HIGHLIGHTS
· MARKET TREND—Lower: CK, down $.0025; SK, down $.0150; WK, down $.0225; KWK, down $.03
· MACRO—Concernts mount over Trump’s ability to deliver campaign promises—health care, tax cuts and infrastructure development. ASIA—Weaker: Nikkei, -2.13%; Shanghai, -0.50%; Hang Seng, +1.11%. EUROPE—Lower: DAX, -0.67%; FTSE, -0.92%; CAC, -0.71%. Wall STREET-Futures are negative: DOW, -48; S&P, -3.50; NAS, -8.50. EXTERNALS: Sep $ Index, +0.11 @ 99.66; April Gold, -$1.15 @ $1,245; May Crude, -$0.70 @ $47.55
· Weather: Dry conditions are just a few light showers are forecast through Fri. across southern Brazil including Rio Grande do Sul & Parana. Temps forecast to be near to above normal. Alternatively, near daily episodes of scattered showers & thunderstorms occur across northern Brazil over the next week. Temps are forecast to be near to above normal. Scattered light showers are forecast today across Argentina including Cordoba, Santa Fe & northern Buenos Aires. Temps near to above normal
· Corn: CK down $.0025 @ $3.61; CN down $.0025 @ $3.6850. The funds sold another 8 K in Tuesday’s trade
· SB: SK down $.0150 @ $10.00; SN dn $.0125 @ $10.1050. Funds: 0 SB; sld 1 SBM, bot 5 SBO. Board Crush: $.80, +1; LY; $.59
· Wheat: WK down $.0225 @ $4.2425; WN, down$.02 @ $4.4025. Fund selling was estimated at 5 K yesterday
CORN/SORGHUM
· Consultant: Argentina corn crop production estimate is unchanged at 37.0 MMT. Corn harvest nationwide is 10% complete vs. 5% last year. Early yields continue to be reported as better than expected
· ATI Research: A review of the USDA March Prospective Plantings report shows that the actual corn planting estimate has been equal to or above the average pre-report trade average in 5 of the past 6 years
· NWS forecasting widespread coverage of above-normal rain across dry areas of U.S. Corn Belt Sat.-Sun. (March 25-26)
· Ethanol margins: $0.12 per gallon—down from $0.19 last week and below $0.21 in 2016. EIA report at 9:30 AM CDT
SOYBEANS/WHEAT
· Consultant: Argentina soybean estimate was left unchanged at 55.0 MMT. Last week was another good week for the soybean crop in Argentina. Nearly all the crop has ample soil moisture during the critical pod filling period
· ATI Research: A review of the USDA March Prospective Plantings report shows that the actual soybean planting estimate has been equal to or below the average pre-report trade average in 5 of the past 6 years
· Weather: Dry conditions are just a few light showers forecast for U.S. Central/Southern Plains wheat through Thu.
· Wheat across most of the EU remains in good condition as spring begins
ENERGY
· Lower: CLK17, -$0.68 @ $47.56; QAK, $-0.74 @ $50.22; RBK, -$.0099; NGK, -$0.037;HOK, -$.0186
· EIA Report Estimates (API): crude oil, +2.1 (+4.5); Gasoline, -2.0 (-4.9); Distillates, -1.7 (-0.8)
· A mixed trend persisted in cash ethanol markets Tuesday: Chicago down ½; New York up ¼; Gulf off ¾; Tampa firmed ¼; Dallas eased ¾; and LA was a penny lower at $1.64 ½ per gallon
· Ethanol RINs very strong Tue.: 2015’s up 10 ¾ to 48-58; 2016’s firmed 10 ¾ to 50-60; & 2017’s jumped 10 ¾ to 50-60
LIVESTOCK/POULTRY  
· Choice boxed beef values increased $1.07 on Tuesday to $224.93, and are up $4.79 vs. last week
· April live cattle futures on Tue. closed at $119.90, the highest settlement price for the contract since March 17, 2016
· USDA mandatory pork carcass cutout firmed a penny on Tue. to $80.41, but is still down $2.04 vs. a week ago
· CME Lean Hog Index eased $0.13 on Tue. to $71.48. April futures fell $0.65 and are $3.48 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather