HIGHLIGHTS
· Market Trend: Corn, Up 4; Soybeans, 11-12 Higher; Wheat, 3-4 Higher. Europe: Wheat, +7 ¾; Corn,+ 4 ¾
· ; U.S. stocks rose Tuesday on solid earnings and the optimism spread first to Asia and then on to Europe. Far East gains were all between 1.25% and 1.50% on the 3 major bourses; Europe is also higher in early activity with the CAC 40 up .30%; the DAX and FTSE, both up .71-.76% higher. Fed policy comments will be out later today with no major changes anticipated. Pre-market indications from Wall Street have the DOW up 3; the S&P500 is 1.50 points lower and the NAS, off 8.70. Energy futures are mostly higher; gold is 50 cents weaker at $1,228.50 per oz and the $ Index is up .024 at 85.675
· Weather: Dry weather is forecast across the Midwest today with temperatures near to above-normal. Light rain is possible on Thursday across northeast South Dakota and southern Minnesota with most projected to receive less than 0.10”. Some light rain is also possible tomorrow across northeast Missouri and the southern half of Illinois. Most amounts in this region are forecast to be less than 0.10” although 0.25” is possible in isolated areas. Temperatures are forecast to cool as the week progresses, with below-normal readings likely for all areas Friday-Saturday
· Dec Corn Up $.0375 at $3.6825; March Up $.04 at $3.82.The funds went home even yesterday
· Nov SB Up $.1125 at $10.1925; Jan Up $.12 at $10.27. Funds: again bought 6 K SB; 6K SBM along with 5 K SBO
· Dec Up $.0375 at $5.3450 March Up $.03 at $5.4750. The funds continue buying, adding another 5 K yesterday
CORN/SORGHUM   ;
· ; December corn futures traded $3.7175 on Tuesday—highest price since Aug. 22—& closed $0.015 higher at $3.645
· ATI Research: U.S. Gulf corn values backed off $4 to $182/MT but remain highest in the world among larger exporters
· Private crop consultant: Soybean planting in Center-West Brazil is late. Thus, double crop corn will be planted later than normal, which could be a problem if planting occurs after the ideal planting window closes about Feb. 20
· Ethanol margins: $0.34 per gallon vs. $0.38 last week and below $0.73 from last year. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· November soybean futures traded $10.3450 on Tues.—highest price since Sept. 2—& closed $0.02 higher at $10.08
· ATI Research: U.S. soybean exports forecast to average near 80mbu per week over the next month
· Private crop consultant: Brazilian soybean crop is approximately 15-17% planted, which is about half the average pace
· ATI Research: U.S. wheat exports are forecast to average 15-20mbu per week; HRW, 5-7, SRW, 2-4; and HRS, 4-6
· CBT December wheat futures settled at $5.3075 Tuesday, which is the highest closing price sinceSept. 8
ENERGY
· Futures are mostly higher: QCLZ14,+$0.80 at $82.22; QRBZ,+$0.0225; QNGZ, -$.004; andQHOZ,+$.0230
· EIA estimates: crude, +3.1 (API: +3.2); Gasoline, -0.7 (-3.7); Distillates, -1.3 (-3.0)
· Cash ethanol markets were mostly higher on Tuesday: Chicago added 6; Gulf up 4 ½; Tampa steady; Dallas gained 3 ½; New York tacked on 5 ½; and LA was 2 higher at $2.03 ½ per gallon
· RINs were firmer: 2013’s gained 1 to 46 ¼-46 ¾; 2014’s added ½ to 46-46 ½; and 2015’s up 5/8 to 46-46 ¾
· The November RBOB/Ethanol spread—closed $.0061/gallon narrower at $.4041 on Tuesday
LIVESTOCK/POULTRY ;
· At $251.56, choice boxed beef values were $2.36 higher Tuesday, up $1.72 vs. last week and the highest since Aug. 19
· Cash cattle trade was very quiet Tuesday with asking prices of $172-$173 in the South
· At $97.52, USDA pork carcass cutout value decreased $1.94 Tues., is down $6.07 vs. last week & lowest since Feb. 21
· CME Lean Hog Index down $1.81 to $96.59. December futures up $1.15 to $90.20 and are $6.39 below the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather