HIGHLIGHTS
· MARKET TREND: CK, Up $.0125; SK, $.0525; WK, Down $.0075; KWK, Up $.0125
· Upon further review, markets like ECB decisions (particularly 20 billion euro increase in monthly asset purchases) and rebound. Asia posts modest gains as Shanghia rises .16%; the Nikkei moved up .51% and the Hang Seng, +1.08%. Mid-day in Europe finds the FTSE up 1.6% with both the DAX and CAC 40 flirting with 3% rallies. Pre-market indicators bode well for Wall Street: DOW futures, +144; S&P, +18.75 and the NASS, +49.00. Gold, -$7.70; $ Index, +.63 @ 96.685; April WTI, +$.81/barrel
· Weather: Rainfall is forecast to persist across northern Brazil through the weekend and into early next week. A disruption in soybean harvest could be experienced while final planting of safrinha (double crop) corn may be prevented. Early corn harvest in Argentina is likely to progress, however, as dry weather prevails. In the U.S., heavy rain is likely to develop today across the southern areas of the Delta before spreading northward to encompass the Central and Eastern Corn Belt on Saturday-Sunday
· CK, Up $.0175 @ $3.6425; CN, Up $.0125 @ $3.64. The funds bought 6 K. 19 Corn deliveries; 0 etoh
· SK, Up $.01 @ $8.8275; SN, Up $.0525 @ $8.9450. Funds: bought 4 SB/2 SBM; sold 1 SBO. Del’y: 66 SB, 33 SBM, 96 SBO
· WK, Up $.01 @ $4.7250; WN, Down $.0075 @ $4.7625. The funds continue to buy 4 K daily. Del’y: 12 SRW, 2 HRW
CORN/SORGHUM          
·  ATI Research: U.S. corn export sales for the week ending March 3 of 46.2 mbu were up 7% from the previous week and 37% from the prior 4-week average. Year-to-date sales are 1135 mbu vs. 1419 mbu last year (-20%)
· ATI Research: U.S. sorghum export sales week end March 3, 2.1mbu: Year-to-date sales-254 mbu-dn 18% v. last year
· May 2016 corn futures on Thu. closed at $3.62 ¾, which is the highest settlement price for the contract since Feb. 24
· The USDA reported corn planting in Texas as of March 6 was 5% complete, which is unchanged from 2015 but below the 5-year average of 12%
· USDA pegged sorghum planting in Texas as of March 6 at 2% compared to 1% in 2015 and the 5-year average of 8%
SOYBEANS/WHEAT
· ATI Research: U.S. soybean export sales for the week ending March 3 of 17.5 mbu were up 8% from the previous week and 2% from the prior 4-week average. Year-to-date sales are 1575 mbu vs. 1749 last year (-10%)
· Consultant: Wet weather in central and southern Brazil has slowed the soybean harvest pace
· ATI Research: U.S. export sales of all wheat for the week ending March 3 of 12.1 mbu were down 4% from the previous week but up 6% from the prior 4-week average. Year-to-date sales are 675 mbu vs. 818 last year (-18%)
· Chicago July 2016 wheat futures on Thursday closed at $4.83 ¼, which is the highest settlement price for the contract since Feb. 3
ENERGY
· Higher: CLJ16, +$0.85, $38.69; EBK, +$0.69; EBK-CLK, +$0.54, -$.100; RBJ, +$.0061; NGJ, +0.018; HOJ, +$.0144
· Cash ethanol markets were firmer on Thursday: Chicago gained 2 3/8; New York increased 2 ¼; Gulf added 2 1/8; Dallas and Tampa climbed 3; and LA was 1 ½ higher at $1.53 ½ per gallon
· Ethanol RINs increased: 2014’s up ¼ at 71-72; 2015’s gained 3/8 to 71-72 ¼; and 2016’s added ¼ to 71-72
· The April RBOB/April Ethanol spread saw the RBOB premium back down $.0585 to+$.0120/gal on Thursday
LIVESTOCK/POULTRY    
· Choice boxed beef values were $1.42 higher on Thursday, and at $225.24 are up $5.49 compared to last week
· Dressed steer weight for week end Feb. 27: 887 lbs., up 1 pound v. last week, 893.5 for 4-week avg. & 875 last year
· USDA mandatory pork carcass cutout firmed 58-cents on Thursday, and at $76.14 is the highest since Feb. 17
· CME Lean Hog Index was $0.08 higher at $66.56. April futures increased $0.075 and are $5.615 above the index
Sources: Bloomberg, Dow Jones, AP