HIGHLIGHTS
· MARKET TREND: CK, Down $.0125; SK, Down $.0225; WK, Down $.0150; KWK, Up $.0050
· World markets slip ahead of the Fed meetings, lack of new news. “Jittery” seems to be the operative word this morning. Asia was mostly lower: Shanghai gained .17% but the Nikkei lost .68% and the Hang Seng, -.72%. Europe is in the red: DAX, -.60%; FTSE, -.70%; CAC 40, -.99%. U.S.: pre-markets are all lower with the DOW off 75; S&P, -11 & the NAS, -19.50. Externals: $ Index, up .135 @ 96.86; April WTI, -$.93 @ $36.25 and Gold, off $10 @ $1,234.40
· Weather: Additional rain across northern Brazil is forecast for the next few days. Some amounts may be heavy, which would result in additional delays in soybean harvest. Dry conditions in Southern Brazil, however, continue to favor early soybean harvest in that region. Dry weather should also continue to support corn harvest progress in Argentina. Much needed dryness impacts the Delta today-Wednesday, but showers are forecast to return Thursday. Midwest temps cool as the week proceeds.
· CK, Down $.0125 @ $3.6750; CN, Down $.0125 @ $3.7225. The funds bought 8 K. 338 Corn deliveries; 0 etoh
· SK, Down $.0225 @ $8.9350; SN, Down $.0250 @ $8.9950. Funds: 0 SB/sold 2 K SBM/bought 3 SBO. Del’y: 53 SB, 31 SM, 17 BO
· WK, Down $.0150 @ $4.7725; WN, Down $.01 @ $4.8475. The funds bought 3 K on Monday. Del’y: 17 SRW, 10 HRW
CORN/SORGHUM     ; ;
· ATI Research: U.S. corn balance sheet; 15/16 carryout forecast at 1.825 bbu; 16/17 carry-out projected at 1.973 bbu
· ATI Research: U.S. sorghum balance sheet; 15/16 carryout forecast at 40 mbu; 16/17 carry-out also pegged at 40 mbu
· Consultant: The planting window for safrinha (double crop) corn is essentially now closed. Any corn planted after this date runs a high risk of dry weather in central Brazil and of cold weather in southern Brazil
· December 2016 corn futures traded to $3.87 ½ on Monday, have increased $0.1325 since March 1 and posted the highest settlement price for the contract since Feb. 22
· Export inspections: Year-to-date U.S. corn exports of 651 mbu down 19% vs. last year (USDA forecasting 11% decline)
SOYBEANS/WHEAT
· ATI Research: U.S. soybean balance sheet; 15/16 carryout pegged at 479 mbu; 16/17 carry-out estimated at 538 mbu
· Consultant: The Brazilian soybean harvest is 52% complete vs. 50% last year. Wet weather in southern Brazil continues to delay the loading of vessels at Brazil’s tow largest ports
· Export inspections: Year-to-date U.S. soybean exports of 1480 mbu down 7% v. last year (USDA forecasting 8% drop)
· ATI Research: U.S. SRW wheat balance sheet; 15/16 carryout pegged at 176 mbu; 16/17 carry-out est. at 154 mbu
· Export inspections: Year-to-date U.S. wheat exports of 576 mbu down 12% from last year (USDA forecasting 9% drop)
· USDA crop condition ratings for Kansas wheat pegged at 56% Good/Excellent, which is unchanged from last week
ENERGY
· Weaker: CLJ16, -$0.93, $36.257; EBK, -$1.05; EBK-CLK, +$2.21, -$.140; RBJ, -$.0291; NGJ, +0.009; HOJ, -$.0199
· Cash ethanol markets were firmer on Monday: Chicago, Tampa, Dallas and Gulf all up 1; New York gained 1 ½; and LA was also 1 higher at $1.55 ½ per gallon
· Ethanol RINs were higher: 2014’s up 1 to 70 ¼-72; 2015’s added 7/8 to 70 ¼-72; and 2016’s firmed 7/8 to 70 ¼-72
· The April RBOB/April Ethanol spread saw the RBOB premium disappear nearly 3 cents to -$.0154/gal on Monday
LIVESTOCK/POULTRY  
· Choice boxed beef values gained $3.42 on Monday, and at $227.47 are up $6.05 compared to last week
· 5-Area Weekly Weighted Average Steer price up $2.17 last week to $137.93/cwt but is down $23.33 vs. last year
· USDA mandatory pork carcass cutout was 9-cents higher on Monday, and at $76.23 is up 56-cents vs. a week ago
· CME Lean Hog Index was $0.09 higher at $66.75. April futures declined $1.05 but are still $4.025 above the index
Sources: Bloomberg, Dow Jones, AP