HIGHLIGHTS
· MARKET TREND—Unchanged to mostly weaker: CK, down $.0025; SK, up $.05; WK, down $.01; KWK, down $.0050
· MACRO—Despite the UK snap election announcement; North Korea tensions and the upcoming French elections, Europe and the U.S. look higher. ASIA—Mostly lower: Nikkei, +0.07; Shanghai, -0.79%; Hang Seng, -0.41%. EUROPE—Mostly higher: DAX, +0.28%; FTSE, -0.03%; CAC, +0.38%. Wall STREET-Futures point to a higher start: DOW, +31; S&P, +7.00; NAS, +19.25. EXTERNALS: Sep $ Index, 0.136 @ 99.38 ; April Gold, -$9.40 @ $1,282; May Crude, +$0.14 @ $52.55
· T-storm Weather: Rain affects the northern third to half of the central U.S. through Thu. (except North Dakota) when a potent system passes. A more notable system produces heavy rain in the southern third of the U.S. Fri.-Sat. (except Texas). The setup potentially leaves a swath of the central third fairly dry with scattered 0.25" to 0.75" amounts, including some key corn areas. A dry and seasonable to cool period generally follows the exit of rain, leading to approximately five days of drying in most areas
· Corn: CK down $.0025 @ $3.6150; CN unch @ $3.6825. Heavy fund selling again on Tuesday: a total of 7 K
· SB: up $.05 @ $9.51; SN up $.0475 @ $9.61. Funds: sold 7 SB, 2 SBM, & 5 SBO. Board Crush: $.83, -3; LY; $.64
· Wheat: WK down $.01 @ $4.2150; WN down $.0025 @ $4.3675. The Funds were even in yesterday’s trade
CORN/SORGHUM
· ATI Research: The 5-year avg. for U.S. corn planting progress increases approximately 9% from April 16-23 to 18%
· T-storm Weather: A stormier period in the U.S. begins/continues in 7 to 10 days when a series of large systems attempt to pass, potentially leading to widespread coverage of above-normal rainfall over April 25 – May 2
· Consultant: Argentina corn crop production estimate is unchanged this week at 37.0 MMT. There is expected to be some damage due to flooding, but it will not be as significant as it will be to the soybeans
· Ethanol margins: $0.29 per gallon—up vs. $0.28 last week but below $0.34 in 2016. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· ATI Research: U.S. currently has a $5-$9 per tonne cost advantage compared to Brazil in supplying soybeans to China. As a result, China’s buying of U.S. beans has been brisk, implying the USDA may be too low on its U.S. export forecast
· Consultant: Argentina soybean crop est. is reduced 1.0 MMT to 55.0 due to recent heavy rains across key areas
· T-storm Weather: Generally dry, cool weather occur in central/southern Argentina soybean areas through 7-10 days
· ATI Research: The 5-year avg. for U.S. spring wheat planting progress increases approx. 13% from April 16-23 to 34%
· T-storm Weather: Conditions for planting of spring wheat generally improve later this week in U.S. northern Plains
ENERGY
· Higher: CLK17, +$0.14 @ $52.55; EBM, +.20 @ $55.09;EBM-QCLM, +.10; RBK,-$.0062; NGK, +$0.012; HOK, +$.0042
· EIA Report Estimates (API): crude oil, -0.8 (-0.8); Gasoline, -2.0 (+1.4); Distillates, -1.1 (-1.8)
· Additional weakness was noted in cash ethanol marketson Tuesday: Chicago off 1 ¾; New York declined 1; Gulf eased ¼; Dallas and Tampa fell 2; and LA was 2 ½ lower at $1.81 ½ per gallon
· Ethanol RINs were lower on Tuesday: 2016’s declined 1 ½ to 51 ½-53; and 2017’s fell 1 ½ to 51 ½-53
· The May RBOB/May ethanol reversed course, picking up $.0240 to settle at +$.0860/gallon, premium RBOB
LIVESTOCK/POULTRY  
·   Choice boxed beef values increased $1.86 on Tuesday to $215.99, and are $6.62 higher than a week ago
· Estimates for Friday’s USDA Cattle on Feed: Apr 1 on feed, 99.9%; Mar placements, 107.5%; Marketed in Mar 109.5%
· USDA mandatory pork carcass firmed 85-cents on Tuesday to $75.07, and is 50-cents higher compared to last week
· CME Lean Hog Index eased $0.47 on Tue. to $62.12. May futures were $0.575 lower but are $5.03 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather