HIGHLIGHTS
· MARKET TREND: CH, Up $.0225; SH, Unch; WH, Up $.0325; KWH, Up $.0275.
· Chinese officials pushed the yuan lower and Asia went south: Shanghai lost 2.9%; the Hang Seng fell 1.3% and the Nikkei, -1%. People’s Bank of China cuts its reserve ratio requirement to ease economic concerns. Europe is likewise weaker at mid-day with the DAX off 1.4%; the FTSE and CAC 40 are both .58% lower. Pre-market indicators find DOW futures off 47; the S&P, down 5 and the NAS, 18 ½ lower. April WTI is little changed; Gold is up $13 @ $1,232.80 and the $ Index is .18 to the plus side @ 98.355
· T-storm Weather: It appears most probable for widespread rainfall of 2.25" to 4.50" to affect much of Brazil over the next 10 days (except in / adjacent Bahia and Rio Grande do Sul where less or much-less rain occurs), while another 1.00" to 2.00" keeps Argentina moist. Temperatures remain below normal from Argentina through southern Brazil and Paraguay, while above-normal heat remains confined to / near the upper-level high across / adjacent Bahia. In the U.S., light rain develops across the Delta and southeast half of the Corn Belt Tue.-Wed. (0.25" to 0.75" most common), but bypasses the Plains due to a lack of humidity. Unseasonably-mild weather continues across the southwest half of the Plains the next week, while temps fluctuate in the east
· CH, Up $.0225 @ $3.5675; CK, Up $.0175 @ $3.6125. The funds sold 5 K. 0 deliveries
· SH, Unch @ $8.55; SK, Down $.01 @ $8.6250. Funds: sold 3K SB, 4 SBM, bot 3 K SBO. Del’y: 227 SB, 141 SBM, 1,296 SBO
· WH, Up $.0325 @ $4.4650; WK, Up $.0325 @ $4.5550. The funds sold 4 K. Del’y: 6 SRW, 0 HRW
CORN/SORGHUM        
·   ATI Research: U.S. 2015/16 corn reported under loan as of Feb. 26 was 684.7 mbu. This is up 213.1 mbu (45%) from the 471.6 mbu of 2014/15 corn reported under loan at this time last year
· T-storm Weather: Best thunderstorm chances over the next 10 days hold until Wednesday--Thursday forward in Argentina, and occur in varying areas every day in Brazil — especially in central growing areas over the next few days
· Export Inspections released at 10 AM CST; Corn, 40.7 needed; 35.4 last week; Sorghum, 4.7 needed; 8.4 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 5,727 contracts
SOYBEANS/WHEAT
· ATI Research: U.S. 2015/16 soybeans reported under loan as of Feb. 26 was 108.3 mbu. This is up 52.9 mbu (90%) from the 55.3 mbu of 2014/15 soybeans reported under loan at this time last year
· Export Inspections released at 10 AM CST; Soybeans, 11.7 needed; 56.3 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 5,367 contracts
· T-storm Weather: Bouts of record mildness through 10 days in U.S., likely causing HRW wheat to break dormancy
· Export Inspections released at 10 AM CST; Wheat, 17.6 needed; 9.0 last week
ENERGY
· Mixed: CLJ16, -$0.09, $32.71; EBJ, +$0.29; EBJ-CLJ, +$2.66, +$.34; RBJ, -$.0096; NGJ, -0.0800; HOJ +$.0020
· Cash ethanol markets were mixed on Friday: Chicago up 1 ¼; New York down ¾; Gulf steady; Dallas up ½; Tampa gained 1; and LA was 1 lower at $1.51 ½ per gallon
· Ethanol RINs weaker: 2014’s down ½ at 75-75 ½; 2015’s off ½ at 75-75 ½; and 2016’s eased ½ to 75-76
· The March RBOB/March Ethanol inverse reversed course, gaining $.0404 Friday to settle at -$.3704/gal
LIVESTOCK/POULTRY    
· Choice boxed beef values were $1.09 lower on Friday, but at $217.67 are still $6.01 higher than last week
· April live cattle futures closed at $137.225 Fri.—up $3.275 vs. prior Friday & highest weekly settlement since Dec. 31
· USDA mandatory pork carcass cutout eased 9-cents on Friday, and at $73.82 is down 72-cents vs. last week
· CME Lean Hog Index was up $0.08 at $66.60. April futures were $0.275 lower but are still $4.25 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather