HIGHLIGHTS
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TRENDS—Mostly higher: CK, +$.0050; SK, -$.01; WK, +$.05; KWK, +$.0225.
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What caught my eye: The U.S. faces some formidable corn export competition . . . Black Sea exports since the first of the year are averaging about 10 mbu/week MORE than LY and Argentina’s vessel line-up is 40% higher than last year at this time
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Mueller investigation now history, investors hoping Admin focus on trade deals. Asia: Mostly firm-Nikkei, +2.15%; Shanghai, -1.51%; Hang Seng, +0.15%. EUROPE: Higher—DAX, +0.06%; FTSE, +0.31%; CAC, +0.50%. WALL STREET futures are higher: DOW, +135; S&P, +12.50;NAS, +29.00. EXTERNALS: May crude: +$0.73 @ $59.55; Gold: -$8.10@ $1,315; Dec $ Index, NA
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Weather: In the U.S., mostly dry weather is forecast for the western Midwest today through Wednesday. Temperatures are forecast to be near to above normal today and above to much above normal on Wednesday. Light rain develops in the south on Thursday. In the eastern Midwest, dry weather is projected for today through Wednesday. Temperatures are forecast to be below normal today but above normal on Wednesday. Dry conditions or just a little light rain is projected for Thursday
· CK, up $.0050 @ $3.8025; CN, up $.0025 @ $3.8950. Short covering led the funds to buy 5 K on Monday
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SK, dn $.01 @ $9.0550; SN, dn $.01 @ $9.19. Funds: Bot 3 SB & 2 SBO, even SBM. Board Crush: $1.04, -1; LY, $1.46
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WK, up $.0525 @ $4.7450; WN, up $.0425 @$4.7925. The funds continue to buy wheat, 4 K on Monday
CORN/SORGHUM
· USDA Prospective Plantings report on March 29: Average trade estimate of U.S. corn acreage is 91.3 mil (range 90.0-92.7) v. 89.1 in 2018. Average trade estimate of U.S. sorghum acreage is 5.8 mil (range 5.5-6.5) v. 5.7 mil in 2018
· USDA Grain Stocks on March 29: Avg. trade est. U.S. corn stocks, 8.317 bbu (range 7.620-8.910) v. 8.892 bbu in 2018
· Consultant: Argentina corn production estimate is increased 1.0 MMT to 46.0 MMT with a neutral to higher bias. Reports out of Argentina continue to point to extremely good corn yields; it is going to be a record crop in some areas
· ATI Research: U.S. 18/19 corn ending stocks estimate is 2.034 bbu vs. the latest USDA forecast of 1.835 bbu
SOYBEANS/WHEAT
· USDA Prospective Plantings on March 29: Avg. trade est. U.S. soybeans, 86.2 mil (range 84.3-88.0) v. 89.2 mil in 2018
· USDA Grain Stocks on March 29: Avg. trade est. for U.S. soybeans, 2.702 bbu (range 2.159-2.797) v. 2.109 bbu in 2018
· ATI Research: U.S. 18/19 soybean ending stocks estimate is 0.934 bbu vs. the latest USDA forecast of 0.900 bbu
· USDA Prospective Plantings: Avg. trade est. for U.S. all wheat acreage, 46.9 mil (range 45.9-48.0) v. 47.8 mil in 2018
· USDA Grain Stocks: Avg. trade estimate for U.S. all wheat stocks, 1.551 bbu (range 1.435-1.617) v. 1.495 bbu in 2018
· ATI Research: U.S. 18/19 HRS wheat ending stocks estimate is 0.297 bbu vs. the latest USDA forecast of 0.289 bbu
ENERGY
· Higher: CLK19, +$0.73 @ $59.55; EBK, +$0.64 @ $67.85; EBK-QCLK, -$0.08; RBK, +.0070; NGK, -.010; HOK, +0.0106
· Chicago ethanol rose $.00125 Monday to $1.41625; basis, Mostly firmer: New York, +$.01625 @ $.17625; Gulf, +$.01875 @ $.13875; Dallas, +$.04625 @ $.21150; Tampa, +$.01875 @ $.36375; LA, -$.00125 @ $.44375
· Ethanol RINs, firm: 2017’s, +0.50 @ 2 -3; 2018’s, +1.00 @ 12 ½ -13; 2019’s, +0.8750 @ 15 ½ - 16  
· The April RBOB/April ethanol spread widened $.0130 on Monday to+$.5199
LIVESTOCK/POULTRY
· USDA mandatory pork carcass cutout value was $1.57 higher on Monday at $78.08, and is up $7.36 versus a week ago
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CME Lean Hog Index soared $2.56 on Monday to $64.97 April futures firmed $0.325 and are $13.68 above the index
Sources: Bloomberg, Dow Jones, AP, DTN
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