HIGHLIGHTS
· MARKET TREND: CH, Up $.01; SH, Up $.0225; WH, Up $.0275; KWH, Up $02.
· Asia: Mostly lower, Shanghai plunged 6.4% (liquidity issues/profit-taking); the Hang Seng was off 1.58% while the Nikkei managed a 1.41% gain. Europe: Higher, led by a 2.15% gain in the FTSE; the CAC 40 closed uop 1.97% and the DAX, +1.06%. Wall Street Pre-opening: DOW futures, up 26; S&P, +2.75 and the NAS, +6.25. Data out today includes jobless claims and durable goods orders. Outside markets: April WTI, down $.14; Gold, -$6.50 and the $ Index, off .039 to 97.425
· T-storm Weather: Dissipating cool fronts trigger occasional thunderstorms across southern Brazil and Paraguay over the next 10 days, resulting in 3.00"-6.00" of rain. Drier and cooler weather occur with southward extent through Argentina, while drier and warmer weather occur with northward extent – especially across Bahia. In the U.S., the powerhouse system that fueled heavy rain-snow Tue-Wed broke dryness that had developed over the southeast half of Corn Belt the last six weeks. Another system likely follows later next week as March begins on a wet note across at least the Corn Belt and Delta. Temperatures remain mild through two weeks in the Plains and points west near the upper-level high in the West, but will be colder with eastward extent
· CH, Up $.01 @ $3.6075; CK, Up $.0150 @ $3.66. The funds sold 5 K at mid-week
· SH, Up $.0225 @ $8.6950; @K, Up $.0250 @ $8.7475. Fund activity: sold 3 K SB, bought 1K SBM and 3 K SBO
· WH, Up $.0275 @ $4.4450; WK, Up $.0350 @ $4.5475. The funds were estimated to have sold 5 K yesterday
CORN/SORGHUM     ;  
· Export Sales to be released at 7:30 AM CST. Trade expects 28-47 mbu for 15/16 corn
· USDA Ag Outlook Forum to release est. of 2016 U.S. corn acres; avg. trade guess, 89.7 (range 88.3-92.5) v. 88.0 in ‘15
· Consultant: Harvest of full-season corn in Parana, Brazil (#1 state for first crop corn) is 28%, & is 40% and 20% in Rio Grande do Sul and Santa Catarina, respectively. First crop corn accounts for approx. 33% of total Brazil corn output
· Ethanol grind: 994,000 barrels/day for week end Feb. 19—up 1.9% vs. last week and 5.0% higher vs. last year
· T-storm Weather: Temperatures average below-normal for filling corn in Argentina over the next 10 days
SOYBEANS/WHEAT
· Export Sales report. Trade expects 11-26 mbu for 15/16 soybeans; soymeal, 100-250 K MT; and soyoil, 5-20 K MT
· USDA Ag Outlook Forum to release est. of ‘16 U.S. soybean acre; avg. trade guess, 83.3 (range 82.0-85.0) v. 82.7 in ‘15
· ATI Research: Near-term U.S. weekly soybean meal exports forecast at 190-195 K MT, down from 244 K last year
· Export Sales report. Trade expects 7-15 mbu for 15/16 all wheat
· Chicago March wheat futures traded to $4.38 Wednesday—the lowest price for a nearby contract since June 11, 2010
· USDA Ag Outlook Forum to release est. of ‘16 U.S. wheat acres; avg. trade guess, 52.4 (range 51.0-56.0) v. 54.6 in ‘15
ENERGY
· Weaker: CLJ16, -$0.14, $32.01; EBJ, -$0.22; EBJ-CLJH, +$2.07, -$.190; RBH, -$.0071; NGH, -0.044; HOH, -$.0130
· Cash ethanol markets edged slightly lower on Wednesday: Chicago off 7/8; New York eased ¼; Gulf declined 1 ¼; Dallas down ½; Tampa slipped 1; and LA was 1 lower at $1.53 ½ per gallon
· Ethanol RINs were 1 higher with 2014’s, 2015’s and 2016’s all averaging 74 ¼ and ranging from 73 ½-75
· The March RBOB/March Ethanol inverse lost $.0531 yesterday and settled at -$.3986 per gallon
LIVESTOCK/POULTRY    
· On Wednesday, choice boxed beef values increased $2.56, and at $217.72 are $3.37 higher compared to last week
· Cold Storage report: End of January beef stocks largest for this time of year since USDA began collecting data in 1915
· USDA mandatory pork carcass cutout was 71-cents lower Wednesday, and at $74.42 is down $1.92 vs. last week
· CME Lean Hog Index was up $0.09 at $66.49. April futures increased $1.525 and are $4.985 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather