HIGHLIGHTS
· Market Trend: Corn, Down 9; Soybeans, 7-8 Lower; Wheat, Down 9. Weak PRC data/Ukraine situation improving (?)
· Markets in the Far East are lower, sharply on anemic trade data from China and a scaling back of Japan’s outlook for economic growth. YTD trade for the former has shrunk 4.8% (18% drop in Feb), versus target growth rate of 7.5%; Japan sees .7% growth during Oct-Dec, versus 1% previously. The Nikkei loses 1%; the Hang Seng is 1.75% lower and Shanghai is down nearly 3%. Europe is mixed: the FTSE is up .4%; the CAC-40, +.8% while the DAX is nominally lower. Ditto for the U.S.: Nasdaq, +1 ¾; S&P, -1 ¼ and Dow futures, -15. Gold is a ¼% in the red; the energies are mixed and the $ Index is up +.023 at 79.745
· T-storm Weather: Heavy and well-organized rainfall slowed harvesting across Goias, Mato Grosso and Minas Gerais over the weekend and kept second-crop corn in parts of Mato Grosso wetter than ideal. A cool front triggers thunderstorms across South Brazil and Paraguay today. The front slowly dissipates as it drifts northward through late-week, causing thunderstorms to gradually focus on Center-West Brazil; 1.00”-2.00” occurs through the period. Unseasonable mildness across the U.S. the next 1-2 days erodes the southern edge of snowpack, leaving it primarily confined to northern corn and wheat areas.
· Mar Corn Down $.09 at $4.72; May Down $.0850 at $4.8050. The funds sold 2 K on Friday
· Mar SB Down $.0750 at $14.50; May Down $.0825 at $14.4950. Funds bought 8 K SB; 5 K SBM; sell 2 K SBO
· Mar Wheat, NA; May Wheat Down $.0975 at $6.4425. The funds bought 5 K to close out the week
· Deliveries: 0 Corn; 0 SB; 26 Wheat; 0 SBM and 200 SBO; 0 ethanol
CORN/SORGHUM
· March 2014 corn futures traded to $4.95 on Friday, the highest price for the contract since Sept. 3, 2013
· Export Inspections released at 10 AM CDT; Corn, 34.3 needed; 41.1 last week. Milo—3.7 needed; 3.1 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 21,245 contracts
· USDA Supply/Demand report at 11 AM CDT: Avg. trade estimate for U.S. corn carryout, 1.487Bbu vs. 1.481 in Feb.
SOYBEANS/WHEAT
· March 2014 soybean futures traded to $14.60 on Friday, which was a new high for the contract
· Export Inspections released at 10 AM CDT; Soybeans, 6.0 needed; 36.2 last week
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 8,809 contracts
· USDA Supply/Demand report at 11 AM CDT: Avg. trade estimate for U.S. soybean carryout, 141mbu vs. 150 in Feb.
· Export Inspections released at 10 AM CDT; Wheat, 22.7 needed; 22.4 last week
· Commitment of Traders: Non-Commercial long CBT wheat futures only positions decrease 1,689 contracts
ENERGY
· Futures are mostly weaker: QCLJ14, -$1.31 at $101.27; QRBJ, -$0.0245; QNGJ, +$.086 and QHOJ, -$.0029
· A mixed trend was seen in cash ethanol markets on Friday: Chicago dropped 3 ½; Gulf off 1 ½; NY gained 7; Tampa was up a penny; and LA prices were unchanged at $3.35 per gallon
· RINs were weaker: 2012’s off 2 at 53-55; 2013’s were 3 lower at 54-56; and 2014’s dipped 2 ¼ to 52 ½-54
· The April RBOB/April ethanol spread narrowed $.0088 to $.6590/gallon on Friday
LIVESTOCK/POULTRY    
· Choice boxed beef values firmed 44-cents Friday and have gained $22.27 over the last ten trading days
· Cash cattle traded last week at mostly $147 to $150, steady to down $3 from the week before
· The USDA pork carcass cutout value gained $1.55 Friday to a record high $111.13
· Lean hog futures one again set new record highs on Friday with nearby April settling at $113.00
Sources: Bloomberg, Dow Jones, AP, T-storm Weather