HIGHLIGHTS
· MARKET TREND: CH, Up $.0050; SF, Down $.05; WH, Down $.0325; KWH, Down $.03
· Crude going below $20? Global stocks are under pressure once again as growth concerns persist. Perfect storm: falling oil prices; China’s economy slowing & the Fed is raising interest rates. Asia: Shanghai, -1%; Nikkei, -3.7%; Hang Seng, -3.8%. Mid-day Europe: CAC 40, -3.3%; FTSE, -3.0%; DAX, -2.9%. U.S. Futures: DOW, -304; S&P 500, -34.50; NAS, -85. Outside markets: Crude, -$.81; $ Index, +.079 @ 99.115; Gold, +$5.80 @ $1,094.80
· T-storm Weather: Thunderstorms focus on far northeastern corn and soybean areas of Brazil over the next week, including less and less of Center-West and Southeast Brazil with time. Dry and generally hot weather occur to the immediate south, including much of Argentina, central / southern Brazil and Paraguay. The dry-hot pattern breaks within Sunday-Friday (Jan. 24-29) when a strong system moves across Argentina and sends seasonably-cooler air northward, likely producing 1.00" to 2.00" of rain across much of each area (especially Sunday-Tuesday in Argentina and next Wednesday-Friday in southern Brazil and Paraguay). In the U.S., Arctic air retreats as a seasonable to mild pattern develops
· CH, Up $.0050 @ $3.6825; CK, Up $.0050 @ $3.7275. The funds bought 5 K as trading resumed on Tuesday
· SF, Down $.05 @ $8.7850; SH, Down $.0475 @ $8.7825. Funds bought 3 K SB; even SBM; bought 3 K SBO
· WH, Down $.03 @ $4.7150; WK, Down .0275 @ $4.7625. The funds bought 1 K yesterday
CORN/SORGHUM        
·   March 2016 corn futures traded to $3.69 ½ on Tuesday—the highest price for the contract since Dec. 22
· ATI Research: U.S. corn balance sheet; 15/16 carryout forecast at 1.817 bbu; 16/17 carry-out projected at 1.390 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: Farmers in southern Brazil have started to harvest some full-season corn with good results
· T-storm Weather: Far northeastern corn areas of Brazil remain wet with above-normal rain over the next 10 days
· USDA export inspections: Year-to-date U.S. corn exports of 419 mbu are down 21% vs. last year’s 527 million
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 459 mbu; 16/17 carry-out estimated at 570 mbu
· USDA export inspections: Year-to-date U.S. soybean exports of 1118 mbu are down 11% vs. last year’s 1257 mbu total
· Consultant: Rains the last 3 weeks across Brazil have stabilized the later planted or later maturing soybeans
· USDA export inspections: Year-to-date U.S. wheat exports of 474 mbu are down 11% from last year’s 530 mbu total
· T-storm Weather: Weak- to moderately-intense systems pass through late next week, but a lack of humidity keeps best rain-snow chances in the western and eastern U.S., including SRW wheat in the Delta
ENERGY
· Lower: CLH16,-$0.81, $28.76; EBH, -$0.68; EBH-CLH, -$0.68, +$.13; RBH, -$.0080; NGH, +$.007; HOH, -$.0235
· A mostly firmer trend was noted in cash ethanol markets on Tuesday vs. last Friday: Chicago added 1 1/8; New York up 1 ¼; Gulf steady; Dallas gained 1; Tampa climbed 1 ¾; and LA was ½ higher at $1.47 per gallon
· Ethanol RINs were weaker: 2014’s down ¾ at 65 ¾-66 ¼; 2015’s off ¾ at 65 ½-66; and 2016’s eased 5/8 to 65 ½-66
· The Feb RBOB/Feb Ethanol inverse was little changed at -$.3298/gallon Tuesday
LIVESTOCK/POULTRY   ;
· Choice boxed beef values declined $1.35 on Tuesday, and at $229.93 are $5.25 lower vs. a week ago
· 5-Area Weekly Weighted Average Steer price up $0.99 last week to $133.25/cwt but is $29.92 lower vs. last year
· The USDA mandatory pork carcass cutout was 61-cents lower on Tuesday but at $72.59, is up $2.24 v. last week
· CME Lean Hog Index was $0.42 higher at $56.25. February futures $0.825 higher and are $6.60 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather