HIGHLIGHTS
· MARKET TREND: CH, Up $.0225; SF, Up $.0550; WH, Up .0125; KWH, Up $.02
· Uneasiness over the state of the Chinese economy lingers: Asian losses moderate with Shanghai off .26%; the Nikkei ended .42% lower and the Hang Seng closed down .65%. Europe is a little weaker at mid-day: FTSE, -.09%; CAC 40, -.53% and the DAX, -.59%. U.S. pre-markets are lower: DOW futures, -112; NAS, -28 ¾; S&P 500, -13. Externals: $ Index, -.377 @ 99.345; Feb WTI is modestly firmer and gold is up $2.10 at $1,077.20
· T-storm Weather: Dissipating cool fronts trigger occasional thunderstorms in driest northern areas of Brazil through 10 to 14 days; above-normal totals are forecast. A break in heavy rains continue this week in southern Brazil, but excessive rainfall continues in Paraguay, and thunderstorms return to southern Brazil in around one week. Otherwise, near- to above-normal rainfall affects much of Argentina through 10 days as storm systems occasionally pass. In the central U.S., seasonable to mild weather through Friday-Saturday transitions to sharply colder temperatures as Arctic air passes within Jan. 10-15; temperatures cold enough for winterkill likely remain in snow-covered areas of / near the northern Plains and northwest Corn Belt
· CH, Up $.0225 @ $3.5375; CK, Up $.0225 @ $3.5975. The funds began the New Year selling 15 K
· SF, Up $.0550 @ $8.70; SH, Up $.0625 @ $8.6625. Funds sold 8 K SB; 1 K SBM and 7 K SBO. Del’y: SBO, 127
· WH, Up $$.0150 @ $4.5975; WK, Up $.0150 @ $4.66. The funds sold 6 K on Monday
CORN/SORGHUM     ;  
· March 2016 corn futures traded to $3.50 ½ on Monday—the lowest price for a nearby corn contract since Sept. 4
· ATI Research: U.S. corn balance sheet; 15/16 carryout forecast at 1.836 bbu; 16/17 carry-out projected at 1.408 bbu
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 52 mbu; 16/17 carry-out also pegged at 52 mbu
· Consultant: Full-season corn in southern Brazil has benefited from abundant rain and output should surpass last year
· T-storm Weather: Drier weather would be more ideal in N. Argentina as that is where most corn planting is unfinished
· USDA export inspections: Year-to-date U.S. corn exports of 372 mbu are down 22% vs. last year’s 478 million
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 510 mbu; 16/17 carry-out estimated at 621 mbu
· USDA export inspections: Year-to-date U.S. soybean exports of 1017 mbu are down 10% vs. last year’s 1133 mbu total
· Consultant: Weather the past week was wetter for central Brazil & drier across southern Brazil, benefitting soybeans
· USDA export inspections: Year-to-date U.S. wheat exports of 447 mbu are down 12% from last year’s 509 mbu total
· T-storm Weather: Arctic air next week is likely to be quickly replaced by relative-mild air from the Pacific, ultimately keeping the long period of unseasonable mildness intact
ENERGY
· Mixed: CLG16,-$.06, $36.70; EBG, -$.08; EBG-CLG, $.42, -$.04; RBG, +$.0102; NGG, -$.045;HOG, +$.0071
· Cash ethanol markets were weaker compared to Thursday: Chicago down 3 ½; New York off 2 ¾; Gulf slipped 6; Tampa and Dallas eased 1; and LA was ½ lower at $1.51 per gallon
· Ethanol RINs were higher: 2014’s up ¾ at 70 ¼-71 ¼; 2015’s added 1 to 70-71; and 2016’s firmed 5/8 to 69 ¾-70 ¼
· The Feb RBOB/Jan Ethanol inverse snugged in nearly 6 cents to -$.0743 on Monday
LIVESTOCK/POULTRY    
·   Choice boxed beef values soared $5.47 higher on Monday, and at $218.06 are up $16.97 compared to last week
· 5-Area Weekly Weighted Average Steer price up $10.55 last week to $133.95/cwt but is $31.99 lower vs. last year
· The USDA mandatory pork carcass cutout firmed 74-cents on Monday to $69.44 but is down 63-cents vs. a week ago
· CME Lean Hog Index was $0.05 lower at $52.87. February futures down $0.375 but are $6.555 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather