HIGHLIGHTS
· MARKET TREND: CK, Down $.01; SK, Down $.0225; WK, Down $.01; KWK, Down $.0150
· Global equity markets are mixed, awaiting a possible stimulus announcement from the ECB which is expected to further cut its deposit rate while boosting asset buying. Asia: the Nikkei gained 1.26% but Shanghai was 2.03% lower and the Hang Seng lost .06%. Europe: France’s FTSE is .40% weaker; the DAX is up .27% and the CAC 40, up .08%. U.S. pre-markets are higher: DOW future, +39; S&P, +6.50; NAS, +12.00. Externals: $ Index, +.251 @ 97.41; Gold, -$7.70 @ $1,248.90; April WTI, -$.12 @ $38.17
· Weather: Light showers impact southern Brazil today, which could slow soybean harvest. Mostly dry weather is forecast for the region from Friday-Monday with near to below normal temps. Generally dry weather throughTuesday could support early corn harvest progress across Argentina. Heavy rain across the Delta continues to impact U.S. soft red winter wheat today, but little moisture is forecast for hard red winter wheat short-term. Above to much above normal temps persist through the weekend
· CK, Down $.01 @ $3.5850; CN, Down $.01 @ $3.6350. The funds bought 3 K. 14 Corn deliveries; 0 etoh
· SK, Down $.0225 @ $8.8350; SN, Down $.0275 @ $8.8850. Funds: bought 2 SB/5 SBO; sold 1 SBM. Del’y: 45 SB, 49 SBM, 137 SBO
· WK, Down $.01 @ $4.6725; WN, Down $.0150 @ $4.7325. The funds once more bought 4 K. Del’y: 15 SRW, 7 HRW
CORN/SORGHUM     ; ;
· Export Sales to be released at 7:30 AM CST. Trade expects 31-47 mbu for 15/16 corn
· ATI Research: Wednesday’s USDA Supply/Demand report showed a 2.1 MMT draw-down in 15/16 world coarse grain stocks while the trade was expecting a slight increase
· December 2016 corn futures on Wed. closed at $3.79 ¼; one year ago the December 2015 contract settled at $4.14 ¼
· Consultant: In Mato Grosso do Sul, Brazil, wet weather has delayed soybean harvest and safrinha (double crop) corn planting. MGDS (#3 largest double crop state in Brazil) farmers only have until approx. March 15 to finish planting
· Ethanol grind: 978,000 barrels/day for week end March 4—down 0.9% vs. last week but 3.6% higher vs. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 15-26 mbu for 15/16 soybeans; soymeal, 100-250 K MT; and soyoil, 0-10 K MT
· ATI Research: World soybean meal demand remains strong. Wednesday’s USDA Supply/Demand report increased foreign soybean meal demand by 910,000 MT (mostly China) and is now 7.8% higher compared to last year
· Consultant: Some farmers in Rio Grande do Sul, Brazil are worried that soybean rust may trim their yields by 10-15%
· Export Sales report. Trade expects 7-18 mbu for 15/16 all wheat
· ATI Research: USDA Supply/Demand report cut foreign wheat feeding 1.65 MMT; now up less than 1.0 MMT v. 14/15
ENERGY
· Loweer: CLJ16, -$0.12, $38.17; EBK, -$0.26; EBK-CLK, +$0.93, -$.07; RBJ, -$.0053; NGJ, +0.003; HOJ, -$.0111
· A mostly higher trend was noted in cash ethanol markets on Wednesday: Chicago up ½; New York was unchanged; Gulf firmed 1 7/8; Dallas and Tampa gained 1 ½; and LA was 2 higher at $1.52 per gallon
· Ethanol RINs were higher: 2014’s, 2015’s and 2016’s were all 1 ¼ higher at 71 ¼ ranging from 70 ½-72
· The April RBOB/April Ethanol spread saw the RBOB premium rise $.0677 to+$.0705/gal
LIVESTOCK/POULTRY <wbr>    
·   On Wednesday, choice boxed beef values increased $3.57 and at $223.82 are at the highest level since Jan. 22
· Choice boxed beef values have increased $12.16 (5.7%) over the past 13 trading days
· USDA mandatory pork carcass cutout was 17-cents higher Wednesday, and at $75.56 is up 52-cents vs. a week ago
· CME Lean Hog Index firmed $0.02 to $66.48. April futures gained $2.325 and are $5.62 above the index
Sources: Bloomberg, Dow Jones, AP