HIGHLIGHTS

• MARKET TREND—Mostly lower: CK, -$.0050; SK, +$.0425; WK, -$.0675; KWK, -$.08
• MACRO: Markets higher early-on as trade worries ease; latest Tweet on Syria suggest “consultation”; US to explore returning to TPP.  Asia: Mostly lower: Nikkei, +0.55%; Shanghai, -0.65%; Hang Seng, -0.07%.  EUROPE: Mostly firmer: DAX, +0.77; FTSE, -0.02%; CAC, +0.43%.  WALL STREET: Futures are mostly higher positive:DOW, +54; S&P, +5.25; NAS, -1.00.  EXTERNALS: Apr Gold: +$2.10 @ $1,341; May crude: +$0.32 @ $67.39

·       T-storm Weather: In the U.S., there is the potential of an extreme blizzard in northern areas this weekend; some models are pointing to localized snow amounts in excess of 30” in parts of MN, MI, NE and SD, dependent on whether precip stays all snow and how the system exits Sunday.  Lesser amounts are more likely.  Rain amounts of 0.75”-1.50” impact the Delta and eastern third of the Corn Belt today-Sunday; most precip focuses just north of drought-stricken HRW wheat from central Kansas south

·       CK, down $.0050 @ $3.8625; CN, down $.0050 @ $3.9675. The funds bought 5 K, weather not conducive to planting              

• SK, up $.0425 @ $10.65; SN, up $.04 @ $10.7575. Funds: bot 6 SB, 3 SBM, 1 SBO; huge sales. Board crush:  $1.31, 5; LY: $.86
• WK, down $.0675 @ $4.7425; WN, down $.07 @ $4.9125.  Rain forecasted for the Plains; funds sell 5 K             

     CORN/SORGHUM

·      &n​bsp;ATI Research: U.S. corn export sales of 33.1 mbu for week end April 5 were down 7% from last week and 46% vs. the 4-week avg.  However, unshipped export sales of 868 mbu are up 37% vs. last year & are a record for this time of year

• Consultant: In Brazil, safrinha (double crop) corn in central areas is doing very good butsafrinha in the south started off slower than normal & weather looks drier going forward; thus, crop size in southern area is yet to be determined
• T-storm Weather: Widespread coverage of near- & above-normal precip forecast across central U.S. the next 2 weeks
• USDA’s Feed Outlook report forecast 17/18 Grain Consuming Animal Units at 98.6 mil v. 98.7 in March & 95.7 last year

SOYBEANS/WHEAT

• ATI Research: Unshipped 17/18 export sales of U.S. soybeans as of April 5: 404 mbu—a record for this time of year

·       Consultant: Soybean harvest progress in Brazil: Central, complete; Parana, 84%; Santa Catarina, 40%; and Rio Grande do Sul, 35%.  Current maximum est. of Brazil soybean crop is 116.0 MMT & the current minimum est. is 114.0 MMT

·       T-storm Weather: Scattered rain returns to Argentina soybeans April 19-20 forward, as drought continues to break

·       ATI Research: Unshipped 17/18 export sales of U.S. all wheat as of April 5: 136 mbu—dn 36% vs. 212 mbu last year

·       T-storm Weather: A frost-freeze affects all U.S. HRW wheat on Sunday.  Significant rain is plausible for at least 60% of U.S. HRW wheat April 20-22, including drought-stricken areas, but especially just north & east of particularly dry areas

ENERGY

·       Mixed: CLK18, +$0.320 @ $67.39; EBN, +$0.27 @ $71.67; EBN-QCLN, -$0.08; RBK,+.0019; NGK, -.004; HOK, -.0030

·       On Thursday, cash ethanol markets were mixed: Chicago was quoted at $1.4925, up $0.005; Basis to Chicago—New York, +9 ¾; Gulf, +8 ¼; Dallas, +5 ¼; Tampa, +17 ¼; and LA, +20 ¾ 

·       On Thursday, ethanol RINs were weaker: 2017’s down 3 at 27-32; and 2018’s fell 3 ½ to 33-39 ½

·       The May RBOB/May ethanol spread lost $.0239 to close at +$.55660/gallon

  LIVESTOCK/POULTRY            &nb​sp;                        

• Choice boxed beef values fell 59-cents on Thursday to $212.48 and are down $2.61 vs. a week ago
• Dressed steer weight for week end March 31: 872 lbs, dn 6 lbs v. last week, 879.75 for 4-week avg. & 862 last year
• USDA mandatory pork carcass cutout value firmed 25-cents on Thu. to $65.41 but is still $2.45 lower vs. last week
• CME Lean Hog Index eased $0.05 on Thu. to $52.97.  April futures firmed $1.00 and are $1.33 above the index

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