HIGHLIGHTS

• TRENDS—Mixed: CK, +$.0025; SK, +$.0150; WK, -$.0350; KWK, -$.0175 
• What caught my eye: Buy the rumor, sell the fact in regards to yesterday’s SB slide?  Trade agreement perhaps on the horizon as U.S.  Trade Rep Lighthizer heads to Beijing the week of April 29 & Chinese envoy comes here the following week?
• Earnings releases continue, global growth worries stifle gains.  Asia: Weaker--Nikkei, -0.84%; Shanghai, -0.40%; Hang Seng, -0.54%.  EUROPE: Higher—DAX, +0.49%; FTSE, -0.22%; CAC, +0.23%.  WALL STREET—Futures are weaker--DOW, -35; S&P, -1.50; NAS, -3.25.  EXTERNALS: June crude: -$.03 @ $634.84; Gold:  +$0.40 @ $1,277; $ Index, NA
• T-storm Weather: A large system triggers scattered showers/thunderstorms today within a wide area (focused on southeast half where 0.75”-1.50” will be most common, but bypassing areas along & adjacent KS-NE & IA-MO borders).  Dry weather follows in all areas Fri., except the eastern Corn Belt where at least some rain lingers (especially IN & OH).  The next system produces a few showers within the central/southern Plains & Corn Belt Mon.-Tue. with scattered & light amounts of 0.10”-0.50” most likely
• CK, up $.0025 @ $3.5850; CN, up $.0025 @ $3.6725.  More fund selling as they liquidated another 4 K at mid-week    
• SK, up $.0150 @ $8.8050; SN, up $.0150 @ $9.94  Funds: sold 7 SB & 5 each of SBM and SBO.  Board Crush: $1.03, +; LY, $1.33
• WK, dn $.0350 @ $4.4350; WN, dn $.0350 @ $4.4675.  The funds bought two thousand contracts yesterday 

CORN/SORGHUM

·      Export Sales to be released at 7:30 am CDT.  Trade expects 20-33 for 18/19 corn

• T-storm Weather: Best rain chances for next week begin Apr. 24-25, then persist over the week that follows—initially across southeast half of central U.S., & then across the northwest half later in the period (starting around Apr. 27-28)
• Ethanol grind: Total of 1,016,000 barrels/day for week end April 12—up 14 thou v. last week and up 0.7% v. last year
• Consultant: In Brazil, safrinha (double crop) corn potential in the state Mato Grosso—the largest producer of safrinha corn—is high.  Nationwide corn output is estimated at 96.5 MMT (range: 92.0-100.0) compared to 82.0 MMT last year

SOYBEANS/WHEAT

·      Export Sales report.  Trade expects 13-29 mbu for 18/19 soybeans; soymeal, 125-325 K MT; soyoil, 8-30 

• T-storm Weather: Best rain chances for next week begin Apr. 24-25, then persist over the week that follows—initially across southeast half of central U.S., & then across the northwest half later in the period (starting around Apr. 27-28)

·      Export Sales report.  Trade expects 7-15 mbu for 18/19 all wheat and 6-11 mbu for 19/20

• T-storm Weather: Moderate to high chances for significant rain is forecast April 24-28 across HRW wheat in central & southern Plains; highest chance for significant total is across OK, except the Panhandle where moderate chance exists

ENERGY

·      Mixed:  CLM19, -$.03 @ $63.84; EBM, -0.04 @ $71.58; EBM-QCLM, -.01; RBM, +.0043; NGM, -.009; HOM, +.0029

·      Chicago ethanol was $.00875 higher yesterday to $1.33500; basis, weaker: New York, -$.01125 @ $.1150; Gulf, -$.00375 @ $.1050; Dallas, -$.00375 @ $.0850; Tampa, -$.00375 @ $.1750; LA, -$.00375 @ $.3700   

·      Ethanol RINs were weaker:  2018’s, -0.6250 @ 10 ¼ -11; 2019’s, -.25 @ 16 ¾ - 17 ¼                                     &nb​sp;                  

·&​nbsp;     The May RBOB/May ethanol spread was little changed, +$.0011 to+$.7098/gallon; trading +$.7198 this am    

LIVESTOCK/POULTRY                             &nb​sp;          

• Choice boxed beef firmed 71-cents on Wednesday to $232.76, and is $3.71 higher versus a week ago
• Estimates for today’s USDA Cattle on Feed: April 1 on feed, 101.8%; Placed in Mar, 103.8%; Marketed in Mar, 96.8%

·      USDA mandatory pork carcass cutout value gained 42-cents on Wed. to $85.31, and is $3.27 higher versus last week

• CME Lean Hog Index was $0.40 higher on Wed. at $80.24.  May futures fell $0.05 but are still $8.685 above the index

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