HIGHLIGHTS
· Market Trend: Corn, Down 2-3; Soybeans, Down 1; Wheat, Mixed.
· Asia closed mixed: an upward revision in the ECB’s growth forecast/caution ahead of U.S. employment #’s. The Nikkei gained 1.17%; the Hang Seng made a new high before settling .12% lower and Shanghai was down .22%. Europe is trading mixed—Britain’s FTSE is off .14%; the DAX is .07% higher and the CAC 40, up .05%. U.S. stock futures seek direction—DOW, off 9; NAS, +2 ½ and the S&P, 1 lower. Feb employment expected to show a 240 K gain, down from 257 in January. Gold, down 20 cents; $ Index, up 1/3rd of a point to 96.765; energy futures are higher
· A few showers could be seen in eastern areas of Mato Grosso, Brazil today-Saturday. There is also a possibility for light to moderate rainfall Sunday and Monday. Soybean harvest and second-crop corn planting cold be delayed is significant rainfall amounts are realized. Temperatures are forecast to be near normal. Scattered showers may be seen in Parana today-Saturday, while drier weather may be seen in Rio Grande do Sul. Near to below normal temperatures are forecast for southern Brazil. Mostly dry weather is forecast for Argentina today-Saturday with warming temperatures
· Mar Corn Down $.0275 at $3.80; May Down $.03 at $3.8750. Dely: 202. The funds were even in Thursday trade
· Mar SB Down $.01 at $9.7825; May Down $.0050 at $9.85. Dely: 98 SB, 50 SBO. Funds sold 5 K SB; 3 K SBM & 5 KSBO
· Mar Wheat Up $.01 at $4.8225; May Down $.0025 at $4.8025. Dely: 279 HRW, 66 SRW. Funds sold 6 K yesterday
CORN/SORGHUM ;      
· U.S. corn export sales of 32.6 mbu for the week ending Feb. 26 were up 16% vs. last week but 5% below the 4-week average. Outstanding sales are 659 mbu vs. 756 mil last year
· Year-to-date total export sales commitments of sorghum are 300 mbu, or 100% of the USDA forecast. This sets the stage for a possible 10-20 mbu increase in the annual forecast in Tuesday’sUSDA Supply/Demand report
· Corn planting is proceeding in Texas. As of March 1, 4% was planted state-wide compared to 7% for the 5-year avg.
SOYBEANS/WHEAT
· U.S. soybean export sales of 18.4 mbu for the week ending Feb. 26 were up 9% vs. last week but 8% below the 4-week average. Outstanding sales are 231 mbu vs. 257 mil last year
· November 2015 soybean futures closed at $9.66 Thursday, the lowest settlement price for the contract since Feb. 12
· CBT March 2015 wheat futures traded $4.81 Thurs., which is only a penny above contract low of $4.80 set Sept. 25
· Outstanding U.S. wheat export sales as of Feb. 26: 186 mbu vs. 206 mil last year
· USDA pegging Oklahoma 2015 wheat crop conditions at 42% Good/Excellent compared to 41% one month ago
ENERGY
· Futures are higher: QCLJ15, +$0.15 at $50.91; QRBJ, +0.0087; QNGJ, $.008; and QHOJ, +$.0162
· A mixed trend was seen in cash ethanol markets on Thursday: Chicago down 1; Gulf off 1 ¼; New York slipped 1 ½; Dallas up 4; Tampa added 5 ½; and LA was 2 ½ higher at $1.70 ½ per gallon
· RINs unchanged to higher: 2013’s up 1 to 70-72; 2014’s steady at 70 ½-72 ½; and 2015’s unchanged at 70 ½-71 ½
· The April RBOB/April Ethanol spread tugged in 5+ cents to $.3753 per gallon on Thursday
LIVESTOCK/POULTRY    
· Choice boxed beef values were up $0.62 on Thursday and are $2.17 higher vs. a week ago
· Dressed steer weights for week end Feb. 21: 880 lbs—down 1 pound vs. last week but 14 pounds heavier vs. last year
· The USDA mandatory pork carcass cutout value was $1.60 lower on Thursday and is down $0.71 vs. last week
· CME Lean Hog Index gained $0.36 at $68.09. April futures down $1.175 to $66.825 and is $1.265 below the index
Sources: Bloomberg, Dow Jones, AP, DTN Ag Weather