HIGHLIGHTS
· MARKET TREND: CH, Down $.0075; SH, Down $.0125; WH, Down $.03; KWH, Up $.02
· Weak February trade data from China—exports recorded their largest drop in more than 5 years—is causing some nervousness elsewhere around the globe. Shanghai did close up .09% but the Nikkei retreated .76% and the Hang Seng lost .73%. Mid-day in Europe finds the FTSE off .79%; the DAX is 1.23% lower and the CAC 40, down 1.37%. U.S. pre-markets are jittery: DOW futures are 93 lower; the NAS is down 32.75 and the S&P looks to start 12.25 lower. Outside markets: $ Index, +.106; Gold is risk on, +$13.10 @ $1,276.30 and April Crude is off $.18 at $37.72.
· Weather: Near daily episodes of scattered showers and thunderstorms impact Mato Grosso, Mato Grosso do Sul and Goias in northern Brazil during the next 7 days. Rainfall totals during the next 3 days will be light to moderate with locally heavier amounts, possibly slowing soybean harvest. In Argentina, dry conditions are just a few light showers are forecast over the next week across La Pampa and southern Buenos Aires. Warm temperatures persist this week in the U.S. with heavy rain for the Delta
· CH, Down $.0075 @ $3.5425; CK, Down $.0175 @ $3.5725. The funds bought 6 K. 19 Corn deliveries; 0 etoh
· SH, Down $.0125 @ $8.7225; SK, Down $.05 @ $8.7675. Funds: bought 6 SB, 4 SBM; 3 K SBO. Del’y: 432 SB, 108 SBM, 316 SBO
· WH, Down $.03 @ $4.5475; WK, Down $.0275 @ $4.60. The funds bought 4 K. Del’y: 2 SRW, 5 HRW
CORN/SORGHUM   ;  
· ATI Research: U.S. corn balance sheet; 15/16 carryout forecast at 1.825 bbu; 16/17 carry-out projected at 1.973 bbu
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 40 mbu; 16/17 carry-out also pegged at 40 mbu
· Consultant: In Mato Grosso. Brazil the safrinha (double crop) corn is approximately 83% planted and there will probably be very little corn planted past the end of this week
· March 9 USDA WASDE report: Avg. trade guess for U.S. corn 15/16 carryout is 1.873 bbu vs. 1.837 in February
· March 9 USDA WASDE: Avg. guess for Brazil & Argentina corn production: 84.4 (84.0 in Feb) & 27.2 (7.0), respectively
· Export inspections: Year-to-date U.S. corn exports of 619 mbu down 20% vs. last year (USDA forecasting 11% decline)
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 479 mbu; 16/17 carry-out estimated at 538 mbu
· Consultant: Forecasted rain the next ten days across Brazil could slow down harvest and result in some quality issues
· Export inspections: Year-to-date U.S. soybean exports of 1453 mbu down 7% v. last year (USDA forecasting 8% drop)
· March 9 USDA WASDE report: Avg. trade guess for U.S. soybean 15/16 carryout is 466 mbu vs. 450 in February
· ATI Research: U.S. HRW wheat balance sheet; 15/16 carryout pegged at 430 mbu; 16/17 estimated at 434 mbu
· Export inspections: Year-to-date U.S. wheat exports of 560 mbu down 12% from last year (USDA forecasting 9% drop)
· March 9 USDA WASDE report: Avg. trade guess for U.S. wheat 15/16 carryout is 970 mbu vs. 966 in February
ENERGY
· Mostly higher: CLJ16, -$0.18, $37.72; EBK, -$0.07; EBK-CLK, +$1.16, +$.14;RBJ, +$.0041; NGJ, +0.020; HOJ, +$.0006
· A slightly firmer trend was noted in cash ethanol markets on Monday: Chicago and Tampa increased 1; New York added ¾; Gulf gained 1 ½; Dallas up ½; and LA was 1 higher at $1.52 per gallon
· Ethanol RINs weaker: 2014’s off 3/8 to 71-72; 2015’s down ¼ to 71-72; and 2016’s eased ¼ to 71-72
· The April RBOB/March Ethanol inverse settled at -$.0239/gal, losing $.0309 yesterday
LIVESTOCK/POULTRY  
·   Choice boxed beef values gained 45-cents on Monday, and at $221.42 are $4.26 higher compared to last week
· 5-Area Weekly Weighted Average Steer price down $0.26 last week to $135.76/cwt and is down $25.31 vs. last year
· USDA mandatory pork carcass cutout was 45-cents higher on Monday, and at $75.67 is up 87-cents vs. the prior week
· CME Lean Hog Index was down $0.29 at $66.61. April futures declined $0.75 but are still $3.44 above the index
Sources: Bloomberg, Dow Jones, AP