Markets Back At It On Easter Monday - The Corn & Ethanol Report

green grass

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We kicked off the day with CB Leading Index MoM at 9:00 A.M., Export Inspections at 10:00 A.M., 3-Month & 6-Month Bill Auction at 10:30 A.M., and Crop Progress at 3:00 P.M.

US housing starts surprisingly fell 11.4% from February to an adjusted annualized of 1.324 Mil homes in March. It was the lowest figure since November and the largest 1-month decline in a year, but compared to a year ago housing starts were 1.9% larger. Single-family starts were down 14.2% and starts for multi-unit buildings with five or more units were unchanged for the month. On the other hand, building permits rose by 1.6% in March to a 5-month high od 1.482 million permits for buildings with five or more units jumped by 10.1%, while single family permits decreased by 2%. The outlook for US housing stays strong amid a strong labor market.


Central US Weather Pattern Update

Fieldwork Halted Nearby in E Plains, Delta, & s Midwest; Drought Expansion Forecast in Plains:

The Central US forecast is wetter in OK, AR, MO, and IL but the overall pattern into late April is consistent. Needed rain reaches the eastern Plains this weekend but misses key areas of the TX/OK Panhandles, W KS, CO, NE, and SD. Midwest planting was active last week but limited progress is seen into May 1st as moderate/heavy rain events move across the E Plains, Midwest, and mid-South April 19-27. Fortunately, sustained warmth is forecast. This will boost evaporation rates. Plains (and Black Sea) rainfall takes on more importance post-Easter. There are hints needed showers into HRW Belt in the 9-15 day period but confidence in details is low. NOAA in its updated in May-Jul climate forecast current drought in KS, NE, the Dakota’s, and W IA to persist.


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