HIGHLIGHTS
· MARKET TREND—Firmer: CK, up $.02; SK, up $.06; WK, Up $.0375; KWK, up $.02
· MACRO—Capitulates. G-20 finance heads drop pledge to oppose protectionist economic policies; Washington says it still supports free trade as G-20 wording “not relevant”-Mnuchin. ASIA—Mixed Nikkei, -0.35%; Shanghai, +0.40%; Hang Seng, +0.79%. EUROPE—Lower DAX, -0.32%; FTSE, -0.17%; CAC, -0.38%. Wall STREET-Lower: DOW, -19 S&P, -04.25; NAS, -3.75. EXTERNALS: Sep $ Index, -0.06 @ 99.90; Gold, +$2.60 @ $1,233; April Crude, -$0.67 @ $48.1
· Weather: Dry weather is forecast across southern Brazil from today throughWednesday including Rio Grande do Sul and Parana. Temps are forecast to be variable. Daily episodes of scattered showers and thunderstorms are forecast for northern Brazil from today through Wednesday, with variable temps. Dry weather is forecast to continue across key growing areas of Argentina including Cordoba, Santa Fe and northern Buenos Aires through Wednesday. Temps are forecast to be above normal
· Corn: CK up $.02 @ $3.6975; CN up $.02 @ $3.77. The funds added 6 K to their long position on Friday
· SB: SK up $.06 @ $10.06; SN up $.0575 @ $10.1575. Funds: Even SB, bot 1 SBM, sold 2 SBO. Board Crush: 0.79 +1; LY; $.57
· Wheat: WK, up $.0375 @ $4.40; WN, up $.0325 @ $4.5475 Fund buying: 4 K to close out the week
CORN/SORGHUM
· December 2017 corn futures on Fri. closed at $3.89 ¾; one year ago, December 2016 corn futures settled at $3.85 ½
· ATI Research: Magnitude of price changes for old crop corn futures on day the USDA releases Prospective Plantings and Grains Stocks reports has increased in recent years; e.g. 5-year average change in CK is $0.2475 (absolute value)
· History suggests room for change in Brazil corn crop est. Two years ago, the 2014/15 crop in March was est. at 75.0 MMT but the final total was 85.0. Last year, the 2015/16 crop in March was est. at 84.0 MMT but the final was 67.0
· Export Inspections released at 10 AM CDT; Corn, 43.5 mbu needed; 60.9 last week. Milo—3.7 needed; 5.6 last week
SOYBEANS/WHEAT
· November 2017 soybean futures on Fri. closed at $9.93 ½; one year ago, November 2016 futures settled at $9.09 ¾
· ATI Research: Magnitude of price changes for old crop soybean futures on day USDA releases Prospective Plantings and Grains Stocks reports has been high in recent years; e.g. 5-year average change in SK is $0.2625 (absolute value)
· Export Inspections released at 10 AM CDT; Soybeans, 14.9 mbu needed; 24.1 last week
· CBT July 2017 wheat futures on Fri. closed at $4.51 ½; one year ago, July 2016 futures settled at $4.70 ¼
· Weather: Below normal precip forecast this week for most U.S. Southern Plains HRW wheat; above normal next week
· Export Inspections released at 10 AM CDT: Wheat, 24.1 needed; 19.1 last week
ENERGY
· Firm: CLJ17, -$0.67 @ $48.11; EBK, -$0.55; EBK-CLK, +$.08, $2.53; RBJ, -$.0104; NGJ, -$0.036; HOJ, -$.0119
· Cash ethanol markets were mostly weaker on Friday: Chicago down 1 ¾; New York off ¾; Gulf, Tampa and Dallas eased ½; but LA was steady at $1.66 ½ per gallon
· Ethanol RINs firmer on Fri.: 2015’s up 1 to 35-37; 2016’s added 1 to 37-39; & 2017’s increased 1 to 37-39
· The April RBOB/Apr ethanol spread reversed course Friday, widening $.0197 to+$.05790/gallon, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values gained $1.07 on Friday to $223.43, and are at the highest level since June 16, 2016
· April live cattle futures on Friday closed at $119.325, the highest settlement price for the contract since Jan. 19
· USDA mandatory pork carcass cutout firmed 34-cents on Friday to $81.06, but is still down 46-cents vs. a week ago
· CME Lean Hog Index fell $0.10 on Fri. to $71.74. April futures were $0.85 lower and are $2.69 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather