HIGHLIGHTS
· Market Trend: Corn, Up 3-4; Soybeans, Up 2-3 Wheat, Up 4-5
· “Unsettled” is the operative word this morning after the Swiss National Bank said it would abandon its 3-year cap on the franc’s value against the euro, a dramatic turn-around from its recent pledge to maintain a 1.20:1 ratio. Volatility in the currency market was said to be the driver in pushing the Nikkei and Hang Seng more than 1% lower although Shanghai managed to buck the trend, closing 1.23% higher. 2 out of 3 markets in Europe are lower (FTSE, -.09%; DAX, -.09%; CAC, +.29%). Futures point to a lower U.S. opening: DOW, -38; S&P, -3.50 and NAS, -24.50. Outside markets: oil is higher, +$1; the $ Index, +.22 @ 92.83 with gold down $6.30 at $1,258.40
· T-storm Weather: Upper-level high pressure suppresses rainfall and induces warmth across / adjacent Goias and Northeast / Southeast Brazil through at least early next week. A cool front attempts to break the pattern within Tuesday-Thursday, but a continuation of similar weather is most probable through 7-10 days, keeping driest areas drier than usual and wettest areas wetter than usual. The main forecast issue today and next week will regard how the front next week does or does not change the upper-level pattern
· Mar Corn Up $.0325 at $3.8325; May Up $.03 at $3.9025. Fund selling moderated Thursday, will 3 K sold
· Mar SB Up $.0325 at $9.9425; May Up $.0275 at $10.00. Funds sold 10 K SB; 8 SBM; bot 4 SBO
· Mar Wheat Up $.0475 at $5.3750; May Up $.0525 at $5.41. The funds sold 3 K on Thursday
CORN/SORGHUM ;  
· Outstanding U.S. corn export sales as of Jan. 8: 596 mbu vs. 665 mil last year and the 5-year avg. of 442 mil
· Outstanding U.S. sorghum export sales as of Jan. 8: 141 mbu vs. 83 mil last year and the 5-year avg. of 32 mil
· T-storm Weather: Heavy rain is needed for first-crop corn in Bahia, Goias, Minas Gerais and Tocantins because many locations have 30-day departures of -7.00” to -9.00”. These states account for 36% of first-crop corn prod in Brazil
· USDA pegs September-November U.S. corn food/seed/industrial usage at 1.644 Bbu, which is up 6.1% vs. last year
SOYBEANS/WHEAT
· Outstanding U.S. soybean export sales as of Jan. 8: 475 mbu vs. 546 mil last year and the 5-year avg. of 427 mil
· ATI Research: Latest NOPA report suggests it may be difficult to make up cumulative soybean crush shortfall unless soybean meal exports run 20% above last year well into spring
· T-storm Weather: Rain is unneeded in Rio Grande do Sul, which accounts for 14% of total Brazil soybean production
· Outstanding U.S. wheat export sales as of Jan. 8: 181 mbu vs. 179 mil last year and the 5-year avg. of 198 mil
· U.S. Seasonal Drought Outlook is forecasting drought to persist or intensify for the southwest one-third of Kansas, the western two-thirds of Oklahoma, parts of Northern Texas and far eastern Colorado through the end of April
ENERGY
· Futures are mostly higher: QCLG15, +$1.26 at $47.51; QRBG, +$0.0288; QNGG, -$.109; andQHOG, +$.0345
· Cash ethanol markets were mostly weaker on Thursday: Chicago off 3; New York eased 5 ¼; Gulf down 3 ½; Dallas off 1; Tampa added ½; and LA was ½ lower at $1.48 ½ per gallon
· RINs were lower: 2013’s down 1 ¼ at 64-67; 2014’s off 1 at 65-67 ½; and 2015’s declined ½ to 65 ½-67
· The Feb RBOB/Feb Ethanol spread edged back to a slight inverse, -.0086/gallon yesterday
LIVESTOCK/POULTRY   ;
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· Choice boxed beef values decreased 93-cents on Thursday but are still up $8.31 compared to last week
· Dressed steer weights for latest week were 897 pounds—steady with prior week but 21 pounds heavier vs. last year
· On Thursday, the USDA pork carcass cutout value decreased 31-cents and is 4-cents lower vs. a week ago
· CME Lean Hog Index 13-cents lower at $75.98. February futures down $0.40 to $75.625 and $0.355 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather