HIGHLIGHTS

• MARKET TREND—Row crops firmer: CK, +$.0150; SK, +$.0525; WK, -$.0050; KWK, -$.0175. 
• MACRO: World markets rebound on ideas global trade tensions are moderating. Asia: Higher:  Nikkei, +2.65%; Shanghai, +1.04%; Hang Seng, +0.79%.  EUROPE: Much higher DAX, +2.16%; FTSE, +2.05%; CAC, +1.63%.  WALL STREET:  Futures are higher, following Monday’s sharp gains—DOW, +143; S&P, +16.75; NAS, +66.0. EXTERNALS: $ Index: -0.044 @ 87.750; Apr Gold: -$6.10 @ $1,349; May crude:+$0.28 @ $65.83

·       T-storm Weather: Thunderstorms affect varying areas of Brazil at times over the next 10 to 14 days (except in / near Goias and Minas Gerais, including ~15% of second-crop corn production).  However, a cool front passes shortly thereafter and should bring at least some rain to driest corn.  Several systems continue to move across the central U.S. over the next two weeks, focusing rain on the Delta and southeast half of the Corn Belt where heavy totals of 2.25" to 4.50" unfold

·       CK, up $.0150 @ $3.7550; CN, up $.0150 @ $3.8425. Fund liquidation totaled 7 K on Monday        

• SK, up $.0525 @ $10.3075; SN, up $.05 @ $10.4150. Funds: Sold 1 SB, 2 SBM, bot 2 K SBO. Board crush:  $1.46, -3; LY: $.77
• WK, down $.0050 @ $4.5375; WN, down $.0050 @ $4.71.  The funds sold an estimated 6 K yesterday                

 CORN/SORGHUM

·       USDA Prospective Plantings on March 29: Average trade estimate of U.S. corn acreage is 89.4 mil (range 87.6-91.0) v. 90.2 in 2017.  Average trade estimate of U.S. sorghum acreage is 5.9 mil (range 5.5-6.3) v. 5.6 mil in 2017

·       USDA Grain Stocks on March 29: Avg. trade est. U.S. corn stocks, 8.703 bbu (range 8.550-8.881) v. 8.622 bbu in 2017

• USDA corn planting pace: Arkansas, 18% v. 2% last week & 9% avg; Louisiana, 63%/8%/46%; Mississippi, 28%/6%/17%
• Consultant: Argentina corn crop estimate is lowered 1.0 MMT to 33.0 MMT with a lower bias going forward.
• ATI Research: U.S. corn balance sheet; 17/18 carryout estimate is pegged at 2.075 bbu vs. USDA at 2.127 bbu

SOYBEANS/WHEAT

·       USDA Prospective Plantings on March 29: Avg. trade est. U.S. soybeans, 91.1 mil (range 89.9-92.6) v. 90.1 mil in ‘17

·       USDA Grain Stocks on March 29: Avg. trade est. for U.S. soybeans, 2.030 bbu (range 1.810-2.110) v. 1.739 bbu in 2017

·       Consultant: Argentina soybean production estimate is lowered 1.0 MMT to 41.0 MMT with a lower bias going forward

·       ATI Research: U.S. soybean ending stocks for the 17/18 crop year are pegged at 551 mbu vs. USDA at 555 mbu

·       USDA Prospective Plantings: Avg. trade est. for U.S. all wheat acreage, 46.3 mil (range 43.9-47.2) v. 46.0 mil in 2017

·       USDA Grain Stocks: Avg. trade estimate for U.S. all wheat stocks, 1.498 bbu (range 1.450-1.640) v. 1.659 bbu in 2017

·       T-storm Weather: Heavy rain this week focuses just north and east of driest HRW wheat in/near southwest Kansas

ENERGY

·       Higher: CLK18, +$.28 @ $65.83; EBK, +$.32 @ $70.44; EBK-QCLK, +$0.06; RBK,+.0106; NGK, +.026; HOK, +.0126

·       On Monday, cash ethanol markets were lower: Chicago was quoted at $1.4225, down $0.02125; Basis to Chicago—New York, +10 ¾; Gulf, +11 ¼; Dallas, +7 ¾; Tampa, +20 ¾; and LA, +22 ¾

·       On Monday, ethanol RINs collapsed: 2016’s fell 18 ½ to 30-35; 2017’s down 5 ½ to 46-49; and 2018’s off at 48-50

·       The April RBOB/April ethanol spread eased $.0022 on Monday, to +$.5804/gallon 

  LIVESTOCK/POULTRY           &nb​sp;                        &nb​sp;

• Choice boxed beef values eased 56-cents on Monday to $222.53 and are down $2.34 vs. a week ago
• 5-Area Weekly Weighted Average Steer price was dn $2.01 v. last week at $125.90/cwt, and is down $5.01 v. last year
• USDA mandatory pork carcass cutout value gained 15-cents on Monday to $70.39 but is $1.22 lower vs. last week  
• Current nearby board hog crush value is $41.64/cwt vs. last week’s $46.38, last month’s $50.43 & last year’s $45.33

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