HIGHLIGHTS
· MARKET TREND: CH, Down $.0175; SH, Up $.01; WH, Up $.01; KWH, Steady to $.0050 Lower
· Bearish sentiment persists as Japan/s Nikkei closes down 5.4%, Australia’s ASX 200 fell nearly 3%. Shanghai and the Hang Seng are closed for the Lunar Holiday. Europe is lower at mid-day with the FTSE off .06%; the DAX is .35% lower and the CAC 40, .59% weaker. Pre-markets have DOW futures off 75; the S&P is 9 lower and the NAS, dwon 18 3/4. March WTI is trading to the plus side, up $.51 at $30.20; gold is $9.10 weaker and the $ Index is a little lower, off .071 at 96.510
· T-storm Weather: Waves of energy and cool fronts develop widespread rainfall across South America over the next 10 days. Highest coverage and amounts focus on central and northern Argentina as waves of energy pass every few days, while a secondary concentration of wetness gradually develops in northern areas of Brazil from late-week forward. In the U.S., temperatures generally range from unseasonably mild across the western Plains to cold in the eastern Corn Belt over the next 10 days; a combination of only marginally-cold temperatures and gusty winds keep the potential for winterkill very low and limited to northeastern SRW wheat areas this weekend. Otherwise, little to no rain or snow is foreseen through at least early next week
· CH, Down $.0175 @ $3.6075; CK, Down $.02 @ $3.65. The funds began the week by selling 5 K
· SH, Up $.01 @ $8.6350; SK, Up $.0050 @$8.67. The funds sold 4 K SB, 1 K SBM and 6 K SBO
· WH, Up $.01 @ $4.5950; WK, Up $.01 @ $4.64 The funds sold 6 K on Monday
CORN/SORGHUM   ; ;  
· USDA WASDE report at 11:00 am CST: Avg. trade guess for U.S. corn 15/16 carryout is 1.815 bbu vs. 1.802 in January
· ATI Research: U.S. corn balance sheet; 15/16 carryout forecast at 1.801 bbu; 16/17 carry-out projected at 1.415 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: Weekend rains in central Argentina went a long way to reducing any dryness concerns for corn
· Year-to-date U.S. corn export inspections of 488 mbu are down 21% v. last year’s 617 million (USDA est. 9% decline)
· Base crop insurance price update for 2016; the average of December 2016 corn from Feb. 1-8 is $3.9083
SOYBEANS/WHEAT
· USDA WASDE report at 11:00 am CST: Avg. trade guess for U.S. soybean 15/16 carryout is 449 mbu vs. 440 in January
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 479 mbu; 16/17 carry-out estimated at 536 mbu
· Year-to-date U.S. soybean export inspections of 1249 mbu down 13% v. last year’s 1431 mbu (USDA est. 8% decline)
· Consultant: Only weather concern in Brazil soybeans is excess rain--impeding harvest and causing minor quality issues
· USDA WASDE report at 11:00 am CST: Avg. trade guess for U.S. wheat 15/16 carryout is 949 mbu vs. 941 in January
· Year-to-date U.S. wheat export inspections of 506 mbu down 12% from last year’s 573 mbu (USDA est. 6% decline)
ENERGY
· Mixed: CLH16, +$0.50, $30.19; EBJ, +$0.38; EBJ-CLH, +$3.09, -$.10; RBH, -$.0055; NGH, -$.0505 HOH, +$.0003
· A weaker trend was seen in cash ethanol markets on Monday: Chicago down ½; New York, Gulf and Tampa off 1; Dallas eased 1 ½; and LA was 1 ¼ lower at $1.54 ½ per gallon
· Ethanol RINs were lower: 2014’s off ½ to 70 ½-71; 2015’s down ¼ to 70 ½-71; and 2016’s slipped ¼ to 70 ½-71
· The March RBOB/March Ethanol spread added 2 ¼ points to the inverse, now at -$.4669 per gallon
LIVESTOCK/POULTRY   </wbr>
· Choice boxed beef values eased $1.79 on Monday, and at $218.81 are $1.71 lower vs. last week
· 5-Area Weekly Weighted Average Steer price down $1.90 last week to $134.46/cwt but is $25.82 lower vs. last year
· The USDA mandatory pork carcass cutout declined 66-cents Monday, but at $76.73 is still up 26-cents vs. a week ago
· CME Lean Hog Index was up $0.32 at $64.62. February futures were $0.225 higher and are $0.405 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather