While safrinha (double crop) corn in central Brazil is going to do very well, the situation of the safrinha corn in southern Brazil is a little less certain as dry weather is starting to be a concern in Parana & Mato Grosso do Sul
• ATI Research: March-May U.S. corn exports are forecast at 725 mbu compared to 689 mbu last year (+5.2%)

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 33-51 mbu for 17/18 soybeans; soymeal, 150-400 K MT; soyoil, 12-34 

·       T-storm Weather: In Argentina, a rainy period starts Thu.-Fri. & then unfolds over the following 10 days; 2.00”-4.00” affects a wide area, which is considerably wetter than normal for last half April.  Soybean harvest occasionally slows

·       Export Sales report.  Trade expects 4-13 mbu for 17/18 all wheat and 0-7 mbu for 18/19

• T-storm Weather: In addition to rain for drought-stricken U.S. HRW wheat of the central/southern Plains on Fri.-Sat., more rain is likely to follow as next week progresses, resuming April 24 or April 25 (another 0.25”-0.75” most likely)

ENERGY

·       Higher: CLK18, +$0.37 @ $68.84; EBN, +$0.38 @ $73.22; EBN-QCLN, -$0.01; RBK,+.0015; NGK, -.005; HOK, +.0128

·       On Wednesday, cash ethanol markets were higher: Chicago was quoted at $1.50375, up $0.02625; Basis to Chicago—New York, +11 ¼; Gulf, +8 ¾; Dallas, +6; Tampa, +18 ½; and LA, +23

·       On Wednesday, ethanol RINs were mixed: 2017’s eased ½ to 27-29; but 2018’s increased 1 ¼ to 36 ¾-37

·       The May RBOB/May ethanol spread edged a modest $.0001 higher on Wednesday, to+$.56630/gallon

  LIVESTOCK/POULTRY                          ​;           

• Choice boxed beef values fell 49-cents on Wednesday to $211.64, and are down $1.43 vs. a week ago
• Estimates for Friday’s USDA Cattle on Feed: Apr 1 on feed, 107.4%; Mar placements, 89.8%; Marketed in Mar 96.0%
• USDA mandatory pork carcass cutout value eased 43-cents on Wed. to $67.46, but is still $2.30 higher vs. last week
• CME Lean Hog Index increased $1.03 on Wed. to $55.05.  May futures increased $1.95 & are $14.80 above the index

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