HIGHLIGHTS
· Market Trend: Corn, Steady to Down ½; Soybeans, Steady/Mixed; Wheat, Down 2-3
· January Chinese import data falls nearly 20% year to year, suggesting further weakness—2014 was a 24-year low; exports fell 3.2% from LY. Shanghai actually closed up .62%, more stimulus expected; the Nikkei gained .36% while the Hang Seng retreated .64%. Fears Greece may leave the EU pressured Europe. The DAX is off 1.52%; the FTSE is .62% lower and the CAC 40 is down nearly a point. Futures do not bode well for U.S. equities: DOW, -101; S&P, 12 ½ lower and the NASDAQ, down 23.70. Energy futures are higher; gold is $7.30 to the plus side and $1.214.40 and the $ Index is off .021 at 94.83.
· T-storm Weather: The remnant of a cool front triggers thunderstorms across driest area of Center-West, Northeast, and Southeast Brazil through today-Tuesday. Sharp drying likely follows as upper-level high pressure re-establishes, thereby allowing soybean harvesting and second-crop corn planting to resume in earnest. To the south, cool fronts sweep northward, resulting in near- to above-average rainfall across much of Argentina, Paraguay, and South Brazil. Heavy rainfall is most probable from wettest areas of northeast Argentina into South Brazil based on recent history, wet soil profiles, and hints from computer models
· Mar Corn Down $.0050 at $3.8525; May Corn Down $.0025 at $3.9375. The funds were said to be even on Friday
· Mar SB Steady at $9.7350; May Down $.0025 at $9.7975. Funds sold 5 K SB; 2 K SBM and bought 2,500 SBO
· Mar Wheat Down $.0275 at $5.2425; May Down $.0325 at $5.2575. The funds estimated to be even in Friday’s trade.
CORN/SORGHUM   ;
· March 2015 corn futures traded to $3.89 ½ on Friday, which is the highest price for the contract since Jan. 22
· USDA WASDE out Tuesday: Average trade guess for U.S. corn ending stocks is 1.871 Bbu vs. 1.877 in January
· T-storm Weather: Upcoming drying in parts of Brazil is very unlikely to mark a start of the dry season since it does not typically begin until at least mid-March
· Export Inspections released at 10 AM CST; Corn, 38.7 needed; 26.0 last week. Milo—4.0 needed; 5.1 last week
· Commitment of Traders report: Non-Commercial long corn futures only positions increase 1,630 contracts
SOYBEANS/WHEAT
· Export Inspections released at 10 AM CDT; Soybeans, 13.1 needed; 62.4 last week
· USDA WASDE out Tuesday: Average trade guess for U.S. soybean ending stocks is 402 mbu vs. 410 in January
· Commitment of Traders report: Non-Commercial long soybean futures only positions increase 9,421 contracts
· Export Inspections released at 10 AM CST; Wheat, 21.7 needed; 14.5 last week
· USDA WASDE out Tuesday: Average trade guess for U.S. all wheat ending stocks is 685 mbu vs. 687 in January
· Commitment of Traders report: Non-Commercial long CBT wheat futures only positions increase 3,054 contracts
ENERGY
· Futures are higher again: QCLH15, +$.79 at $52.48; QRBH, +0.0146; QNGH, +$.086; andQHOH, +$.0143
· A mixed trend persisted in cash ethanol markets on Friday: Chicago down 1 ¼; New York dipped 2 ½; Gulf off 2; Tampa up 3; Dallas gained 1; and LA was a penny higher at $1.60 per gallon
· Firmer trend in RINs: 2013’s up 1 to 70-72; 2014’s gained 1 ¾ to 72-74; and 2015’s added 1 ¼ to 72-73
· More supply impact: Mar RBOB/Mar Ethanol spread pushes out nearly 4 ¼ cents to $.1235/gallon
LIVESTOCK/POULTRY </wbr>
· Choice boxed beef values were $2.10 lower on Friday and have declined $3.36 vs. a week ago
· Dressed steer weights for the week ending January 24 were 880 pounds vs. 882 the previous week and 873 last year
· The USDA pork carcass cutout value declined 66-cents on Friday and is down $5.28 compared to last week
· CME Lean Hog Index down 98-cents to $67.90. February futures up $0.60 to $63.875 and $4.025 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather