HIGHLIGHTS
· MARKET TREND: CH, Down $.0150; SH, Down $.0275; WH, Down $.0150; KWH, Down $.0250
· Saudis/Venezuela meet, no production cut; oil falls. China forex stocks at lowest level in 3 years. Asia: Shanghai loses .6%; both the Nikkei (+1.1%) and Hang Seng (+.6%) post gains. Europe: Friday’s massive slide in U.S. tech stocks/global growth worries push mid-day trade from 1.7% (FTSE) to 2.3% (DAX) lower. U.S.: Post Super Bowl blues?—DOW futures, -165; S&P, -19.50; NAS, -64. March WTI is $.85 lower; Gold is $15.90 higher and the $ Index is up 1/5 of a point at 97.245
· T-storm Weather: Isolated thunderstorms dotted Center-West Brazil over the weekend, while organized rains focused on far southern growing areas of Argentina--staying just south of its driest areas. At least two cool fronts move across Argentina over the next 10 days, resulting in widespread rainfall of 1.75” to 3.50” from thunderstorms today and around Saturday-Sunday(Feb. 13-14), breaking drying in the east while keeping other areas wet; ~1.75” is normal of the period. Key northern areas of Brazil remain drier and warmer than normal into-late week. A stormier pattern begins Friday-Saturday as old cold fronts dissipate and new cool fronts arrive, most likely resulting in 2.00” to 4.00” of rain over Feb. 12-19
· CH, Down $.0150 @ $3.6425; CK, Down $.0175 @ $3.69 The funds sold 6 K before heading home on Friday
· SH, Dwon $.0275 @ $8.6475; SK, Down $.03 @ $8.6825. The funds sold 4 K SB, 3 K SBM and bought 1 K SBO
· WH, Down $.0125 @ $4.6525; WK, Down $.0175 @ $4.6875. Fund selling again totaled an estimated 5 K
CORN/SORGHUM         ;
· ATI Research: U.S. 2015/16 corn reported under loan as of Feb. 5 was 679.3 mbu. This is up 197.4 mbu (41%) from the 481.9 mbu of 2014/15 corn reported under loan at this time last year
· Feb. 9 USDA WASDE report: Avg. trade guess for U.S. corn 15/16 carryout is 1.815 bbu vs. 1.802 in January
· T-storm Weather: The Buenos Aires Grain Exchange reports dryness stress in corn areas of / adjacent eastern Argentina, which is where we estimate 15% to 20% of production was much drier than usual since January 1
· Export Inspections released at 10 AM CST; Corn, 41.0 needed; 26.8 last week; Sorghum, 5.0 needed; 6.5 last week
SOYBEANS/WHEAT
· ATI Research: U.S. 2015/16 soybeans reported under loan as of Feb. 5 was 110.2 mbu. This is up 49.8 mbu (82%) from the 60.4 mbu of 2014/15 soybeans reported under loan at this time last year
· Feb. 9 USDA WASDE report: Avg. trade guess for U.S. soybean 15/16 carryout is 449 mbu vs. 440 in January
· Export Inspections released at 10 AM CST; Soybeans, 16.2 needed; 42.4 last week
· Feb. 9 USDA WASDE report: Avg. trade guess for U.S. wheat 15/16 carryout is 949 mbu vs. 941 in January
· Export Inspections released at 10 AM CST; Wheat, 18.2 needed; 10.4 last week
ENERGY
· Mixed: CLH16, -$0.85, $30.04; EBJ, -$0.57; EBJ-CLH, +$3.22, +$.05; RBH, -$.0190; NGH, +$.050; HOH, -$.0059
· Cash ethanol markets were firmer on Friday: Chicago gained 2 ¼; New York increased 2 ½; Gulf added 2 ¾; Tampa climbed 1; Dallas tacked on 1 ½; and LA was ¼ higher at $1.55 ¾ per gallon
· Ethanol RINs were higher: 2014’s firmed ¾ to 71-71 ½; 2015’s gained ¾ to 70 ½-71 ½; and 2016’s up ¾ to 70 ½-71 ½
· The March RBOB/March Ethanol spread surged over 5 ¾ cents on Frida to -$.4433 per gallon
LIVESTOCK/POULTRY    
·   Choice boxed beef values declined $2.46 on Friday, but at $220.60 are still $1.84 higher compared to a week ago
· The USDA on Friday reported U.S. beef production for the week ending Feb. 6 was down 0.6% compared to last year
· The USDA mandatory pork carcass cutout increased $1.11 on Friday, and at $77.39 is 48-cents higher vs. last week
· CME Lean Hog Index was $0.32 higher at $64.30. February futures declined $0.32 and are $0.50 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather