HIGHLIGHTS
· Market Trend: Corn, Down 1-2; Soybeans, Up 3-5; Wheat, Mixed
· China is closed; this is the Year of the Sheep and the 1st day of trading for the same finds the Nikkei at a new high, up .73% to nearly 18.500; the Hang Seng is slightly higher,+.02%. Friday’s agreement between the EU and Greece does not have everyone convinced: Europe is mixed with the FTSE off .39% while the CAC 40 is .08% higher and the DAX, up .20%. U.S. Pre-markets are all weaker: DOW futures, off 40; S&P, down 4.50 and the NAS, off ½ point. Outside markets find the $ Index up over a ½ point to 94.93; gold is down $11.90 at $1,193/oz
· T-storm Weather: Scattered thunderstorms primarily focus on South Brazil through early this week. Although a period of mostly dry weather follows the exit of weekend thunderstorms in Center-West Brazil, seasonably-scattered thunderstorms return from Thursday forward as the next series of cool fronts flow into the region. In Argentina, unseasonably cool weather aids filling corn and soybeans into early this week. Dry weather also occurs, but at least one round of heavy thunderstorms focuses on central and northern areas within Tuesday-Thursday as the next cool front passes, bringing a mix of needed and unneeded rainfall
· Mar Corn Down $0.0125 at $3.84; May Down $0.01 at $3.92. The funds sold 8 K Friday
· Mar SB Up $.0450 at $10.0375; May Up $.0375 at $10.06. Fund activity: sold 4 K SB; 1 K SBM and 5 K SBO
· Mar Wheat Down $.0050 at $5.0975; May Steady at $5.07. The funds sold 6 K to close out the week
CORN/SORGHUM      
· December 2015 corn futures closed at $4.16 ¼ Friday, which leaves the average price for the contract through Feb. 20 at $4.1577. The average price for the month of February will serve as the base price for 2015 crop insurance
· T-storm Weather: It would be ideal for second-planted in Parana and Center-West Brazil to be planted immediately to limit the potential for an early start to the dry-hot season to affect yields in April
· Export Inspections released at 10 AM CST; Corn, 39.5 needed; 28.5 last week. Milo—4.7 needed; 10.7 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions decrease 11,818 contracts
SOYBEANS/WHEAT
· November 2015 soybean futures closed at $9.80 Friday, which leaves the average price for the contract through Feb. 20 at $9.6668. The average price for the month of February will serve as the base price for 2015 crop insurance
· Export Inspections released at 10 AM CDT; Soybeans, 11.1 needed; 49.1 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 4,389 contracts
· Export Inspections released at 10 AM CST; Wheat, 20.9 needed; 14.8 last week
· T-storm Weather: Another round of snow likely to affect central/southern Plains Wed-Thurs; 2” to 6” most likely
ENERGY
· Futures are mostly lower: QCLJ15, -$1.15 at $49.66; QRBJ, -0.0164; QNGJ, +$.054; andQHOJ, -$.0140
· A mostly weaker trend was noted in cash ethanol markets on Friday: Chicago down 1 3/8; New York slipped 4 ¾; Gulf eased 1 ¾; Dallas off a penny; Tampa dipped ½; and LA was steady at $1.61 ½ per gallon
· Higher RINs: 2013’s up ½ at 71-72; 2014’s gained 1/8 to 71 ¾-72 ½; and 2015’s added ¼ to 71 ½-72
· The Mar RBOB/Mar Ethanol spread widened another 5 cents on Friday to $.2087
LIVESTOCK/POULTRY    
·  Choice boxed beef values were 39-cents higher on Friday and are up $2.63 vs. a week ago
· Cattle on Feed results: On-feed, 100.3% (avg. est. 100.0%); placed, 88.7% (avg. 86.3%); marketed, 90.9% (avg. 91.2%)
· On Friday, the USDA mandatory pork carcass cutout value was 80-cents lower and is down 68-cents vs. last week
· CME Lean Hog Index $0.13 lower to $60.27. April futures up $0.35 to $67.40 and is $7.13 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather