HIGHLIGHTS
· MARKET TREND: CK, Up $.02; SK, Up $.0475; WK, Up $.0425 $.02; KWK, Up $.0475
· Fed backs off on pace of rate hikes; markets are inspired, sort of. ASIA: The Nikkei shed .22% but Shanghai and the Hange Seng both closed up 1.21-1.22%. EUROPE: Began the day higher but quickly moved south; UK wants to tax soft drinks, sees much weaker growth scenario; CAC 40 off 2.0%; DAX is down 2.1% and Britain’s FTSE is off .77%. U.S.: futures are weaker with the DOW 62 lower; the NAS is down 20.75 and the S$P, off 7 ¾. Externals: $ Index,. -1.215 @ 94.765; Gold, +$40.90!; Crude, +$.64
· Weather: Little to no rain is forecast today for the U.S. Delta, which could help the region dry out following recent excessive precip. Temps remain above normal today before cooling Friday and dipping to below normal for the weekend. The Central and Southern Plains are forecast to be dry today, but light to locally heavy rain is possible Friday. Temps remain above normal today before falling to below normal tomorrow into Saturday. Rainfall continues for northern Brazil today while dry weather persists across southern areas of the country. Light to moderate rain impacts central Argentina on Friday with below normal temps
· CK, Up $.02 @ $3.7025; CN, Up $.0150 @ $3.7475. The funds were even in mid-week trading
· SK, Up $.0475 @ $8.8825; SN, Up $.0475 @ $9.05. Funds: bought 2 K SB; sold 2 K SBM & bought 2 SBO
· WK, Up $.0425 @ $4.75; WN, Up $.04 @ $4.8225. The funds sold 3 K yesterday
CORN/SORGHUM       ;
· ; Export Sales to be released at 7:30 AM CST. Trade expects 28-43 mbu for 15/16 corn
· ATI Research: Ideas circulating in the trade of U.S. corn planted acreage going as high as 91-92 million acres may be getting scaled back as recent heavy rains hamper field work in Southern areas
· December 2016 corn futures on Wed. closed at $3.86 ½; one year ago the December 2015 contract settled at $4.00
· Consultant: Barring a big change in the overall weather pattern, current conditions in the U.S. indicates a quick start to corn planting this spring with activity starting maybe 1-2 weeks earlier than normal
· Ethanol grind: 999,000 barrels/day for week end March 11—up 2.1% vs. last week and 5.5% higher vs. last year
SOYBEANS/WHEAT
· Export Sales report. Trade expects 15-26 mbu for 15/16 soybeans; soymeal, 50-300 K MT; and soyoil, 4-30 K MT
· ATI Research: Difficulties in planting the 2016 U.S. corn crop in the South could result in a switch to soybeans
· November 2016 soybean futures Wed. closed at $9.05; one year ago the November 2015 contract settled at $9.50 ¾
· Consultant: Much needed rainfall in northeastern Brazil will benefit later planted soybeans
· Export Sales report. Trade expects 9-17 mbu for 15/16 all wheat
· Chicago July 2016 wheat futures Wed. closed at $4.78 ¼; one year ago the July 2015 contract settled at $5.14 ¼
ENERGY
· Higher: CLJ16, +$0.64, $39.10; EBK, +$0.59; EBK-CLK, +$1.785, -$.09; RBJ, +$.0020; NGJ, +0.027; HOJ, +$.0086
· Cash ethanol markets were mixed on Wednesday: Chicago up 5/8; New York unchanged; Gulf down 1 ½; Tampa and Dallas firmed 1; and LA was ½ lower at $1.55 per gallon
· Ethanol RINs higher: 2014’s up ¼ to 71 ½-72 ½; 2015’s added ¼ to 71 ½-72 ½; and 2016’s climbed ¼ to 71 ¼-72 ¼
· The April RBOB/April Ethanol inverse gave up $.0091 and closed at -$.0147/galWednesday
LIVESTOCK/POULTRY      
·   On Wednesday, choice boxed beef values were $2.91 higher and at $233.92 are up $10.10 vs. last week
· June live cattle futures at $130.75 Wednesday--the highest since Nov. 3 and up $4.675 the past 7 trading days
· USDA mandatory pork carcass cutout firmed $1.03 Wed., and at $76.22 is 66-cents higher compared to a week ago
· CME Lean Hog Index declined $0.01 to $66.78. April futures gained $0.575 and are $4.52 above the index
Sources: Bloomberg, Dow Jones, AP