HIGHLIGHTS

• TRENDS—Mixed: CK, unch; SK, -$.0025; WK, +$.0225; KWK, +$.0250 
• What caught my eye: Relatively low level of unshipped corn sales (approximately 23% of this month’s WASDE forecast) is the smallest in 7-8 years and typically results in a still lower export number by the end of the marketing year
• Dovish Central bank bias counters global growth worries.  Asia: Mostly lower--Nikkei, +0.11%; Shanghai, -1.60%; Hang Seng, -0.93%.  EUROPE: Higher—DAX, +0.17%; FTSE, +0.06%; CAC, +0.56%.  WALL STREET—Futures are higher--DOW, +24; S&P, +2.75; NAS, +5.25.  EXTERNALS: June crude: -$.62@ $64.02; Gold:  -$6.10 @ $1,308; $ Index, NA
• T-storm Weather:  An extremely intense system produces 0.50” to 2.50” of water across northeast CO, far northwest KS, NE, SD, and the northern half of the Corn Belt into Friday.  Mainly dry weather occurs the south, except for eastern IL, IN, and OH when severe thunderstorms pass tonight.  Importantly, 10” to 20” of snow falls from / near western NE through SD, MN, and the southeast third to half of ND as the system unleashes a crippling blizzard 
• CK, unch @ $3.6175; CN, unch @ $3.7075.  Fund buying at mid-week totaled 3 K 
• SK, dn $.0025 @ $9.0175; SN, dn $.0025 @ $9.15.  Funds: Bot 2 SB, 2 SBM & even SBO.  Board Crush: $1.00, -1; LY, $1.36
• WK, up $.0275 @ $4.6075; WN, up $.0225 @ $4.6375.  The funds were said to be sellers of an estimated 3 K Wednesday 

 CORN/SORGHUM

·       Export Sales report at 7:30 am CDT for the week ending April 4; trade expects 24-37 mbu for 2018/19 corn sales

·       T-storm Weather: In the U.S. a strong system produces 0.50” to 1.00” of rain (mixed with snow) from the southern Plains through the southeast half of the Corn Belt Sat.-Sun., including all of IL, IN and OH and most of MI and MO

• Consultant: In Argentina, corn harvest was 17.2% according to the Buenos Aires Grain Exchange as of late last week.  Core production areas continue to report very good corn yields; crop est. is 47.0 MMT (range: 45.0 to 49.0 MMT) 

·       Ethanol grind: Total of 1,002,000 barrels/day for week end April 5—up 3,000 v. the prior week but down 3.1% v. 2018

SOYBEANS/WHEAT

·       Export Sales report at 7:30 am CDT for the week end April 4; trade expects 29-42 mbu for 2018/19 soybean sales

·       Consultant: In Brazil, soybean harvest is at 83.1% according to Safras & Mercado compared to 78.7% last year & 77.4% for the 5-year avg.  The last two major states to harvest are Rio Grande do Sul (far south) are Bahia (northeast)

·       T-storm Weather: In Brazil, mainly dry weather over the next 10 days in the south favors additional soybean harvest

·       Export Sales report at 7:30 am CDT for the week ending April 4; trade expects 11-18 mbu for 2018/19 all wheat sales

·       T-storm Weather: In the U.S., 0.25”-0.50” of rain is forecast Sat.-Sun. for wheat in OK & most of KS (except northwest)

ENERGY

·       Weaker:  CLM19, -$.62 @ $64.03; EBM, -0.49 @ $71.24; EBM-QCLM, +.05;RBM, -.0197; NGM, +.005; HOM, -.0416

·       Chicago ethanol gained $.0150 yesterday to $1.3150; basis, weaker: New York, -$.0075 @ $.1500; Gulf, -$.0050 @ $.1050; Dallas, -$.01 @ $.1050; Tampa, -$.0050 @ $.2100; LA, -$.015 @ $.3850   

·       Ethanol RINs, weaker:  2018’s, -1.00 @ 10 -12; 2019’s, -0.1250 @ 16 -16 ¼                         ​;                        ​    

·       The May RBOB/May ethanol spread widened another $.0512 to+$.74220/gallon    

LIVESTOCK/POULTRY                           &n​bsp;           

• Choice boxed beef was 73-cents higher on Wednesday at $229.05, and is up $2.91 versus last week
• Light-to-moderate cash cattle trade was seen in Kansas & Texas on Wed. at $124 per cwt—fully steady with last week

·       USDA mandatory pork carcass cutout value was 60-cents higher on Wed. at $82.04, & is up $3.41 versus a week ago

• CME Lean Hog Index firmed $0.40 on Wed. to $79.29.  April futures gained $0.375 but are still $0.39 below the index

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