HIGHLIGHTS
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TRENDS—Higher: CK, +$.0150; SK, +$.0275; WK, +$.0250; KWK, +$.03
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What caught my eye: Trade expecting rather large corn and soybean export sales numbers this morning, well above the implied rate of 32 per week for the former and 16 for the latter
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Markets in a holding pattern, awaiting direction from trade discussions. Asia: Mostly higher-Nikkei, +0.05%; Shanghai, +0.94%; Hang Seng, -0.17. EUROPE: Mostly weaker—DAX, +0.05%; FTSE, -0.56%; CAC, -0.29%. WALL STREET—futures are weaker--DOW, -17; S&P, -1.75; NAS, -6.25. EXTERNALS: May crude: +$0.07 @ $62.52; Gold: -$0.20 @ $1,295; $ Index, -.077 @ 95.575
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T-storm Weather: Scattered showers affect central/southern Plains, Delta, & southern two-thirds of Corn Belt today, producing 0.25”-0.75”; wettest in/near IA. A larger & stronger system triggers scattered showers & thunderstorms within a wide area Sat.-Mon., producing 0.75”-1.50” across Corn Belt & Delta, & 0.25”-0.75” in much of the Plains. Two more systems then interact with a sharp north-south temp gradient Apr. 9-19, producing rain/thunderstorms with another 0.50”-1.50” expected for a wide area
· CK, +$.0150 @ $3.6425; CN, up $.01 @ $3.73. The funds bought 2 K at mid-week
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SK, up $.0275 @ $9.0150; SN, up $.0250 @ $9.1475. Funds: Sold 2 SB & 2 SBO, bot 1 SBM. Board Crush: $1.02, 0; LY, $1.62
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WK, up $.0250 @ $4.7350; WN, up $.0225 @ $4.7675. The funds were active buyers, taking 5 K
CORN/SORGHUM
· Export Sales report at 7:30 am CDT for the week ending March 28; trade expects 28-43 mbu for 2018/19 corn sales
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Consultant: In Argentina, corn harvest was 12.2% according to the Buenos Aires Grain Exchange as of late last week. Early yields continue to be very good & above initial expectations; crop est. is 47.0 MMT (range: 45.0 to 49.0 MMT)
· T-storm Weather: In Argentina, except for scattered thunderstorms today in northern late-corn areas, dry weather dominates through April 11, followed by an uptick in rainfall. Drier weather should favor harvest of early planted corn
· Ethanol grind: Total of 999,000 barrels/day for week end March 29—up 24,000 v. prior week but down 3.8% v. 2018
SOYBEANS/WHEAT
· Export Sales report at 7:30 am CDT for the week end March 28; trade expects 29-55 mbu for 2018/19 soybean sales
· Consultant: In Brazil, soybean harvest is at 75.58% according to Safras & Mercado compared to 71.8% last year & 70.4% for the 5-year avg. Remaining areas to be harvested are expected to have at least average-type yields
· T-storm Weather: In Brazil, above-normal rain of 2.00”-4.00” over the next 10 days slows remaining soybean harvest
· Export Sales report at 7:30 am CDT for the week ending March 28; trade expects 11-22 mbu for 2018/19 wheat sales
· T-storm Weather: At least 2.00” of rain impacts nearly all U.S. SRW wheat over next two weeks; heaviest in the south
ENERGY
· Mixed: CLK19, +$0.07 @ $62.52; EBM, +$0.01 @ $69.32; EBM-QCLM, -$0.06;RBK, -.0102; NGK, +.003; HOK, -0.0045
· Chicago ethanol was $.02250 lower at mid-week to $1.3000; basis, weaker: New York, -$.0050 @ $.1450 Gulf, -$.00750 @ $.1450; Dallas, -$.0175 @ $.1650; Tampa, -$.0125 @ $.2950; LA, -$.0025 @ $.4950
· Ethanol RINs, mixed: 2018’s, -.25 @ 11 ½ -12 2019’s, +.1250 @ 14 ¼ -15  
· The May RBOB/April ethanol spread was again wider, adding another $.0377 to+$.6382/gallon
LIVESTOCK/POULTRY
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Choice boxed beef increased 41-cents on Wednesday to $226.14, but is still $2.85 lower compared to a week ago
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Light cash cattle trade started to develop Wed. in Texas & Kansas at $124 per cwt, generally $1 lower than last week
· USDA mandatory pork carcass cutout value fell $1.41 on Wed. to $78.63, and is down 97-cents versus last week
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CME Lean Hog Index gained $0.92 on Wed. to $77.70. April futures firmed $0.125 and are $1.375 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
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