HIGHLIGHTS
· MARKET TREND—Firmer: CH, up $.0125; SH, up $.0275; WH, up $.0075; KWH, up $.0125
· MACRO—World awaits U.S. Prez 1st speech to joint Congress. ASIA—Mostly firmer: Nikkei, +0.06%; Shanghai, +0.43%; Hang Seng, -0.77%; EUROPE—Mostly lower: FTSE, -0.11%; DAX, -0.13%; CAC, +0.03%. Wall STREET-Futures are mostly lower: DOW, +10; S&P, -0.25; NASDAQ, -0.50. EXTERNALS: $ Index, -0.149 @ 100.980; Gold, -$0.10 @ $1,254; and April Crude, -$0.13 @ $53.92. Del’y: C, 0; SB, 500; SBM, 249; SBO, 1,059; HRW, 145; SRW, 958
· T-storm Weather: Numerous cool fronts sweep into central and northern areas of Brazil and dissipate, triggering thunderstorms with widespread totals of 3.00" to 6.00" over the next 10 to 14 days. Thunderstorms also occur in southern areas of Brazil, but mostly hold until Fri.-Sat forward. In Argentina, the same cool fronts trigger thunderstorms with generalized totals of 1.00" to 2.00" through Friday (but slightly higher in northern and southeastern areas, and slightly drier in central areas)
· Corn: CH up $.0125 @ $3.6150; CK up $.0075 @ $3.69. The funds sold 10 K to begin the week
· SB: SH up $.0275 @ $10.1375; SK up $.03 @ $10.25. Funds: sold 3 SB; 1 SBM, 3 SBO. Board Crush: 0.73, +1, 0; LY: $.52
· Wheat: up $.0075 @ $4.1950; WK up $.01 @ $4.3975. Funds sold 7 K on Monday
CORN/SORGHUM
· U.S. corn exports of 57.5 mbu for week ending Feb. 23 were the highest since the week ending Sep. 29
· ATI Research: The near-term U.S. corn export forecast edged nearly 4 mbu higher to 50.7 million, which is 14 mbu/week more than last year’s upcoming 4-week performance and 17 million greater than the 5-year average
· T-storm Weather: Thunderstorms produce above-normal rainfall within northern areas of Brazil, including Mato Grosso where second-crop corn is being planted
· USDA set to conduct surveys for March 31 Prospective Plantings report during the first two weeks of March
SOYBEANS/WHEAT
· U.S. soybean exports of 25.9 mbu for week ending Feb. 23 were the lowest since the week ending Sep. 22
· ATI Research: The near-term U.S. soybean export forecast fell from 40.5 mbu to 31.5. This compares to (1) 34.0/week last year; (2) the 5-year average of 30.2 million; and (3) the latest 4-week average of 49.2
· T-storm Weather: Above-normal rain across Mato Grosso, Brazil short-term could delay soybean harvest
· ATI Research: Near-term U.S. wheat export forecast is 20-25 mbu/week v. 14.7 last year & latest 4-week avg. of 19.4
· Updated USDA wheat ratings: Good/Excellent in Kansas at 43% vs. 44% last month and 59% last year, while Oklahoma G/E at 43% vs. 33% last month and 68% in 2016.
ENERGY
· Lower: CLJ17, -$0.13 @ $53.92; EBJ, -$0.16; EBJ-CLJ, $1.82, -$0.06; RBJ, -$.0080; NGJ, -$0.020; HOJ, -$.0060
· Cash ethanol markets were mostly steady to slightly weaker on Monday: Chicago down 1/8; New York steady; Gulf added ½; Tampa eased 1; Dallas declined ½; and LA was a penny lower at $1.70 per gallon
· Ethanol RINs weakened on Mon: 2015’s off 1 ¾ at 44-45 ½; 2016’s eased 1 to 45 ½-47; & 2017’s fell 1 to 46-47 ½
· The Mar RBOB/Mar ethanol spread gained $.0169 yesterday, settling at +$0.02770/gallon, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values increased $2.52 on Monday to $201.48, and are $10.57 higher vs. the previous week
· 5-Area Weekly Weighted Average Steer price up $4.81 v. last week at $124.40/cwt, but is $11.62 lower v. last year
· USDA mandatory pork carcass cutout fell $1.51 on Monday to $79.80, and is down $4.59 compared to last week
· Current nearby board hog crush value is $42.64/cwt vs. last week’s $43.84, last month’s $41.26 & last year’s $48.75
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather