HIGHLIGHTS

• MARKET TREND—Mostly weaker: CK, -$.0075; SK, +$.0450; WK, -$.0325; KWK, -$.0450
• MACRO: Earnings reports around the globe mostly favorable; ECB meets today—no rate changes expected, policy direction a talking point. Asia—Mostly lower: Nikkei, +0.47%; Shanghai, -1.35%; Hang Seng, -0.18%. EUROPE: Higher: DAX, +0.15%; FTSE, +0.17%; CAC, +0.42%.  WALL STREET: Futures point to a positive start: DOW, +31; S&P, +3.50; NAS, +31.50. EXTERNALS: Aug Gold: +$1.00 @ $1,330; June crude: +$0.32 @ $68.37; $ Index, -0.038 @ 90.005

·       T-storm Weather: Mainly dry weather occurs across the Corn Belt through at least Monday, initially accompanied by unseasonable coolness, then a rapid transition to unseasonable mildness starting Sunday-Monday.  Warming occurs in advance of two systems that move across the central U.S. next week, producing widespread rainfall, especially in / near the Corn Belt; rain mostly likely affects western areas Tuesday-Wednesday, then eastern areasWednesday-Thursday

·       CK, dn $.0075 @ $3.8575; CN, dn $.0075 @ $3.95.  Large fund buying at mid-week, 15 K               

• SK, up $.0450 @ $10.32; SN, up $.0450 @ $10.4375. Funds: bot 3 SB, 5 SBM, sold 4 SBO. Board crush:  $1.39, +2; LY: $.86
• WK, dn $.0325 @ $4.83; WN, dn $.0225 @ $4.9675.  The funds bought 7 K yesterday       

CORN/SORGHUM

·     &n​bsp; Export Sales report to be released at 7:30 am CDT.  Trade expects 31-47 for 17/18 corn

• T-storm Weather: In Brazil, the dry season is beginning, which means little to no rain is expected for at least the northern two-thirds of second-crop (safrinha) corn over the next two weeks; highs in the 80s-90s each day (or longer)

·       Ethanol grind: Total of 985,000 barrels/day for week end April 20—down 24 thou v. last week & 0.2% below last year

• Consultant: Planting of safrinha corn in Parana, Brazil was completed after the ideal planting window had closed; ~40% of corn in Parana is in the reproductive stage.  If it doesn’t rain soon, corn could quickly develop moisture stress 

SOYBEANS/WHEAT

·       Export Sales report.  Trade expects 15-26 mbu for 17/18 soybeans; soymeal, 100-300 K MT; soyoil, 8-30 

·       Consultant: Most of the soybeans left to harvest in Brazil are in the northeastern area, where farmers are expecting record soybean yields

·       T-storm Weather: Numerous thunderstorm clusters form every few days within Argentina, producing another 2.00”-4.00” over the next two weeks, which is unseasonably heavy for late-April and early-May.  Soybean harvest to slow

·       Export Sales report to be released at 7:30 am CDT.  Trade expects (4)-7 mbu for 17/18 all wheat and 6-13 for 18/19

• T-storm Weather: Weekend rain alleviates HRW wheat topsoil dryness, but didn’t diminish 30/60/90/180-day dryness

ENERGY

·       Mixed: CLM18, +$0.32@$68.37; EBM, $0.55@$74.55; EBM-QCLM, +$0.22;RBM, +.0069; NGM,​ +.006; HOM, +.0125

·       On Wednesday, cash ethanol markets were mixed: Chicago was quoted at $1.475, down $0.0025; Basis to Chicago—New York, +11; Gulf, +9 ½; Dallas, +10; Tampa, +23 ½; and LA, +28 ½

·       On Wednesday, ethanol RINs weakened: 2017’s down 1 ¼ at 29-30; and 2018’s off 1 ¼ at 35 ½-36

·       The May RBOB/May ethanol spread weakened $.0092, to +$.61770/gallon

  LIVESTOCK/POULTRY                               

• Choice boxed beef values firmed 88-cents on Wednesday to $218.53, and are $6.89 higher compared to last week
• June live cattle futures on Wed. closed at $105.575—the highest settlement price for the contract since March 28
• USDA mandatory pork carcass cutout value gained 48-cents on Wed. to $67.73, and is 27-cents higher v. a week ago
• CME Lean Hog Index increased $1.44 on Wed. to $60.44.  May futures firmed $1.15 and are $8.11 above the index

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