HIGHLIGHTS
· Market Trend: Corn, Up 4-5; Soybeans, 1 Lower to 4 Higher; Wheat, May is 10 Higher
· Mixed trade in Asia with both the Nikkei (down .1%) and the Hang Seng (-.7%) lower; Shanghai did manage a 1.1% gain overnight. China news not especially bullish—Jan-Feb industrial production up 8.6%, disappointing; home sales drop 5%. Copper extends losses on fears of a China-driven slow-down in demand. Similar trade in Europe—the DAX and CAC-40 are up .2-.4%; the FTSE is .05% in the red. U.S. futures point to a better start: Dow, +37; S&P, +5; Nasdaq, +12.50, ahead of retail sales data & jobless apps. Gold is $1.78 to the plus side; energy futures are mostly lower; the $ Index is off ¼ of a point at 79.335
· T-storm Weather: Cool fronts focus thunderstorms on Argentina, South Brazil, and Paraguay the next 10 days, which occasionally slow harvesting. A drier pattern begins across Center-West Brazil to diminish pockets of wetness for second-crop corn, while aiding first-crop harvesting. Although the GFS model shows needed thunderstorms in Oklahoma-Texas on Sunday, rain chances have not verified recently. Since the system needs to follow a very specific path for thunderstorms to form in this area, and it is more probable for the system to follow a different path, we are not forecasting significant rainfall in driest areas of the Plains
· May Corn Up $.0425 at $4.9275; July up $.0425 at $4.9625. The funds bought 8 K on Wednesday
· May SB Down $.0050 at $13.8650; July Up $.0325 at $13.7175. Funds sold 10 K SB; sold 8 K SBM along with 6 K SBO
· May Wheat Up $.1000 at $6.98; July Wheat Up $.0575 at $6.8950. Fund buying again totaled 10 K
· Deliveries: 0 Corn; 61 SB; 4 Wheat; 0 SBM and 321 SBO; 0 ethanol
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CST. Trade expects 26 to 35mbu old-crop corn, 4-10 new-crop
· Brazilian crop agency Conab cuts its estimate for 13/14 corn production to 75.2 million tons from 75.5 in February
· Ethanol grind for week end March 7: 869 thousand barrels per day, down 25 thousand vs. last week and the lowest total since the week end Jan. 10. However, the most recent total is still up 9% compared to the same period last year
SOYBEANS/WHEAT
· Export Sales: Trade expects 5 to 15mbu old-crop soybeans, 6-13 new-crop ; soymeal, 100-200 K MT; soyoil, 0-30 KMT
· March 2014 soybean futures traded to $13.63 ½ on Wednesday, the lowest price since Feb. 21
· Brazilian crop agency Conab cuts is estimate of Brazil 13/14 soybean production to 85.4 mil tons vs. 90.0 in February
· CBT March 2014 wheat futures traded to $6.85 on Wednesday, the highest price since Oct. 31, 2013
· Export Sales: Trade expects 13 to 20mbu old-crop wheat, 0-7 new-crop
· T-storm Weather: Stormy pattern continues for the foreseeable future across most of the U.S. SRW wheat belt
ENERGY
· Futures are mostly lower; QCLJ14, +$0.21 at $98.20; QRBJ, -$0.0048; QNGJ, -$.053 and QHOJ, -$.0036
· A rebound was noted in cash ethanol markets on Wednesday: Chicago gained 9 ½; Gulf up 3; Dallas increased 6; NY and Tampa jumped a dime; and LA prices were 12 higher at $3.06 per gallon
· RINs near steady: 2012’s up ¼ to 50-52; 2013’s down ¼ at 51-52; and 2014’s were unchanged at 49 ½-51
· The April RBOB/April ethanol spread tugged in nearly a dime to $.5848—etoh output down 3%; stx at 10-week low
LIVESTOCK/POULTRY   <wbr>
·   Choice boxed beef values set a record high for a second day, firming 4-cents yesterday to $241.52
· Cash cattle markets are quiet with feedyards asking $150, but no packer bids. Cattle traded last week at mostly $147
· The USDA pork carcass cutout value set a new record high for a fourth day yesterday gaining $3.04 to $119.50
· The USDA’s Iowa/Minnesota average cash lean hog price gained $2.78 yesterday to $112.70
Sources: Bloomberg, Dow Jones, AP, T-storm Weather