HIGHLIGHTS
· MARKET TREND—Lower: CK, down $.0125; SK, down $.0175; WK, down $.01; KWK, down $.03
· MACRO—Rising oil prices and earnings releases have futures pointing towards a higher start. OPEC members are reportedly going to extend their cap on production. ASIA—Mixed: Nikkei, -0.34%; Shanghai, +0.35%; Hang Seng, +0.37%. EUROPE—Mixed: DAX, +0.10%; FTSE, -0.18%; CAC, +0.27%. Wall STREET-Higher: DOW, +20; S&P, +4.25; NAS, +11.00. EXTERNALS: Sep $ Index, -0.489 @ 99.585; Gold, -$2.40 @ $1,232; April Crude, +$0.40 @ $48.62
· Weather: Dry weather is forecast across southern Brazil during the next 7 days including Rio Grande do Sul and Parana. Temps are forecast to be near to above normal. In contrast, near daily episodes of scattered showers and thunderstorms are forecast for northern Brazil over the next week, with locally heavy totals through Wed. Variable tempson Tue. Dry weather is forecast today across Argentina including Cordoba, Santa Fe and northern Buenos Aires. Temps are forecast to be above normal
· Corn: CK down $.0125 @ $3.6225; CN down $.0125 @ $3.70. The funds began the week selling 8 K
· SB: SK down $.0175 @ $9.9775; SN dn $.0125 @ $10.0825. Funds: Bot 1 SB & 5 SBO, sold 3 SBM. Board Crush: $0.79, 0; LY; $.57
· Wheat: WK down $.01 @ $4.2925; WN, down$.01 @ $.4450. Fund sales totaled 6 K on Monday
CORN/SORGHUM
· U.S. corn exports of 52.5 mbu for week end March 16 were down 15% vs. last week but 31% above last year’s total
· ATI Research: Near-term U.S. corn export forecast model increased from 53.0 mbu to 56.5 per week, which matches the avg. for the past 4 weeks; is 13 mbu higher than last year; and 23 million above the 5-year seasonal avg.
· Consultant: Brazil 16/17 corn crop est. increased 2.0 MMT to 88.0 MMT. Recent rains in Mato Grosso imply adequate moisture for pollination of earliest safrinha (double crop) corn. More rain is also forecast through the end of March
· ATI Research: U.S. corn balance sheet; 16/17 carryout est. at 2.293 bbu; U.S. sorghum; 16/17 carry-out at 38 mbu
SOYBEANS/WHEAT
· ATI Research: Near-term U.S. soybean export forecast declined from 23.5 mbu last week to 21.0 this week. This compares to 16.2/week last year; the 5-year average. of 21.1; and the latest 4-week average of 35.6
· Consultant: Brazil 16/17 soybean production estimate is increased 1.0 MMT to 108.0 MMT (vs. 96.5 last year) due to a favorable end to the growing season in Rio Grande do Sul (southern Brazil) and across northeastern Brazil
· ATI Research: Near-term U.S. wheat export forecast is 20-25 mbu/week v. 13.6 last year & latest 4-week avg. of 21.1
· Weather: The latest NWS 6-10 day forecast released on Monday afternoon is calling for above-normal precip for U.S. Southern Plains HRW wheat
ENERGY
· Higher: CLJ17, +$0.40 @ $48.62; EBK, +$0.46; EBK-CLK, +$.07, $2.78; RBJ, +$.0167;NGJ, +$0.035; HOJ, +$.0178
· Cash ethanol markets were mixed on Monday: Chicago off 1 ½; New York declined 2 ½; Gulf eased 1 ¼; Tampa increased ¼; Dallas added ¾; but LA was a penny lower at $1.65 ½ per gallon
· Ethanol RINs stronger Mon.: 2015’s gained 6 ¼ to 36 ½-48; 2016’s up 6 ¼ to 38 ½-50; & 2017’s added 6 ¼ to 38 ½-50
· The April RBOB/April ethanol spread widened further, $.0244 to +$.08230/gallon,premium RBOB
LIVESTOCK/POULTRY  
·  Choice boxed beef values firmed 33-cents on Monday to $223.76, and are $3.21 higher compared to a week ago
· 5-Area Weekly Weighted Average Steer price up $3.41 v. last week at $128.64/cwt, but is $10.54 lower v. last year
· USDA mandatory pork carcass cutout declined 66-cents on Mon. to $80.40, and is $1.45 lower vs. last week
· Current nearby board hog crush value is $46.04/cwt vs. last week’s $45.75, last month’s $47.00 & last year’s $53.69
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather