HIGHLIGHTS
· Market Trend: Corn, Steady/Lower; Soybeans, Mixed; Wheat, Down 2-3. Gov offices closed today-lock ups cancelled (DJ)
· Stocks in Asia were mostly lower following China’s cut in its economic growth forecast from 7.5% down to 7.0%. The 2014 rate of 7.4% was a 25-year low. Nikkei, up .26%; Shanghai, off .92%; Hang Seng, down 1.11%. Europe is positive at mid-day on favorable earnings from a number of sectors while awaiting the results from the ECB’s policy meeting today: FTSE, +.36%; DAX, +.76%; CAC 40, +.87%. U.S. pre-markets are higher: DOW futures, +32; NAS, +6.5; S&P, +2.50. Energy futures are mostly higher; the $ Index continues to soar upward, +.229 at 96.215 and gold is 60 cents weaker, $1,200.00
· Showers are possible from today through Monday in Mato Grosso, Brazil. Areas that do receive rainfall may experience delays in soybean harvest and second-crop corn planting. Normal to slightly above normal temperatures are forecast during this period. Scattered to widely scattered showers and thunderstorms may be seen further south in Rio Grande do Sul and Parana today-Friday to go along with normal to above normal temperatures. Mostly dry weather is forecast for Argentina through Saturday with near to above normal temperatures today and above normal Friday-Saturday
· Mar Corn Unch at $3.8150; May Down $.0075 at $3.8875. Dely: 798 C; 15 AC. The funds sold 7 K yesterday
· Mar SB Down $.0250 at $9.8650; May Unch at $9.94. Dely: 100 SB, 50 SBO. Funds sold 7 K SB; 6 K SBM & SBO
· Mar Wheat Down $.03 at $4.9050; May Down $.0175 at $4.9425. Dely: 250 SRW. Funds sold 5 K yesterday
CORN/SORGHUM      
· Export Sales to be released at 7:30 AM CST. Trade: 28 to 39 mbu corn. Note lock-ups cancelled today per Dow Jones
· Ethanol grind: 931,000 barrels per day for week end Feb. 27--down 16 thou vs. last week but up 4.1% vs. a year ago
· ATI Research: U.S. corn balance sheet; 14/15 carryout down 2 mbu compared to last week to 1.832 Bbu
· USDA WASDE out March 10: Avg. trade guess for U.S. corn ending stocks is 1.831 Bbu vs. 1.827 in Feb. Avg. guess for Brazil corn production is 74.7 MMT (75.0 in Feb.); avg. guess for Argentina corn production is 23.4 MMT (23.0 in Feb.)
SOYBEANS/WHEAT
· Export Sales to be released at 7:30 AM CST. Trade expects soybeans, 11 to 18 mbu; soymeal, 50-225; soyoil, 5-20
· ATI Research: Updated U.S. soybean balance sheet; 14/15 carryout unchanged at 389 mbu
· USDA WASDE out March 10: 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.)
· Export Sales to be released at 7:30 AM CST. Trade expects 13-20 mbu for all wheat
· USDA WASDE out March 10: Avg. trade guess for U.S. all wheat ending stocks is 703 mbu vs. 692 in Feb.
ENERGY
· Futures are mostly higher: QCLJ15, +$0.51 at $52.04; QRBJ, -0.0042; QNGJ, +$.008; andQHOJ, +$.0037
· Cash ethanol markets saw additional strength on Wednesday: Chicago added 3 1/8; Gulf gained 3 ¾; New York climbed 3; Dallas tacked on 3 ½; Tampa up 4l; and LA was 4 ½ higher at $1.68 per gallon
· RINs steady to lower: 2013’s off ½ to 69-71; 2014’s down ½ to 71-72; and 2015’s unchanged at 70 ½-71 ½
· The April RBOB/Mar Ethanol spread lost 6 cents, falling back to $.4157 per gallon, premium RBOB
LIVESTOCK/POULTRY    
· On Wednesday, choice boxed beef values were $1.03 lower but are still up $2.09 compared to last week
· April 2015 live cattle futures closed at $154.05 on Wednesday, which is the highest settlement price since Jan. 14
· The USDA mandatory pork carcass cutout value gained 44-cents on Wednesday and is up $0.01 vs. a week ago
· CME Lean Hog Index was up $1.06 at $67.73. April futures up $2.40 to $68.00 and is $0.27 above the index
Sources: Bloomberg, Dow Jones, AP, DTN Ag Weather