HIGHLIGHTS
· MARKET TREND—Higher: CK, up $.0250; SK, up $.07; WK, Up $.0275; KWK, up $.03
· MACRO—1/4 point rate hike as expected; Fed to pursue a “gradual” rate policy; Netherland voters reject one form of populism. ASIA—Firmer. Nikkei, +0.07%; Shanghai, +0.86%; Hang Seng, +2.08%. EUROPE—Higher: DAX, +0.98%; FTSE, +0.96%; CAC, +0.81%. Wall STREET-Upward, onward: DOW, futures, +55; S&P, +5.25; NAS, +15.00. EXTERNALS: Sep $ Index, -0.140 @ 100.29; Gold, +$23.30 @ $1,233.90; and April Crude, +$0.40 @ $49.26.
· Weather: Episodes of scattered showers & thunderstorms develop today across southern Brazil including Rio Grande do Sul and Parana. Precip continues on Friday before ending Saturday. Moderate to heavy totals are expected. Temps are forecast to be variable. Scattered showers and thunderstorms are also forecast for northern Brazil from today through Monday, with variable temps. In contrast, dry weather affects key growing areas of Argentina through Monday. Temps are forecast to be variable
· Corn: CK up $.0250 @ $3.66; CN up $.0240 @ $3.7350. The funds bought 3 K
· SB: SK up $.07 @ $10.05; SN up $.0650 @ $10.1450. Funds: sold 2 SB, bot 1 SBM, 1 SBO. Board Crush: 0.77, +1; LY; $.55
· Wheat: WK, up $.0275 @ $4.3875; WH, up $.02 @ $4.5275. Fund buying: 3 K
CORN/SORGHUM
· May 2017 corn futures closed at $3.63 ½ on Wednesday; one year ago, May 2016 corn futures settled at $3.68 ¼
· Export Sales to be released at 7:30 AM CDT. Trade expects 28-39 for 16/17 corn
· Wet field conditions are delaying corn planting in parts of northeast Louisiana
· Consultant: The later planted corn in northern Argentina is pollinating and starting to fill grain with most of the crop rated in good to very good condition
· Ethanol grind: production increased 23 K barrels/day for week end March 10 to 1.045 mb, —unchanged v. last week but up 4.6% vs. last year. Year-to-date production is up 7% versus the 15/16 pace
SOYBEANS/WHEAT
· Export Sales report. Trade expects 15-22 mbu for 16/17 soybeans; soymeal, 150-350 K MT; soyoil, 5-20
· Consultant: Regarding the soybean crop in Argentina, one of the problems earlier in the growing season was dry weather in southern Buenos Aires. Recent rains in the region have now completely recharged soil moisture
· Export Sales report. Trade expects 9-17 mbu for 16/17 all wheat
· Weather: Mostly dry weather is forecast for U.S. HRW wheat across the Central and Southern Plains over the next week. However, the longer-range NWS forecast is calling for above-normal precip for the region for March 23-29
ENERGY
· Higher: CLJ17, +$0.40 @ $49.26; EBK, +$0.51; EBK-CLK, +$.09, $2.52; RBJ, +$.0193;NGJ, -$0.033; HOJ, +$.0078
· Cash ethanol markets posted modest gains on Wednesday: Chicago added 1; New York and Gulf gained ¾; Dallas and Tampa climbed ½; and LA was ½ higher at $1.64 per gallon
· Ethanol RINs down Wed.: 2015’s off 5/8 to 34 ¼-35 ½; 2016’s slid 5/8 at 35 ¼-36 ½; & 2017’s eased 5/8 to 35 ¼-36 ½
· The April RBOB/Apr ethanol spread lost $.0171 Wednesday, slipping to +$0.04740/gallon, premium RBOB
LIVESTOCK/POULTRY    
· Choice boxed beef values firmed $1.18 on Wednesday to $221.32, and are $7.71 higher compared to last week
· Moderate cash cattle trading developed on Wed. with prices in the South pegged at $128—$3 higher than last week
· USDA mandatory pork carcass cutout eased 77-cents on Wed. to $81.68, but is still 89-cents higher v. a week ago
· CME Lean Hog Index added $0.05 on Wed. to $71.99. April futures fell $0.75 and are $1.915 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather