HIGHLIGHTS
· Market Trend: Corn, Down 1-2; Soybeans, Down 1-2; Wheat, Down 4-5
· Greece appears to be today’s market culprit according to the wires-this is perhaps a stretch. In Asia, the Nikkei closed down .33%; Shanghai bounced 1.5% higher and the Hang Seng edged up .03%. Early trade in Europe is mostly to the plus side—the DAX is .34% higher; CAC 40, up .41% and the FTSE, down a like%. The U.S. pre-markets are all in the green—DOW, +20; S&P, +3 and the NAS, +8.50. Crude is off $.70-$.75/barrel; the $ Index is up 1/3rdof a point to 94.955 and gold is $6.10 lower at $1,234.90
· T-storm Weather: Isolated thunderstorms dot driest areas of Center-West and Southeast Brazil today, but upper-level high pressure suppresses coverage and amounts through at least the weekend. Instead, heavy rainfall focuses on / adjacent South Brazil where it is unneeded. The pattern that follows next week is difficult to assess, but it is most probable for the upper-level high to remain near Southeast Brazil, thereby keeping wettest areas wet and northern corn and soybean areas drier. In the central U.S., the unseasonably-mild pattern breaks today. A notably colder pattern follows, but mainly for Corn Belt / Delta & points east
· Mar Corn Down $.0175 at $3.8950; May Corn Down $.02 at $3.9750. The funds bought 4 K to begin the week
· Mar SB Down $.0150 at $9.770; May Down $.02 at $9.83. Funds bought 3 K; old 5 K SB; sold 1 K SBM and bought 2,000 SBO
· Mar Wheat Down $.05 at $5.2475; May Down $.0475 at $5.2550. Fund buying totaled 1 K on Monday.
CORN/SORGHUM     ;
·  USDA WASDE out at 11:00 AM CST: Average trade guess for U.S. corn ending stocks is 1.871 Bbu vs. 1.877 in January
· ATI Research: U.S. corn balance sheet; 14/15 carryout up 18 mbu compared to last week to 1.816 Bbu
· ATI Research: U.S. sorghum balance sheet; 14/15 carryout unchanged at 32 mbu
· T-storm Weather: At least five to seven consecutive days of dry and very warm to hot weather take place after today for Goias, Mato Grosso and Minas Gerais in Brazil, which improves conditions for second-crop corn planting
· Dec. 2015 corn futures closed at $4.21 ¼ Monday, which is the highest settlement price for the contract since Jan. 12
SOYBEANS/WHEAT
· USDA WASDE out at 11:00 AM CST: Average trade guess for U.S. soybean ending stocks is 402 mbu vs. 410 in January
· ATI Research: Updated U.S. soybean balance sheet; 14/15 carryout diow5 5 mbu to 395 mbu
· T-storm Weather: Several rounds of heavy & unneeded rain focus on wettest areas of S. Brazil through the weekend
· ATI Research: U.S. soybean exports forecast to average 47-50 mbu per week near-term vs. approx. 45 million last year
· USDA WASDE out at 11:00 AM CST: Average trade guess for U.S. all wheat ending stocks is 685 mbu vs. 687 in January
· ATI Research: U.S. SRW wheat balance sheet, 14/15 carryout at 170 mbu; 15/16 carryout is forecast at 159 mbu
ENERGY
· Futures are mostly lower this morning: QCLH15, -$.75 at $52.10; QRBH, -0.0122; QNGH, +$.042; and QHOH, -$.0179
· Cash ethanol markets were steady to firmer on Monday: Chicago up 3 ¾; New York gained 3; Gulf added 4; Tampa climbed 1; Dallas 3 ½ higher; and LA was steady at $1.60 per gallon
· RINs were higher: 2013’s up 1 to 71-73; 2014’s added ½ to 73-74; and 2015’s was ¼ firmer at 72-73 ¼
· The Mar RBOB/Mar Ethanol spread began the week edging slightly wider to $.1212/gal, premium RBOB
LIVESTOCK/POULTRY    
· Choice boxed beef values were down 60-cents on Monday and are $4.13 lower compared to last week
· 5-Area Weekly Weighted Average Steer price increased $0.92 last week to $160.28/cwt and is up $19.66 vs. last year
· The USDA pork carcass cutout value increased 21-cents on Monday but is $4.59 lower vs. a week ago
· CME Lean Hog Index down $1.25 to $66.65. February futures down $2.60 to $61.275 and $5.375 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather