HIGHLIGHTS
· Market Trend: Corn, Up ½; Soybeans, Up 5-6; Wheat, Up 4-5
· Europe is a little weaker this morning as Greece’s equity markets, notably the banking sector pull back. Still, equity gains on the Continent this month should top 6%: FTSE, down .17%; CAC +.09%; DAX, -.10%. The Nikkei hit a 15-year high today, +.06%; the Hang Seng is .32% lower and Shanghai, up a similar %. A 2nd round of QIV U.S. GDP data; the Feb Chicago PMI; consumer sentiment & pending home sales high-light today’s U.S. data releases. Pre-markets: DOW, -13; S&P, -3 ¼; NAS, -5.3. Externals: energy, +; gold -$4.30; $ Index, -1/4
· Mostly dry in Mato Grosso, Brazil although a few light to locally moderate showers are possible through Saturday. Temperatures are forecast to be average to above normal. Warm and dry weather will favor soybean harvest and could support an increase in second-crop corn planting. Scattered showers are possible in southern Brazil Friday-Saturday with average to above normal temperatures. Soybeans in Rio Grande do Sul may benefit from rain. Moderate rain is possible in Central Argentina today through early next week, which would support good crop conditions. Cool temperatures are forecast today before gradually warming
· Mar Corn Up $.0050 at $3.8050; May Up $.0050 at $3.89. Dely: 1,416. The funds bought 3 K
· Mar SB Up $.0575 at $10.2975; May Up $.0450 at $10.31. Dely: 284 SBO. Fund activity Bought 6 K SB; 4K SBM & 2 K SBO
· Mar Wheat Up $.05 at $5.0825; May Up $.0375 at $5.0425. Dely: 79 HRW. The funds were even Thursday
CORN/SORGHUM        
· U.S. corn export sales of 28.2 mbu for the week ending Feb. 19 were the lowest since the week ending Jan. 1. Outstanding sales are 681 mbu vs. 741 mil last year
· Year-to-date total export sales commitments of sorghum are 293 mbu, or 97.6% of the USDA forecast of 300 million. However, sales in the latest week of only 145,000 bushels were a marketing year low
· December 2015 corn futures closed at $4.13 ¾ Thursday, which leaves the average price for the contract through Feb. 26 at $4.1465. The average price for the month of February will serve as the base price for 2015 crop insurance
SOYBEANS/WHEAT
· U.S. soybean export sales of 16.9 mbu for the week ending Feb. 19 were the lowest since the week ending Jan. 15. Outstanding sales are 240 mbu vs. 271 mil last year
· November 2015 soybean futures closed at $9.97 ½ Thursday, which leaves the average price for the contract through Feb. 26 at $9.7171. The average price for the month of February will serve as the base price for 2015 crop insurance
· Outstanding U.S. wheat export sales as of Feb. 19: 184 mbu vs. 209 mil last year
· International Grains Council forecasting 2015/16 world wheat production at 705 MMT, down 2% from 2014/15
ENERGY
· Futures are higher: QCLJ15, +$0.92 at $49.09; QRBJ, +0.0185; QNGJ, +$.0198; and QHOJ, +$.0252
· A mostly firmer trend was seen in cash ethanol markets on Thursday: Chicago up 2 ¾; New York added 3 ½; Gulf gained 2 ½; Dallas climbed 1; Tampa eased 1; and LA was 5 ¼ higher at $1.54 ½ per gallon
· RINs steady to lower: 2013’s unchanged at 70-71; 2014’s down 1 ¼ to 71-72 ½; and 2015’s off 7/8 to 71-71 ¾
· The Mar RBOB/Mar Ethanol spread pulled back nearly 4 ½ cents to $.3106/gallon
LIVESTOCK/POULTRY   ;
·   Choice boxed beef values were 54-cents higher on Thursday and are up $7.11 vs. a week ago
· Dressed steer weights for week end Feb. 14: 881 lbs—down 3 lbs vs. last week but 19 pounds heavier vs. last year
· The USDA mandatory pork carcass cutout value was 88-cents lower on Thursday and is down $3.55 vs. last week
· CME Lean Hog Index $1.32 higher at $63.38. April futures down $2.175 to $67.15 and is $3.77 above the index
Sources: Bloomberg, Dow Jones, AP, DTN Ag Weather