HIGHLIGHTS
· MARKET TREND—Lower; CK, down $.0175; SK, down $.0125; WK, down $.0275; KWK, down $.0175
· MACRO—Stocks are struggling, treading water ahead of ECB tomorrow & Fed next week. ASIA—Mostly lower, Japan GDP revised up, but. Nikkei, -0.47%; Shanghai, -0.04%; Hang Seng, +0.43%; EUROPE—Mostly lower: FTSE, -0.11%; DAX, +0.26%; CAC, -0.14%. Wall STREET-futures mixed: DOW, +2; S&P, 0; NAS, +1.50. EXTERNALS: $ Index, +0.115 @ 101.920; Gold, -$2.70 @ $1,213; and April Crude, -$0.43 @ $52.71. Del’y: C, 49; SB, 238; SBM, 234; SBO, 816; HRW, 229 SRW, 332
· T-storm Weather: Heavy thunderstorms affect much of Argentina Wed.-Thu., followed by a few more thunderstorms through Sunday, after which five to seven days of dry weather begin. Temperatures remain cool. Far southern Brazil also receives heavy rain into early next week, most notably in Rio Grande do Sul where some areas received heavy rain last weekend. Except for Para (including problem areas of highway BR-163), rain will be limited in central and northern areas of Brazil over the next week
· Corn: CK down $.0175 @ $3.7425; CH down $.0175 @ $3.6775. The funds sold 3 K onTuesday
· SB: SK dn $.0125 @ $10.24; SH: dn $.0150 @ $10.1325. Funds sales: 5 SB, 2 SBM, 3 SBO. Board Crush: 0.73, +1; LY; $.58
· Wheat: WK, down $.0275 @ $4.5375; WH, down $.0225 @ $4.36. Fund selling estimated at 1 K on Tuesday
CORN/SORGHUM
· ATI Research: U.S. corn ending stocks for 16/17 estimated at 2.285 bbu—up 24 mil v. last week; 17/18 ending stocks estimated at 2.363 bbu, dn 27 mil. v. last week
· Census on Tuesday pegged January U.S. corn exports at 182 mbu, up 12% vs. December and 72% above last year
· Census on Tuesday pegged January U.S. sorghum exports at 40 mbu, up 18% vs. December and 33% above last year
· Ethanol margins: $0.13 per gallon—down from $0.19 last week and $0.27 in 2016. EIA report at 9:30 AM CST
· Consultant: Argentina corn production est. is steady at 36.0 MMT. In general, early yields are better than expected
SOYBEANS/WHEAT
· ATI Research: U.S. soybean ending stocks for 16/17 estimated at 389 mbu—unchanged v. last week; 17/18 estimated at 402 mbu, also unchanged from a week ago
· Census on Tuesday pegged January U.S. soybean exports at 273 mbu, down 6% vs. December but 25% above last year
· Census on Tue. pegged January U.S. soymeal exports at 1.052 mil tons, up 47% vs. December and 31% above last year
· T-storm Weather: At least some light precip is probable over the next 10 days in key HRW wheat areas of U.S. Plains
· Census on Tuesday pegged January U.S. wheat exports at 70 mbu, down 9% vs. December but 29% above last year
ENERGY
· Mixed: CLJ17, -$.43 @ $52.71; EBK, -$0.35; EBK-CLK, $2.34, +$0.06; RBJ, +$.0101;NGJ, +$0.081; HOJ, -$.0015
· EIA Report Estimates (API): crude oil, +1.7 (+11.6); Gasoline, -1.7 (-5.0); Distillates, -1.3 (-2.9)
· A weaker trend was noted in cash ethanol markets on Tuesday: Chicago and Gulf fell 1 5/8; New York off 1 3/8; Dallas declined 4; Tampa eased 2 ½; and LA was 1 ½ lower at $1.61 ½ per gallon
· Ethanol RINs higher Tue.: 2015’s gained 2 ¼ to 36 ½-37 ½; 2016’s up 2 ¼ to 37 ½-38 ½; & 2017’s firmed 2 ½ to 37 ½-39
· The April RBOB/Apr ethanol spread widened $.0217, to +$0.18880/gallon in Tuesday’strade, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values firmed $2.40 on Tuesday to $212.00, and are $7.27 higher compare to last week
· Over the past 14 trading days, choice boxed beef has increased $23.66 (12.6%) and is the highest since June 24, 2016
· USDA mandatory pork carcass cutout declined 42-cents on Tue. to $81.48, and is 19-cents lower vs. a week ago
· CME Lean Hog Index eased $0.23 on Tue. to $72.69. April futures were up $0.875 but are $4.64 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather