HIGHLIGHTS

• MARKET TREND—Mostly higher: CK, steady; SK, +$.0675; WK, +$.04; KWK, +$.0675
• MACRO: Overseas markets are lower on trade tensions & Monday’s Wall Street’s debacle as Tech stocks sold off hard—fears of greater legislative oversight.  Asia: Mostly lower:  Nikkei, -0.45%; Shanghai, -0.85%; Hang Seng, +0.29%.  EUROPE: Down: DAX, -1.31%; FTSE, -0.63%; CAC, -0.78%.  WALL STREET:  Futures are positive: DOW, +42; S&P, +8.50; NAS, +25.50.  EXTERNALS: $ Index: -0.081 @ 88.790; Apr Gold: -$4.50 @ $1,338; May crude: +$0.29 @ $63.30

·       T-storm Weather: In the central U.S., temps remain much colder than normal over the next 10 days as a series of Arctic cold fronts pass.  The cold pattern causes a series of systems to produce rains & snows (except in drought-stricken HRW wheat in the southwest Plains), resulting in widespread coverage of above-normal precipitation over the first third of April; 0.50" to 1.00" of water common in the northern Plains and northwest Corn Belt, & 1.25" to 2.50" common in the southeast Corn Belt & Delta

·       CK, steady @ $3.8725; CN, down $.0025 @ $3.9550. The funds began the week buying 1 K          

• SK, up $.0675 @ $10.4225; SN, up $.07 @ $10.5325. Funds: sold 3 SB, 5 SBM, bot 3 SBO. Board crush:  $1.47, -4; LY: $.84
• WK, up $.04 @ $4.5025; WN, up $.0375 @ $4.6725.  Fund selling on Monday was estimated at 3 K                 

 CORN/SORGHUM<​/p>

·       T-storm Weather: In Brazil, thunderstorms focus on the northern 50% to 60% of second-crop corn over the next week (including Goias and Mato Grosso), while areas to the south stay dry.  Rain focuses on dry southern areas in 7-10 days

·       Consultant: Argentina corn crop est. is lowered 1.0 MMT to 32.0 MMT with a lower bias going forward.  Recent rains and a wetter short-term forecast will probably help stabilize the latest maturing corn, but not increase crop prospects

• 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, 24% vs. 18% last week & 22% avg; Louisiana, 84/63/69; Mississippi, 50/28/34

SOYBEANS/WHEAT

·       T-storm Weather: In Argentina, a stormy period begins Fri.-Sat., potentially slowing early soybean harvest in 7-10 days

·       Consultant: Argentina soybean production estimate is lowered 1.0 MMT to 40.0 with a lower bias going forward.  Although increased rain is forecast short-term, it will not likely be much help for early planted soybeans

·       ATI Research: U.S. soybean ending stocks for the 17/18 crop year are pegged at 531 mbu vs. USDA at 555 mbu

·       ATI Research: U.S. SRW wheat ending stocks for the 17/18 crop year are pegged at 221 mbu vs. USDA at 228 mbu

·       T-storm Weather: In the U.S., freezes occur Wednesday and Saturday mornings this week in much of the HRW wheat belt.  Key HRW areas of the central and southern Plains are also forecast to be drier than normal into mid-month

ENERGY

·       Firm: CLK18, +$.29 @ $63.30; EBN, +$.29 @ $69.47; EBN-QCLN, -$0.02; RBK, +.0154;NGK, -.002; HOK, +.0058

·       On Monday, cash ethanol markets were lower compared to Thursday: Chicago was quoted at $1.41625, down $0.04375; Basis to Chicago—New York, +10 ¾; Gulf, +11 ¼; Dallas, +7 ¼; Tampa, +20 ¾; and LA, +23 ¼ 

·       On Monday, ethanol RINs were steady to weaker: 2017’s down ¼ at 41 ½-44; and 2018’s unchanged at 43-46

·       The April RBOB/April ethanol spread eased $.0078 on Monday, closing at+$.5561/gallon 

  LIVESTOCK/POULTRY           &nbs​p;                        &nbs​p;

• Choice boxed beef values fell $1.24 on Monday to $219.80 and are down $2.73 vs. a week ago
• 5-Area Weekly Weighted Average Steer price was dn $4.94 v. last week at $120.96/cwt, and is down $6.42 v. last year
• USDA mandatory pork carcass cutout value firmed 31-cents on Monday to $70.59 and is up 20-cents vs. last week   
• Current nearby board hog crush value is $43.06/cwt vs. last week’s $41.64, last month’s $45.83 & last year’s $43.50

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