HIGHLIGHTS
· MARKET TREND: CK, Up $.0175; SK, Down $.03; WK, Up $.0025; KWK, up $.0225
· Global equities are mostly extending Friday’s gains on expectations the Fed will leave interest rates unchanged on Wednesday. Asia: Both Shanghai and the Nikkei were 1.74-1.76% higher and the Hang Seng, up 1.17%. Europe: The DAX is the leader at 1.59% higher; the CAC 40 and FTSE are up .50-.60%. U.S. Pre-markets: DOW futures, 9 lower; S&P, off 3; NAS, -3.00. Externals: April crude is 83 cents lower; the $ Index is .178 higher at 96.35 and Gold is off $.70 at $1,258
· Weather: Episodes of scattered showers and thunderstorms impact northern Brazil today through Thursday. Light to moderate rain with locally heavier amounts are expected along with near to below normal temperatures. Some delays in soybean harvest could develop. In contrast, mostly dry weather throughWednesday across Argentina should support corn harvest. Some showers impact the eastern Corn Belt today along with above to much to above normal temperatures across the entire Midwest.
· CK, Up $.02 @ $3.67; CN, Up $.02 @ $3.7150. The funds bought 5 K. 239 Corn deliveries; 0 etoh
· SK, Down $.0325 @ $8.9250; SN, Down $.03 @ $8.9850. Funds: bought 6 SB/3 SBM/5 SBO. Del’y: 66 SB, 8 SBM, 37 SBO
· WK, Up $.0025 @ $4.76; WN, Up $.0050 @ $4.8325. The fund were even inFriday’s trade. Del’y: 12 SRW, 11 HRW
CORN/SORGHUM       ;
<p>
· ATI Research: U.S. 2015/16 corn reported under loan as of March 11 was 609.5 mbu. This is up 152.8 mbu (33%) from the 456.7 mbu of 2014/15 corn reported under loan at this time last year
· The last day of trading for March 2016 corn futures is today
· December 2016 corn futures closed at $3.82 ¾ on Friday, which is up $0.09 from the contract low settlement price of $3.73 ¾ on March 1. This is also the highest closing price for the contract since Feb. 24
· Export Inspections released at 10 AM CST; Corn, 41.3 needed; 37.5 last week; Sorghum, 4.7 needed; 4.3 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 2,875 contracts
SOYBEANS/WHEAT
· ATI Research: U.S. 2015/16 soybeans reported under loan as of March 11 was 92.0 mbu. This is up 41.2 mbu (81%) from the 50.8 mbu of 2014/15 soybeans reported under loan at this time last year
· Export Inspections released at 10 AM CST; Soybeans, 9.5 needed; 39.2 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 5,028 contracts
· November 2016 soybean futures closed at $0.06 ¾ Friday, the highest settlement price for the contract since Dec. 18
· Export Inspections released at 10 AM CST; Wheat, 17.9 needed; 16.3 last week
· Commitment of Traders report: Non-Commercial long CBOT wheat futures only positions decrease 5,531 contracts
ENERGY
· Weaker: CLJ16, -$0.83, $37.67; EBK, -$0.70; EBK-CLK, +$2.01, +$.110; RBJ, -$.0127; NGJ, -0.027; HOJ, -$.0208
· A mixed trend was evident in cash ethanol markets on Friday: Chicago was steady; New York declined ¾; Gulf and Dallas firmed ½; Tampa gained 1; and LA was 1 higher at $1.54 ½ per gallon
· Ethanol RINs were weaker: 2014’s down 1 3/8 to 70-70 ¼; 2015’s off 1 3/8 to 70-70 ½; & 2016’s eased 1 ¼ to 70-70 ½
· The April RBOB/April Ethanol spread saw the RBOB premium little changed at+$.0143/gal Friday
LIVESTOCK/POULTRY  
· Choice boxed beef values were $1.19 lower on Friday, but at $224.05 are still $3.08 higher vs. a week ago
· April live cattle futures closed at $139.80 Fri.—up $3.45 vs. the prior Friday & highest settlement price since Nov. 3
· USDA mandatory pork carcass cutout was unchanged on Friday, but at $76.14 is up 92-cents compared to last week
· CME Lean Hog Index was up $0.10 at $66.66. April futures were $0.35 lower but are still $5.165 above the index
Sources: Bloomberg, Dow Jones, AP