HIGHLIGHTS
· MARKET TREND: CH, Up $.0275; SH, Up $.06; WH, Up $.01; KWH, Up $.0225
· Brent crude is $1 higher; China’s top securities regulators leaves position following a series of policy mistakes which were said to accentuate market volatility. Asia: Firmer with Shanghai up 2.4%; Nikkie & Hang Seng, +.90-.93%. Europe: Higher at mid-day, led by a 1.96% gain in the DAX; CAC 40, +.165% and the FTSE, +1.3%. Wall Street: DOW futures, +184; SS&P, +21.50 and the NAS, +50.50. $ Index, +.756 @ 98.36; Gold, -$27.20 & March crude, up $.1.08 @ 97.35/barrel
· T-storm Weather: Thunderstorms focused on northern Argentina and southern BrazilFriday-Saturday, and scattered thunderstorms developed across much of Center-West and Southeast Brazil on Sunday. Temperatures were seasonably-cooler across Argentina as maximums stayed in the 80s. Cool fronts over the next week trigger scattered thunderstorms across central and northern Argentina, but a lack of humidity is more likely to keep southern Argentina fairly dry, resulting in a drier forecast; 0.25" to 0.50" totals occur in southern areas, while amounts increase to 1.00" to 2.00" in northern areas. To the north, occasional thunderstorms dissipate across central/southern Brazil the next 10 days, resulting in heavy rainfall of 2.00" to 4.00"
· CH, Up $.0275 @ $3.6825; CK, Up $.0275 @ $3.72. The funds ended Friday’s trade even
· SH, Up $.06 @ $8.8425; SK, Up $.06 @ $8.8675. The funds sold 1 K SB, bought 2 K SBM and sold 3 K SBO
· WH, Up $.01 @ $4.6275; WK, Up $.02 @ $4.6825. Fund activity on Friday was said to be even
CORN/SORGHUM           </p>
· ATI Research: U.S. 2015/16 corn reported under loan as of Feb. 19 was 685.3 mbu. This is up 209.7 mbu (44%) from the 475.5 mbu of 2014/15 corn reported under loan at this time last year
· T-storm Weather: Near- or below-normal rainfall of 1.25" to 2.50" in northern areas of Brazil (Goias, Mato Grosso, and Minas Gerais) through 10 days, and much below-normal rainfall of less than 1.00" in Bahia
· Export Inspections released at 10 AM CST; Corn, 40.5 needed; 27.2 last week; Sorghum, 4.8 needed; 6.8 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 3,912 contracts
SOYBEANS/WHEAT
· ATI Research: U.S. 2015/16 soybeans reported under loan as of Feb. 19 was 108.8 mbu. This is up 51.5 mbu (90%) from the 57.3 mbu of 2014/15 soybeans reported under loan at this time last year
· Export Inspections released at 10 AM CST; Soybeans, 13.3 needed; 64.7 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 9,437 contracts
· T-storm Weather: Significant rain affects at least a portion of driest U.S.HRW wheat in southern Plains today-Tuesday
· Export Inspections released at 10 AM CST; Wheat, 17.0 needed; 14.1 last week
ENERGY
· Firmer: CLH16, +$1.08, $30.72; EBJ, +$1.07; EBJ-CLH, +$3.33, -$.04; RBH, +$.0329; NGH, -0.021; HOH, +$.0298
· A mostly firmer tone was noted in cash ethanol markets on Friday: Chicago up 1 ½; New York added ¾; Gulf increased 2 ½; Dallas climbed 3; Tampa jumped 4; but LA was steady at $1.54 per gallon
· Ethanol RINs were higher: 2014’s up 7/8 at 71 ¾-73; 2015’s gained 7/8 to 71 ¾-73; & 2016’s added 1 1/8 to 71 ¾-73 ½
· The March RBOB/March Ethanol inverse gained $.0260 on Friday, settling at -$.4496 per gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values were $1,73 lower on Friday, and at $211.66 are down $4.42 vs. a week ago
· Cattle on Feed: Feb 1 on feed, 100.0% (99.8% avg. est); Jan placed, 99.4% (99.6%); Jan Marketed, 97.8% (97.8%)
· USDA mandatory pork carcass cutout declined 69-cents Friday, and at $74.54 is $1.47 lower vs. a week ago
· CME Lean Hog Index gained $0.14 to $66.40. April futures declined $1.875 but are still $2.50 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather