HIGHLIGHTS
· MARKET TREND: CH, Up $.0025; SH, Up $.0175; WH, Up $.01; KWH, Up $.0125.
· Global equities: Higher, China says it won’t drastically weaken the yuan; Shanghai closes up .95%; the Nikkei gains .3% and the Hang Seng, +2.5%. Europe at mid-day: FTSE, +1.2%; CAC 40, +1.76%; DAX, +1.96%. U.S.: Pre-markets are positive with DOW futures up 109; S&P, +12 ¾; NAS, +34 ¼. CPI and QIV GDP estimates out this am. Externals: Gold, off $4.90; $ Index, +.173 @ 97.455 and April WTI is $.40-45 to the plus side
· T-storm Weather: Occasional cool fronts drift into southern Brazil and Paraguay over the next 10 days, triggering frequent thunderstorms with above-normal rainfall of 2.50" to 5.00". Each front also moves across Argentina, most notably triggering thunderstorms today with 0.75" to 1.50" amounts in central and northern areas. Near-normal rainfall and temperatures in southern areas of Brazil transition to below-normal rainfall and above-normal temperatures with northeastward extent. Another significant system moves across the central U.S. Mar. 1-3, but it is most likely to pass further to the north than the most recent system. Widespread rainfall of 0.75" to 1.50" is probable across the Delta and southeast half to two-thirds of the Corn Belt
· CH, Up $.0025 @ $3.5575; CK, Up $.0025 @ $3.6075. The funds sold 8 K-early ideas on more acres confirmed by USDA analysts
· SH, Up $.0175 @ $8.6075; @K, Up $.0175 @ $8.6725. Fund activity: sold 6 K SB, 4 K SBM and 3 K SBO
· WH, Up $.01 @ $4.4625; WK, Up $.0125 @ $4.5525. The funds bought 2 K as wheat plantings fall 3.6 million acres from LY
CORN/SORGHUM          
·   Base crop insurance pricing period for Dec. 2016 corn futures will conclude Feb. 29; average as of Feb. 25 is $3.8692
· ATI Research: U.S. corn export sales for the week ending Feb. 18 of 36.8 mbu were down 11% from the previous week but up 10% from the prior 4-week average. Year-to-date sales are 1048 mbu vs. 1370 mbu last year (-24%)
· ATI Research: U.S. sorghum export sale week end Feb. 18, 1.7mbu: Year-to-date sales-250 mbu-down 15% v. last year
· T-storm Weather: Since Feb. 1, Argentina corn is in midst of warmest (and #5 wettest) Feb. over 1980-2016, slightly besting 1989 & 2001. Unseasonable warmth breaks today & leads to near- to below-normal temps the next 10 days
SOYBEANS/WHEAT
· Base crop insurance pricing period for Nov. 2016 soybean futures will conclude Feb. 29; avg. as of Feb. 25 is $8.8614
· ATI Research: U.S. soybean export sales for the week ending Feb. 18 of 12.1 mbu were down 34% from the previous week and 23% from the prior 4-week average. Year-to-date sales are 1543 mbu vs. 1727 last year (-11%)
· ATI Research: U.S. export sales of all wheat for the week ending Feb. 18 of 14.3 mbu were up 53% from the previous week and 77% from the prior 4-week average. Year-to-date sales of 650 mbu vs. 784 last year (-17%)
· T-storm Weather: Rain possible next week for U.S. HRW wheat in Plains but chances decrease with westward extent
ENERGY
· Firmer: CLJ16, +$0.43, $33.50; EBJ, +$0.56; EBJ-CLJ, +$2.34, +-$.12; RBJ, +$.0040; NGJ, -0.012; HOJ +$.0087
· A weaker tone was noted in cash ethanol markets on Thursday: Chicago down 1 3/8; New York off 2; Gulf eased ¾; Dallas slid 3; Tampa declined 4 ½; and LA was 1 lower at $1.52 ½ per gallon
· Ethanol RINs firmer: 2014’s up 1 ½ at 74 ½-77; 2015’s also gained 1 ½ to 74 ½-77; and 2016’s added 1 ¾ to 74 ½-77 ½
· The March RBOB/March Ethanol inverse continues to retreat, giving up $.0686 yesterday, settling at -$.3300/gal
LIVESTOCK/POULTRY    
·  Choice boxed beef values were up $1.04 on Thursday, and at $218.76 and have increased $7.10 the past four days
· Dressed steer weight for week end Feb. 13: 891 lbs, dn 8 pounds v. last week, 898.5 for 4-week avg. & 881 last year
· USDA mandatory pork carcass cutout declined 51-cents Thursday, and at $73.91 is $1.32 lower vs. a week ago
· CME Lean Hog Index was $0.03 higher at $66.52. April futures declined $0.35 but are still $4.605 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather