HIGHLIGHTS
· Market Trend: Corn, 4 Lower; Soybeans, Steady to Up 2; Wheat, 6 Lower
· New Fed chair-person Yellen’s comments caused a mini-tsunami among financial markets around the globe. First, the Dow closed 114 points lower and then the implications of higher interest rates rippled over to Asia where the Nikkei lost 1.7%; the Kospi, .9% and the Hang Seng, 1.8%. Early European trading finds key exchanges off .4 to .8%. The gist of her remarks? Timing on interest rates boosts is leaning towards the 1st half of 2015, sooner than most had apparently expected. U.S. future look to continue the trend—Dow futures are 35 lower; the S&P, off 4 ½ and the Nasdaq, down 10. Outside markets find gold off $13.50; energy futures are lower with April crude down $.37 and the $ Index, +.084 at 80.37
· Episodes of scattered showers and thunderstorms forecast today for Rio Grande do Sul & southern Parana. Moderate to heavy totals are expected. Mostly dry conditions are likely on Friday and into the weekend. Temperatures are projected to be below-normal in Rio Grande do Sul and near to above normal in Parana. Further north in Mato Grosso, episodes of scattered showers and thunderstorms are forecast today through Saturday with moderate to heavy totals expected. Dry conditions are then anticipated Sunday-Tuesday. Temperatures are projected to be above normal today and then near normal into the weekend. Warmer conditions forecast for U.S. Midwest today-Friday before a sharp drop in temperatures occurs again into early next week
· May Corn Down $.0425 at $4.8350; July Down $.0425 at $4.8850. The funds bought 5 K at mid-week
· May SB Up $.02250 at $14.3350; July Up $.01 at $14.1175. The funds bought 6 K SB along with 6 K SBM and sold 2 K SBO
· May Wheat Down $.06 at $7.0975; July Wheat Down $.0650 at $7.1050. The funds added 9 K to their ownership Wednesday
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CDT. Trade expects 16 to 28mbu old-crop corn, 4-14 new-crop
· ATI Research: Premium of CBT July wheat futures to July corn futures ended Wednesday at $2.24 ¼--widest since Nov. 29, 2013. This suggests the potential for a significant decline in SRW feeding this summer compared to 2012 & 2013
· Ethanol grind for week end March 14: 891 thousand barrels per day, up 22 thousand vs. last week and up 10% compared to the same period last year
SOYBEANS/WHEAT
· Export Sales: Trade expects -4 to +11mbu old-crop soybeans, 11-22 new-crop ; soymeal, 100-200 K MT; soyoil, 0-50
· May 2014 soybean futures traded to $14.42 on Wednesday, the highest price since March 10
· More talk the USDA’s March 31 soybean planting est. will rise substantially from Baseline forecast of 79.5 mil. acres
· CBT May 2014 wheat futures traded to $7.18 ½ on Wednesday, the highest price since Oct. 24, 2013
· Export Sales: Trade expects 9 to 18mbu old-crop wheat, 2-7 new-crop
· Dry weather for wheat in U.S. Southern Plains key bullish factor; updated NWS forecast for April due out at 7:30 CDT
ENERGY
· Futures are weaker: QCLJ14, -$0.0037 at an even $100.00; QRBJ, -$0.0035; QNGJ, -$.096 andQHOJ, -$.0018
· Sharp increases were seen in cash ethanol markets on Wednesday: Chicago up 26; Gulf gained 16; NY jumped 46; Dallas was 15 higher; Tampa soared 28; and LA prices up 28 at $3.68 per gallon
· Firmer trend in RINs: 2012’s up 1 ¾ to 47 ½-49; 2013’s gained 3 to 50-51; and 2014’s were 2 ½ higher at 47-49
· Dwindling stx, lack of imports, logistics snug the April RBOB/ethanol spread in another 17 ½ cents, to $.1628/gallon
LIVESTOCK/POULTRY    
·  After gaining $2.55 over two days and setting a new record high, Choice boxed beef values fell 71-cents yesterday
· After increasing for 19 days and setting new record highs, the USDA pork carcass cutout eased 27-cents yesterday
· The USDA’s Iowa/Minnesota average cash lean hog price gained $2.42 yesterday to $122.91
· Broiler egg set last week was 0.8% larger than last year and average set over the last four weeks is 0.7% higher
Sources: Bloomberg, Dow Jones, AP, T-storm Weather, Global Ag