HIGHLIGHTS
· Market Trend: Corn, Down ½; Soybeans, Mixed; Wheat, Up 1-2
· China’s Central Bank cut interest rates for the 2nd time in 3 months over the weekend, down .25% to 5.35% in an effort to stimulate demand. Asian markets responded positively with the Nikkei up .15%; Shanghai gained .78% and the Hang Seng, +.26%. Europe is mixed at mid-day: DAX, +.08%; FTSE, steady; CAC 40, off .59%. U.S. pre-markets point to a higher opening: DOW, +23; S&P 500, +2 and the NAS, +8. U.S. personal income, consumer spending and core price data area all out this morning. Outside markets: $ Index is off .171 at 95.15; gold is $3.90 higher at $1,216.50 and energy futures are all lower
· In Mato Grosso, Brazil only a few light to locally moderate showers in the north are forecast for today-Tuesday. A few showers and thunderstorms may develop in in southern areas on Wednesday. Rainfall could in halt soybean harvest and delay planting of second-crop corn. In southern Brazil, there is a chance for scattered to widely scattered light showers with isolated heavier amounts today through Wednesday. Further south, scattered showers and thunderstorms today could affect areas of Argentina including north and east Cordoba, Santa Fe and northeast Buenos Aires
· Mar Corn Down $.0050 at $3.84; May Down $.01 at $3.9225. Dely: 1,416. The funds bought 6 K to end the week
· Mar SB Down $.0025 at $10.3050; May Up $.0050 at $10.3225. Dely: 239 SBO. Fund activity--bought 5 K SB; 0 K SBM & 6 K SBO
· Mar Wheat Up $.0225 at $5.1975; May Up $.01 at $5.14. Dely: 77 HRW. The funds bought 8 K on Friday
CORN/SORGHUM          
· The average price of December 2015 corn futures for the month of February was $4.1480. This will serve as the base price for 2015 crop insurance
· There are ideas that the delay in soybean harvest in parts of Brazil will eventually limit second-crop corn acreage
· Export Inspections released at 10 AM CST; Corn, 39.6 needed; 35.5 last week. Milo—4.5 needed; 10.6 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 16,296 contracts
SOYBEANS/WHEAT
· The average price of November 2015 soybean futures for the month of February was $9.7307. This will serve as the base price for 2015 crop insurance
· Surveys will be conducted during the first two weeks of March for the March 31 USDAProspective Plantings report
· Export Inspections released at 10 AM CDT; Soybeans, 10.2 needed; 36.3 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 11,013 contracts
· Export Inspections released at 10 AM CST; Wheat, 21.0 needed; 18.4 last week
· Commitment of Traders report: Non-Commercial long CBT wheat futures only positions increase 1,439 contracts
ENERGY
· Futures are lower: QCLJ15, -$0.86 at $48.89; QRBJ, -0.0332; QNGJ, -$.023; and QHOJ, -$.0376
· Cash ethanol markets were notably firmer on Friday: Chicago and Gulf gained 5; New York climbed 4 ½; Dallas tacked on 5 ½; Tampa added 6; and LA was 6 higher at $1.60 ½ per gallon
· Weaker trend in RINs: 2013’s eased 1 to 68 ½-70 ½; 2014’s off 1 at 70-71 ½; and 2015’s down 1 3/8 to 69-71
· The April RBOB/Mar Ethanol spread gained $.0136 to $.3236/gallon on Friday
LIVESTOCK/POULTRY    
· Choice boxed beef values were up 55-cents on Friday and have risen $9.90 the past 10 trading days
· April live cattle futures closed at $152.10 on Friday, the highest settlement price for the contract since Feb. 18
· The USDA mandatory pork carcass cutout value gained $1.26 on Friday but is $1.49 lower compared to a week ago
· CME Lean Hog Index gained $1.11 to $64.49. April futures up $0.325 to $67.475 and is $2.985 above the index
Sources: Bloomberg, Dow Jones, AP, DTN Ag Weather