HIGHLIGHTS
· MARKET TREND: CH, Down $.0050; SH, Up $.0325; WH, Down $.0125; KWH, Down $.01
· Non-farm payroll data out at 7:30 CST. Past 3 months have added 250+K/month; consensus is 185 K for Jan, Asia: mostly lower; Europe, mostly higher; Wall Street, futures are positive with DOW up 12; the NAS, +4 ½ and the S&P, +1. The Nikkei fell 1.3% and is down nearly 6% for the week; Shanghai ended .6% lower; the Hang Seng managed a .55% gain. Both the FTSE and CAC are .15-.16% higher; the DAX is off .23%. $ Index, +.148 @ 96.635; Gold, +$1.70 @$1,158.90; Mar WTI up $.39
· T-storm Weather: Storm systems occasionally move across Argentina (and southern Brazil and Paraguay), resulting in 1.00" to 2.00" of rain the next 7-10 days; exact GFS output that shows over 5.00" in driest areas of eastern Argentina the next few days is likely much too wet as it incorrectly over-develops thunderstorms. Below-normal rainfall occurs further to the north, aiding soybean harvesting and corn planting in northern areas of Brazil. Changes begin next weekend when upper-level high pressure departs, allowing cool fronts and a wetter pattern to unfold. In the central U.S., light snows occasionally occur from the northern Plains through the eastern Corn Belt, but a significant storm is not foreseen, and dry weather occurs elsewhere the next 10 days
· CH, Down $.0050 @ $3.68; CK, Down $.0025 @ $3.7325. The funds sold 5 K inThursday’s trade
· SH, Up $.0325 @ $8.7775; SK, Up $.0375 @ $8.8125. The funds sold 2 K SB, 4 K SBM and bought 3 K SBO
· WH, Down $.0125 @ $4.7150; WK, Down $.0150 @ $4.7525. Fund selling totaled an estimated 5 K
CORN/SORGHUM ;      
· The base crop insurance pricing period for December 2016 corn futures has begun; average through Feb. 4 is $3.9256
· ATI Research: U.S. corn export sales for the week ending Jan. 28 of 44.5 mbu were up 38% from the previous week and 56% above the prior 4-week average. Year-to-date sales are 954 mbu vs. 1266 mbu last year (-25%)
· ATI Research: U.S. sorghum export sales week end Jan. 28, 7.4mbu: Year-to-date sales-233 mbu-down 16% v. last year
· T-storm Weather: In central and southern Argentina, a continuation of near- or above-normal rainfall is most probable through mid-month
SOYBEANS/WHEAT
· The base crop insurance pricing period for November 2016 soybean futures has begun; avg. through Feb. 4 is $8.9113
· ATI Research: U.S. soybean export sales for the week ending Jan. 28 were -1.6 mbu. That represented a marketing year low. Year-to-date sales are 1.492 bbu vs. 1.668 last year (-11%)
· ATI Research: U.S. export sales of all wheat for the week ending Jan. 28 were a marketing year low 2.4 mbu. That’s down 78% from last week and 74% vs. the prior 4-week avg. Year-to-date sales of 616 mbu vs. 747 last year (-18%)
· T-storm Weather: U.S. wheat winterkill unlikely next week because of only marginal coldness or protective snowpack
ENERGY
· Mixed: CLH16, +$0.39, $32.11; EBJ, $0.00; EBJ-CLH, +$2.47, -$.27; RBH, -$.0027; NGH, +$.097; HOH, -$.0038
· Modest gains were seen in cash ethanol markets on Thursday: Chicago up ½; New York added 1/8; Gulf firmed 3/8; Tampa and Dallas climbed 2 ½; and LA was 2 higher at $1.55 ½ per gallon
· Ethanol RINs increased: 2014’s gained ¼ to 70-71; 2015’s up ¼ to 70-70 ½; and 2016’s added ¼ to 70-70 ½
· The March RBOB/March Ethanol spread lost $.0167 to settle at -$.3856 per gallon yesterday; trading -$.4146 this am
LIVESTOCK/POULTRY ; ;
· Choice boxed beef values firmed 46-cents on Thursday, and at $223.03 are up $2.91 vs. last week
· Dressed steer weight for week end Jan. 23: 899 lbs., up 1 pound v. last week, 900.75 for 4-week avg. & 880 last year
· The USDA mandatory pork carcass cutout declined 85-cents on Thursday, & at $76.28 is 9-cents lower vs. a week ago
· CME Lean Hog Index was up $0.68 at $63.98. February futures gained $0.575 and are $1.145 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather