HIGHLIGHTS

• MARKET TREND—Mostly lower: CK, -$.01; SK, +$.0275; WK, -$.0925; KWK, -$.11.
• MACRO: Markets are mixed around the globe as investors weigh instability in the Mid-East along with on-going volatility. Gold however, is weaker.   Asia: Lower: Nikkei, -0.12%; Shanghai, -0.87%; Hang Seng, -0.21%.  EUROPE: Struggling: DAX,+0.04; FTSE, -0.04%; CAC, +0.02%.  WALL STREET:  Futures are positive: DOW, +36;S&P, +6.00; NAS, +19.00.  EXTERNALS: $ Index: -.043 @ 88.375; Apr Gold: -$9.50 @ $1,347; May crude: +$0.20 @ $67.02

·       T-storm Weather: In the U.S., heavy rain and snow develops in northern areas of the Corn Belt & Plains within Friday-Sunday, while severe thunderstorms with heavy rain occur in the Delta & eastern Corn Belt.  A five-day lull in precipitation follows for most, after which another large and strong system develops rain over April 19-22, and likely again a few days later. Temps will average slightly to moderately below-normal, leading to one of the coldest Aprils of last 124 years in Corn Belt & northern Plains

·       CK, down $.01 @ $3.85; CN, down $.0125 @ $3.9450. The funds sold 7 K on Tuesday              

• SK, up $.0275 @ $10.5050; SN, up $.0275 @ $10.6150. Funds were sellers: 2 SB, 5 SBMO, 4 SBO. Board crush:  $1.36, -9; LY: $.84
• WK, down $.0925 @ $4.78; WN, down $.09 @ $4.9525.  Fund selling estimated at 5 K yesterday                      
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CORN/SORGHUM

• Export Sales to be released at 7:30 am CDT.  Trade expects 35-55 mbu for 17/18 corn
• T-storm Weather: In Brazil, the southern ~60% of second-crop corn remains drier than normal over the next two weeks, while thunderstorms focus on / near the other ~40% in Goias and Mato Grosso

·       Consultant: While there have been some recent rains in Argentina, they are coming too late for the early corn; however, they might help some of the later planted corn

·       Ethanol grind: Total of 1,034,000 barrels/day for week end April 6—down 4 thou v. last week but up 4.9% v. last year

SOYBEANS/WHEAT

·       Export Sales.  Trade expects 33-51 mbu for 17/18 soybeans; 150-400 K MT 17/18 soymeal; & 20-45 K MT 17/18 soyoil

• T-storm Weather: In Argentina, widespread coverage of near- and above-normal rainfall develops across soybean areas over the next 10 days, possibly slowing or stopping harvest

·       Consultant: Current maximum est. of Argentina soybean crop is 41.0 MMT & the current minimum est. is 37.0 MMT

·       Export Sales report.  Trade expects 6-13 mbu for 17/18 all wheat, and 4-11 mbu for 18/19 all wheat

·       T-storm Weather: In the U.S., some rain returns to drought-stricken HRW wheat in the central and southern Plains in ~10 days, but confidence in the exact setup will be low for 5 to 7 days

ENERGY

·       Mixed: CLK18, +$0.20 @ $67.02; EBN, +$0.19 @ $71.65; EBN-QCLN, +$0.12; RBK,-.0089; NGK, ​-.025; HOK, +.0029

·       On Wednesday, cash ethanol markets were firmer: Chicago was quoted at $1.4875, up $0.0225; Basis to Chicago—New York, +9 ¼; Gulf, +8 ¼; Dallas, +6 ¼; Tampa, +18 ¼; and LA, +16 ¾ 

·       On Wednesday, ethanol RINs were slightly higher: 2017’s up 1 ¼ to 31-34; and 2018’s increased 1 ½ to 38 ½-41

·       The May RBOB/May ethanol spread gained $.0047 Tuesday to close at+$.58060/gallon

  LIVESTOCK/POULTRY            ​                         ​

• Choice boxed beef values eased 44-cents on Wednesday to $213.07 and are $5.10 lower compared to last week
• Since March 22, choice boxed beef has fallen $12.14 (5.4%) and is at the lowest level sinceFeb. 19
• USDA mandatory pork carcass cutout value fell 98-cents on Wed. to $65.16 and is down $3.61 vs. a week ago
• CME Lean Hog Index declined $0.48 on Wed. to $53.02.  April futures were $0.20 lower but are $0.28 above the index

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