HIGHLIGHTS
· Market Trend: Corn, Up 2-3; Soybeans, Up 3; Wheat, Up 6-7
· “Muted”, “jittery” are this morning’s adjectives in describing global markets, as they await January U.S. jobs data. Econ-types look for 230 K, down from 252 in Dec. #’s said not to be a game changer but will be a factor in the Fed’s interest rate policy decision. The Nikkei finished up .82%; Shanghai fell 1.9%; the Hang Seng, .35% lower. Mid-day activity in Europe is clearly to the down-side: the FTSE and CAC 40 are both off .35-.45% and the DAX is .77% lower. U.S. futures are leaning higher: DOW, +15; S&P, +1.50 and the NAS, +3.3. Oil is definitely firmer, up $1.65-$1.70/bbl; gold is $1.90 higher at $1,264 and the $ Index, 1/10 point higher, 93.8
· T-storm Weather: The remnant of a cool front triggers thunderstorms across driest areas of Center-West, Northeast, and Southeast Brazil through Monday-Tuesday; 2.00" to 4.00" of rain results. Thereafter, upper-level high pressure re-emerges to suppress rainfall and possibly induce above-average warmth. Cool fronts sweep into the edge of the high from Monday-Tuesday forward, causing heavy thunderstorm clusters to erupt. Highest coverage and amounts are most likely in wettest areas from northern / eastern Argentina through Rio Grande do Sul in South Brazil beginning Monday-Wednesday
· Mar Corn Up $.0225 at $3.8750; May Corn Up $.0175 at $3.95. The funds bought 2 K on Thursday
· Mar SB Up $.03 at $9.8425; May Up $.03 at $9.9075. Funds buy 5 K SB; sell 1 K SBM and buy 10 K SBO
· Mar Wheat Up $.07 at $5.3275; May Up $.0675 at $5.34. The funds bought 9 K yesterday
CORN/SORGHUM   ; ;
· ; T-storm Weather: An end result of widespread rain across Center-West, Northeast and Southeast Brazil through Monday-Tuesday will be slowed second-crop corn planting. Drying later next week to improve planting conditions
· Census pegs December U.S. corn exports at 116.7 mbu vs. 103.4 in November and 143.1 in December of 2013
· Outstanding U.S. corn export sales as of Jan. 29: 657 mbu vs. 694 mil last year
· Outstanding U.S. sorghum export sales as of Jan. 29: 146 mbu vs. 87 mil last year
SOYBEANS/WHEAT
· T-storm Weather: Widespread rain across Center-West, Northeast and Southeast Brazil throughMonday-Tuesday could potentially benefit immature soybean crops at the expense of slowed soybean harvesting
· Outstanding U.S. soybean export sales as of Jan. 29: 388 mbu vs. 454 mil last year
· Census pegs December U.S. soybean exports at 301.5 mbu vs. 411.9 in November and 259.3 in December of 2013
· Outstanding U.S. wheat export sales as of Jan. 29: 195 mbu vs. 193 mil last year
· Census pegs December U.S. wheat exports at 59.9 mbu vs. 47.1 in November and 75.1 in December of 2013
· T-storm Weather: Less than 25% of U.S. HRW wheat is included in agricultural drought after recent heavy rain/snow
ENERGY
· Futures are higher: QCLH15, +$1.80 at $52.28; QRBH, +0.0452; QNGH, +$.014; and QHOH, +$.0465
· Cash ethanol markets showed a mixed trend on Thursday: Chicago eased ¼; New York off 1 ¾; Gulf declined 1 ¼; Tampa added 1; Dallas up ½; and LA was 3 ½ higher at $1.59 per gallon
· RINs were higher: 2013’s gained ½ to 69-71; 2014’s added ¼ to 69 ½-73; and 2015’s up 1 ½ to 70-72 ½
· Rising ETOH stocks added $.0361 to the Mar RBOB/Mar Ethanol spread, now at $.0778/gallon
LIVESTOCK/POULTRY    
· Choice boxed beef values lost $1.57 on Thursday and are down $3.41 compared to last week
· March feeder cattle futures closed at $195.65 on Thursday, the lowest settlement price since June 6, 2014
· The USDA pork carcass cutout value declined 94-cents on Thursday and is $4.54 lower vs. a week ago
· CME Lean Hog Index down 56-cents to $68.88. February futures $1.825 lower to $63.275 and $5.605 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather