HIGHLIGHTS
· Market Trend: Corn, ¼ to 1/2 Lower; Soybeans, 2 to 6 Higher; Wheat, 1 to 2 Lower
· Overnight, Asian markets were trying to ascertain if the glass is ½ full, or ½ empty. Does weak Chinese mfg data mean bad news or good news with the latter suggesting additional stimulus measures? The Nikkei gained 1% while both Hang Seng and Shanghai Composite were lower, off ¼% and .83%, respectively. Europe is in a similar quandary: the FTSE is .4% lower; the CAC-40 is flat and the DAX is marginally higher. At the moment, US futures are positive: S&P, +4 ¼; Dow, +36 and the Nasdaq, +8. Outside markets find gold $7.15 lower at $1,296; energy futures are mostly higher
· Mostly dry weather is forecast for the U.S. Central/Southern Plains wheat today through Monday. A chance of light to locally moderate showers and rain favoring eastern areas of the region is seen on Tuesday. Temperatures are projected to be near- to below-normal today, below-normal Friday and above- to much-above-normal over the weekend. Western areas of the Midwest are forecast to see light to moderate rain or some mixed precip in the north today with variable temps. Dry conditions are just some light precip is projected Friday with below-normal temps. In eastern areas, light to moderate rain is forecast for today with a return to dry weather for Friday. Temperatures are projected to be near- to below-normal Thursday-Friday
· May Corn Down $.0025 at $4.8450; July Down $.0050 at $4.8875. The funds again sold 3 KWednesday
· May SB Up $.06 at $14.46; July Up $.0450 at $14.1450. The funds bought 5 K SB; 5 K SBM and were even on SBO
· May Wheat Down $.0150 at $6.9525; July Wheat Down $.0125 at $7.00. The Funds sold 5 K at mid-week
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 20 to 30mbu combined old/new-crop corn
· ATI Research: March 1 corn stocks, 7.154Bbu; avg. trade guess is 7.110 (range: 6.923-7.540). Report out March 31
· ATI Research: 2014 corn plantings, 93.8myn; avg. trade guess is 92.9 (range: 90.9-94.0). Report outMarch 31
· Ethanol grind for week end March 21: 885 thou barrels per day, dn 6 thou vs. last week but up 10% vs. last year
SOYBEANS/WHEAT
· Export Sales: Trade expects -6 to +22mbu combined old/new-crop soybeans, soymeal, 75-425 K MT; soyoil, 0-50
· ATI Research: March 1 soybean stocks, 974mbu; avg. trade guess is 989 (range: 925-1087). Report out March 31
· ATI Research: 2014 soybean plantings, 83.0myn; avg. trade guess is 81.4 (range: 78.8-83.6). Report out March 31
· Export Sales: Trade expects 11 to 23mbu combined old/new-crop wheat
· ATI Research: March 1 all wheat stocks, 1.039Bbu; avg. trade guess is 1.034 (range: 975-1100). Report out March 31
· ATI Research: 2014 all wheat plantings, 56.0myn; avg. trade guess is 56.0 (range: 54.8-57.3). Report out March 31
ENERGY
· Futures are again mostly higher: QCLK14, +$0.11 at $100.37; QRBK, +$0.0035; QNGK,-$.002 andQHOK, +$.0073
· Wednesday saw a pullback in cash ethanol markets: Chicago off 6 ½; Gulf down 7; NY weakened 3 ½; Dallas dipped a nickel; Tampa declined 5 ½; and LA prices were 6 lower at $3.94 per gallon
· RINs edged fractionally lower: 2012’s dn ¾ to 50-52; 2013’s slipped ¼ to 53-53 ½; and 2014’s off ¼ to 50 ½-51 ½
· The inverted April RBOB/ethanol spread lost some of its strength, down $.0541/gal to -$.0351
LIVESTOCK/POULTRY  
· Choice boxed beef values firmed 51-cents yesterday and have gained $1.60 over the last three days
· Friday’s USDA Hogs & Pigs report expected to show 3.1% to 8.8% reduction in market hog supplies due to PEDv
· The USDA pork carcass cutout value firmed 76-cents yesterday to a record high $131.23
· The USDA’s Iowa/Minnesota average cash lean hog price firmed 40-cents yesterday to $126.97
Sources: Bloomberg, Dow Jones, AP, T-storm Weather, Global Ag