HIGHLIGHTS
· Market Trend: Corn, Down 2-3; Soybeans, Down 4-7; Wheat, Down 5
· A possible U.S. interest rate hike, eventually gives cause for today’s market hand-wringing as it “might spell an end to the bull market . . .”. Asia was decidedly lower overnight: Nikkei, -.67%; the Hang Seng, off .46% and Shanghai, down .94%. Euro falls below 1.08 for 1st time in a dozen years: The DAX, CAC and FTSE are all down .60-.65% at mid-day. Pre-market indicators have DOW futures 112 lower; the NAS is off 27 and the S&P looks 13 ¾ weaker. In the outside markets, March gold is off $7.20 to $1,159.20; energy futures are mostly lower and the $ Index is racing higher, up ¾ of a point to 98.336
· Dry weather with only a few light showers is forecast for Mato Grosso, Brazil today-Wednesday with near to below normal temperatures. The planting window for double crop corn in the state will essentially close by the end of this week. Further south, mostly dry conditions are also projected for Parana and Rio Grande do Sul through Wednesday. Temperatures are forecast to be near to below normal. Mostly dry conditions are forecast for Argentina throughWednesday with temperatures above to well above normal
· Mar Corn Down $.0250 at $3.805; May Down $.0125 at $3.8725. Dely: 151. Fund buying totaled 3 K on Monday
· Mar SB Down $.0625 at $9.82; May Down $.0450 at $9.8875. Dely: 99 SB, 29 SBO. Funds bought 5 K SB; 5 K SBM & sold 3 KSBO
· Mar Wheat Down $.0525 at $4.89; May Down $.0525 at $4.8475. Dely: 0 HRW, 0 SRW. Funds bought 4 K to begin the week
CORN/SORGHUM ;      
· USDA WASDE out at 11:00 CDT: Avg. trade guess for U.S. corn ending stocks is 1.831 Bbu vs. 1.827 in Feb. Avg. guess for Brazil corn prod is 74.7 MMT (75.0 in Feb.); avg. guess for Argentina corn production is 23.4 MMT (23.0 in Feb.)
· ATI Research: U.S. corn balance sheet; 14/15 carryout down 4 mbu compared to last week to 1.828 Bbu
· ATI Research: U.S. sorghum balance sheet; 14/15 carryout unchanged compared to last week at 27 mbu
· Private crop consultant: By end of this week, planting window for double-crop corn in Brazil will essentially be closed
SOYBEANS/WHEAT
· USDA WASDE out at 11:00 CDT: Avg. trade guess for U.S. soybean ending stocks is 377 mbu vs. 385 in Feb. Avg. guess for Brazil soybean crop is 94.1 MMT (94.5 in Feb.); avg. guess for Argentina soybean crop is 56.9 MMT (56.0 in Feb.)
· ATI Research: Updated U.S. soybean balance sheet; 14/15 carryout unchanged compared to last week at 389 mbu
· Private crop consultant: Due to excess rainfall, Argentina soybean production estimate lowered by 1.0 MMT
· USDA WASDE out at 11:00 CDT: Avg. trade guess for U.S. all wheat ending stocks is 703 mbu vs. 692 in Feb.
· ATI Research: U.S. HRS wheat balance sheet, 14/15 carryout at 195 mbu; 15/16 carryout is forecast at 210 mbu
ENERGY
· Futures are mostly lower: QCLJ15, -$0.35 at $49.65; QRBJ, -0.0154; QNGJ, +$.019 and QHOJ, -$.0146
· A mixed trend was evident in cash ethanol markets to begin the week on Monday: Chicago added ¼; Gulf eased ¼; New York up 2; Dallas steady; Tampa off 2 ½; and LA was a nickel lower at $1.66 ½ per gallon
· Weaker trend in RINs: 2013’s off 1 ¼ to 69-70; 2014’s down ¾ to 70-71; and 2015’s lost ¾ to 68 ½-70
· The April RBOB/April Ethanol spread lost nearly 2 cents on Monday, to $.4027/gallon
LIVESTOCK/POULTRY  
·   Choice boxed beef values were 89-cents weaker on Monday and are $1.08 lower vs. a week ago
· 5-Area Weekly Weighted Average Steer price increased $2.63 last week to $161.07/cwt and is up $12.07 vs. last year
· The USDA mandatory pork carcass cutout value gained 4-cents on Monday but is down 62-cents vs. last week
· CME Lean Hog Index was down $0.40 at $67.52. April futures $0.05 lower at $66.075 and is $1.445 below the index
Sources: Bloomberg, Dow Jones, AP, DTN Ag Weather