HIGHLIGHTS

·        MARKET TREND—Firmer: CK, up $.0050; SK, up $.04; WK, up $.0575;  KWK, up $.0450

·        MACRO—North Korea launches 4 missiles; market looking ahead to U.S. jobs report—Fed implications.  ASIA—Mostly higher.  Nikkei, -0.46%; Shanghai, +0.50%; Hang Seng, +0.18%; EUROPE—Lower:  FTSE, -0.35%; DAX, -0.45%; CAC, -0.44%.   Wall STREET-futures are weaker:  DOW, -31; S&P, -6.50; NAS, -11.  EXTERNALS: $ Index, +0.057 @ 101.605;  Gold, -$4.40 @ $1,231; and April Crude, -$0.34 @ $52.99.  Del’y: C, 219; SB, 506; SBM, 253; SBO, 444; HRW, 0; SRW, 395; ETOH, 20

·        T-storm Weather: Widespread rainfall occurs in Argentina over the next 10 days with amounts of 1.25”-2.75” and higher totaled of up to 4.00” in/adjacent Entre Rios.  The next found of thunderstorms occurs Wed.-Thu. with areas of heavy rain likely in east-central areas.  To the north, widespread coverage of near- and above-normal rain continues with 2.00”-4.00”, especially from thunderstorms in central and northern areas today and far southern areas Fri.-Sat.

·        Corn: CK up $.0050 @ $3.8125;  CH up $.01 @ $3.7575.  The funds ended the week selling 5 K         

·        SB: SK up $.04 @ $10.4150; SH: up $.04 @ $10.315.  Funds: even SB; sold 2 SMB, bot 2 SBO.  Board Crush:  0.72, -2; LY: $.56

·        Wheat: WK, up $.0575 @ $4.5925; WH, up $.0650 @ $4.4025.  Funds bought 2 K on Friday

 CORN/SORGHUM

·        USDA WASDE March 9: Avg. trade est U.S. corn carryout--16/17, 2.321 bbu (range 2.245-2.440) and 2.320 in Feb.

·        USDA WASDE March 9: Avg. trade est world corn carryout--16/17, 218.8 MMT (range 217.0-223.1) and 217.6 in Feb.

·        T-storm Weather: Breaks between thunderstorms in central and northern areas of Brazil become longer-lasting beginning this week as the onset of the dry season begins.  As a result, mixed conditions for corn planting are likely

·        Export Inspections released at 10 AM CST; Corn, 44.6 mbu needed; 57.5 last week.  Milo—3.7 needed; 5.2 last week

·        Reports indicate corn planting has begun in northeast Louisiana

SOYBEANS/WHEAT

·        USDA WASDE March 9: Avg. trade est U.S. soybean carryout--16/17, 0.415 bbu (range 0.395-0.444) and 0.420 in Feb.

·        USDA WASDE March 9: Avg. trade est world soybean carryout--16/17, 81.5 MMT (range 80.0-83.0) and 80.4 in Feb.

·        T-storm Weather: Thunderstorms affect the state of Para, Brazil through much of the next two weeks (including problem areas of highway BR-163).  This could continue to impact transportation of recently harvested soybeans

·        USDA WASDE March 9: Avg. trade est U.S. all wheat carryout--16/17, 1.142 bbu (range 1.120-1.199) and 1.139 in Feb.

·        USDA WASDE March 9: Avg. trade est world wheat carryout--16/17, 249.1 MMT (range 246.0-255.0) and 248.6in Feb.

·        T-storm Weather: Most U.S. HRW wheat is probable to stay drier than normal through two weeks

ENERGY

·        Weaker: CLJ17, -$.34 @ $52.99; EBK, -$0.37; EBK-CLK, $2.10, -$0.02; RBJ, -$.0077;NGJ, +$0.093; HOJ, -$.0089

·        Cash ethanol markets were mixed on Friday: Chicago steady; New York up ¼; Gulf, Dallas and Tampa down ½; and LA was 2 ½ lower at $1.62 ½ per gallon

·        Ethanol RINs weaker on Friday: 2015’s down 2 at 30-35; 2016’s fell 1 ½ to 31-36; and 2017’s eased 1 ¼ to 32-36

·        The April RBOB/Apr ethanol spread lost $.0272 on Friday, settling at +$0.1391/gallon, premium RBOB

  LIVESTOCK/POULTRY                    ​                                

·        Choice boxed beef values declined 28-cents on Friday to $208.07, but are $9.11 higher compared to a week ago

·        April live cattle futures on Friday closed at $115.975, up $1.025 compared to the previous week

·        USDA mandatory pork carcass cutout firmed 44-cents on Friday to $80.08, but is $1.23 lower vs. last week

·        CME Lean Hog Index fell $0.63 on Fri. to $73.38.  April futures were $1.525 lower and are $6.63 below the index             

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