HIGHLIGHTS

• MARKET TREND—Weaker: CK, -$.01; SK, -$.0225; WK, -$.0375; KWK, -$.0375. 
• MACRO: Global markets lower, partially on ideas Facebook may face (sorry) tighter government security over recent data sharing fiasco.  Asia: Weaker:  Nikkei, -1.34%; Shanghai, -1.40%; Hang Seng, -2.50%.  EUROPE: Lower: DAX, -1.15%; FTSE,-0.43%; CAC, -1.07%.  WALL STREET:  Premarkets are lower: DOW, -31; S&P, -3.75;NAS, -37.0.  EXTERNALS: $ Index: +0.152 @ 88.325; Apr Gold: -$3.50 @ $1,339; May crude: -$0.64 @ $64.61

·       T-storm Weather: 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 2.50" to 5.00" unfold, especially from rainfall through Thursday.  HRW wheat receives some rain / snow as each system passes, especially when upper-level systems trigger light rain and snow showers within / near Oklahoma and Texas throughThursday, though most areas only receive 0.10" to 0.30" of water 

·       CK, down $.01 @ $3.73; CN, down $.01 @ $3.8150. The funds sold 5 K on Tuesday        

• SK, down $.0225 @ $10.1725; SN, dn $.0125 @ $10.29. Funds: Sold 5 SB, 4 SBM, bot 2 K SBO. Board crush:  $1.47, +1; LY: $.77
• WK, down $.0375 @ $4.4525; WN, down $.04 @ $4.6250.  The funds sold 3 K yesterday                 

CORN/SORGHUM

·     &nbs​p; T-storm Weather: Thunderstorms affect varying areas of Brazil at times over the next 7 to 10 days, except in / near Goias and Minas Gerais where ~15% of second-crop corn is produced

• Consultant: Brazil corn crop estimate is unchanged at 86.0 MMT with a neutral bias going forward

·       Ethanol margins: $0.26 per gallon—unchanged from last week but below $0.30 last year.  EIA report at 9:30 am CDT

·       December 2018 corn futures on Tuesday closed at $3.97—one year ago, December 2017 futures settled at $3.81 ¾

SOYBEANS/WHEAT

·       T-storm Weather: Including rain in / near northern Santa Fe on Sat., 95% of Argentina soybean production was drier than normal over the 30-day period ending Tue. morning, further highlighting weekend rain was another non-event

·       Consultant: Brazil soybean crop est. is steady at 115.0 MMT with a neutral to maybe slightly higher bias going forward

·       ATI Research: Bias on near-term U.S. wheat exports is the 13-18 mbu per week range compared to 23.4 mbu last year

·       T-storm Weather: A stormy period from early next week forward produces light rain and snow for at least 50% of U.S. HRW wheat, but chances are lowest in driest areas of the southwest Plains from limited humidity

ENERGY

·       Weaker: CLK18, -$.64 @ $64.61; EBK, -$.39 @ $69.72; EBK-QCLK, +$0.24; RBK, -.0020;NGK, -.013; HOK, -.0084

·       EIA Report Estimates (API): crude oil, +1.4 (+5.3); Gasoline, -2.1 (-5.8); Distillates, -1.6 (-2.2).  Estimates for ethanol prod. avg. 1.039 mil barrels/day (range 1.025-1.055).  Avg. est. for ethanol stocks is 23.5 mil barrels (range 23.1-23.8)

·       On Tuesday, cash ethanol markets were mixed: Chicago was quoted at $1.4275, up $0.005; Basis to Chicago—New York, +9 ¾; Gulf, +10 ¾; Dallas, +7 ¼; Tampa, +20 ¼; and LA, +22 ¼

·       On Tuesday, ethanol RINs eased: 2016’s declined 1 to 29-34; 2017’s off 1 ½ to 44 ½-47 ½; and 2018’s fell 1 ½ to 46-49

·       The April RBOB/April ethanol spread increased $.0081, closing at +$.5885/gallon 

  LIVESTOCK/POULTRY                           &nb​sp;         

• Choice boxed beef values fell 17-cents on Tuesday to $222.36 and are 99-cents lower compared to last week
• Trade est. March. 29 USDA Quarterly Hogs & Pigs: All Hogs & Pigs, 103.1%; Breeding, 101.5%, Marketing, 103.3%
• USDA mandatory pork carcass cutout value eased 89-cents on Tuesday to $69.50 and is down $2.23 vs. a week ago  
• CME Lean Hog Index was $0.77 lower on Tue. at $60.58.  April futures eased $0.275, and are $2.83 below the index

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