HIGHLIGHTS

• MARKET TREND—Mixed: CK, +$.0025; SK, +$.08; WK, -$.04; KWK, -$.04.
• MACRO: Markets are taking a breather today, following generally strong gainsTuesday. U.S. inflation and Fed policy out later in the session.   Asia: Mostly higher:  Nikkei, -0.49%; Shanghai, +0.56%; Hang Seng, +0.55%.  EUROPE: Lower:DAX, -0.27%; FTSE, -0.03%; CAC, -0.31%.  WALL STREET:  Futures indicate a lower opening: DOW, -92; S&P, -13.75; NAS, -40.00.  EXTERNALS: Apr Gold: +$4.60 @ $1,347; May crude: +$0.34 @ $65.85

·       T-storm Weather: In the U.S., temperatures turn sharply warmer over the next few days, then to below-normal levels from this weekend forward.  Heavy rain and heavy snow affect northern areas of the Corn Belt and Plains Friday-Saturday (including the potential for 10" to 20" of snow accumulation across a wide swath of / near South Dakota and Minnesota), while severe thunderstorms produce heavy rain in / near the Delta and eastern Corn Belt within Friday-Sunday

·       CK, up $.0025 @ $3.8950; CN, steady @ $3.9775. Report day found fund activity even             

• SK, up $.08 @ $10.58; SN, up $.08 @ $10.6825. Funds: Bought 2 SB, 3 SBO, sold 3 SBM. Board crush:  $1.45, -12; LY: $.83
• WK, down $.04 @ $4.88; WN, down $.04 @ $5.0450.  The funds bought 2 K yesterday                     

CO​RN/SORGHUM

·       ATI Research: USDA WASDE--Total Brazil/Argentina corn exports cut 3.0 MMT; more optimism for 18/19 U.S. exports

·       USDA WASDE: Brazil 17/18 corn crop, 92.0 MMT vs. 90.0 avg. guess.; Argentina corn, 33.0 MMT vs. 32.7 avg. guess

• T-storm Weather: After rain/snow this week in the northern/central U.S., a lull in precipitation follows for 5-7 days in most areas, except for light rain at some point in part of the northern Plains & Corn Belt Tue.-Wed. (April 18-19)

·       Consultant: Brazil corn crop est. is unch at 86.0 MMT; safrinha (double crop) corn in central Brazil is doing very good

·       Ethanol margins: $0.19 per gallon—up from $0.17 last week but below $0.38 last year.  EIA report at 9:30 am CDT

SOYBEANS/WHEAT

·       ATI Research: USDA WASDE—Slightly friendly; 0.550 bbu U.S. soybean carry-out v. trade guess of 0.574 (0.555 March)

·       USDA WASDE: Brazil 17/18 bean crop, 115.0 MMT vs. 116.2 avg. guess.; Argentina bean, 40.0 MMT vs. 41.3 avg. guess

·       Consultant: Brazil soybean production estimate is steady at 115.0 MMT; neutral to slightly higher bias going forward

·       ATI Research: USDA WASDE—Slightly negative; 1.064 bbu all wheat carry-out v. trade guess of 1.036 (1.034 in March)

·       T-storm Weather: Drying affects drought-stricken U.S. HRW wheat through 10 days, followed by some rain April 20-21

ENERGY

·       Mixed: CLK18, +$0.34 @ $65.85; EBN, +$0.15 @ $70.57; EBN-QCLN, -$0.14; RBK,-.0069; NGK, -.008; HOK, +.0044

·       EIA Report Estimates (API): crude oil, -0.5 (+1.8); Gasoline, -1.4 (+2.0); Distillates, -0.2 (-3.8).  Estimates for ethanol prod. avg. 1.031 mil barrels/day (range 0.995-1.042).  Avg. est. for ethanol stocks is 22.3 mil barrels (range 22.1-22.4)

·       On Tuesday, cash ethanol markets were mixed: Chicago was quoted at $1.465, up $0.01; Basis to Chicago—New York, +9 ¾; Gulf, +8 ¼; Dallas, +6 ½; Tampa, +19 ½; and LA, +17 ½ 

·       On Tuesday, ethanol RINs were firmer: 2017’s increased 2 ¾ to 29-33 ½; and 2018’s added 3 ¼ to 37-39 ½

·       The May RBOB/May ethanol spread gained $.0507 yesterday, to +$.57590/gallon 

  LIVESTOCK/POULTRY                    ​;                 

• ​ Choice boxed beef values fell $1.53 on Tuesday to $213.51 and are down $6.17 vs. a week ago
• Since March 22, choice boxed beef has fallen $11.70 (5.2%) and is at the lowest level sinceFeb. 19
• USDA mandatory pork carcass cutout value firmed 2-cents on Tue. to $66.14 but is still $3.95 lower vs. last week
• CME Lean Hog Index was $0.52 lower on Tue. at $53.50.  April futures climbed $0.60 and are equal to the index

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