HIGHLIGHTS

• TRENDS—Mostly higher: CK, +$.0150; SK, -$.0250; WK, +$.0175; KWK, +$.0175 
• What caught my eye: Weakness in beans, much less so in meal has helped boost Board crush nearly $.20 in two weeks. And, the same period has seen stellar meal export sales with shipments during the past month at a seasonal, 20+ year record
• Will Atlanta Fed show 2.7% GDP growth?  Asia: Mostly lower--Nikkei, -0.22%;Shanghai, -1.20%; Hang Seng, +0.19%.  EUROPE: Mostly higher—DAX, +0.10%; FTSE, -0.24%; CAC, +0.08%.  WALL STREET—Futures are mostly lower--DOW, -28; S&P, -1.25; NAS, +10.25.  EXTERNALS: June crude: -$1.00 @ $64.21; Gold:  +$3.10 @ $1,283
• T-storm Weather: Scattered showers occur today in IA, MN, and NE, with organized rainfall of 0.75” to 1.50” across the Delta and southeast third to half of the Corn Belt.  The next system produces 0.50” to 1.00” of rain (mixed with some snow) in a swath from SD through the northeast half of the Corn Belt Saturday.  The next system produces 0.25” to 0.75” in the northern two-thirds of the Corn Belt and Plains Sunday, and also reaches deeper into KS, MO, and NE where planting begins to slow
• CK, up $.0150 @ $3.4875; CN, up $.0125 @ $3.5850.  Fund selling subsides, are even in Thursday’s trading    
• SK, dn $.0250 @ $8.5675; SN, dn $.0250 @ $8.7025  Funds: Bot 3 SB, 5 SBM, sold 4 SBO.  Board Crush: $1.18, +5; LY, $1.45
• WK, up $.0175 @ $4.3650; WN, up $.0150 @ $4.43.  Funds bought 2 K yesterday, after futures made new lows  

     

CORN/SORGHUM

·    ​   ATI Research: U.S. 18/19 corn export sales of 30.7 mbu for week end April 18 were down 18% from last week but up 6% versus the prior  4-week avg.  However, unshipped export sales of 471 mbu are down 42% versus last year

• T-storm Weather: A classic setup for numerous heavy rains begins on Monday producing heavy rainfall across a wide area, including two-week totals of 2.50” to 4.50” in the U.S. Corn Belt and Delta, and 1.25” to 2.50” elsewhere

·       Consultant: In central Brazil, the weather has generally been good for safrinha(double crop) corn

·       December 2019 corn futures on Thursday made a contract low of $3.71 ¾ but closed $.01 ¼ higher at $3.77 ¼

SOYBEANS/WHEAT

• ATI Research: Unshipped soybean export sales of 482 mbu are up 14% v. last year & a record for this time of year
• T-storm Weather: A classic setup for numerous heavy rains begins on Monday producing heavy rainfall across a wide area, including two-week totals of 2.50” to 4.50” in the U.S. Corn Belt and Delta, and 1.25” to 2.50” elsewhere
• Consultant: Soybean harvest in Brazil is winding down; the only areas left to harvest are in the south and northeast
• T-storm Weather: At least near-normal rainfall is forecast across U.S. HRS wheat areas over April 29-May 9

·       Export sales of 18/19 U.S. wheat for week end April 19: 15.6 mbu, up 34% v. last week but down 4% v. 4-week avg.

ENERGY

·       Lower: CLM19, -$1.00 @ $64.21; EBM, -1.13 @ $73.22; EBM-QCLM, -.11; RBM, -.0216; NGM, -022; HOM, -.0362

·       Chicago ethanol firmed $.00125 Thursday to $1.31750; basis, again mixed: New York, +$.01875 @ $.12250; Gulf, -$.01375 @ $.1125; Dallas, -$.00125 @ $.08250; Tampa, -$.00125 @ $.1675; LA, +$.05375 @ $.34250   

·       Ethanol RINs firmed:  2018’s, +$.50 @ 10 -11; 2019’s, +.25 @ 15 ¾ -17                            &n​bsp;                        &n​bsp;    

·       The May RBOB/May ethanol spread shed $.0094 and settled at +$.81610/gal on Thursday     

LIVESTOCK/POULTRY                  ​;                     

• Choice boxed beef eased 3-cents on Thursday to $232.93, and is down 13-cents compared to last week 
• June live cattle futures on Thu. plummeted $2.975 to $115.375—lowest closing price for the contract since Dec. 17

·       USDA mandatory pork carcass cutout value collapsed $3.56 on Thu. to $82.28, & is down $4.46 versus a week ago

·       CME Lean Hog Index gained $0.61 on Thu. to $83.40.  May futures fell $1.325 but are still $4.45 above the index

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