HIGHLIGHTS
· MARKET TREND—Mixed: CH, up $.0075; SH, up $.0325; WH, down $.0175; KWH, down $.0225
· MACRO—Stock markets are mostly weaker today as profit-taking occurs prior to the weekend after recent sharp gains. ASIA—Weaker: Nikkei, -0.45%; Shanghai, +0.1%; Hang Seng, -0.62%; EUROPE—Lower: FTSE, -0.74%; DAX, -1.49%. Wall STREET-Pre markets are mixed: DOW futures, -85; S&P, +3; NASDAQ, -24. EXTERNALS: $ Index, -0.278 @ 100.775; Gold, +$6.59 @ $1,256; and April Crude, -$0.37 @ $54.08
· T-storm Weather: Isolated thunderstorms mix with very warm & hot weather in Argentina over the next week. Changes occur from March 2 forward as better-organized thunderstorms occur with 1.00"-2.00" most common through 10 days. To the north, scattered thunderstorms continue in northern areas of Brazil through Sunday, including wettest areas of Mato Grosso. A wetter period follows in all areas as new thunderstorms result in 3.00"-6.00" amounts in northern areas through 10 to 14 days
· Corn: CH up $.0075 @ $3.6925; CK up $.005 @ $3.73. The funds sold 15 K on Thursday
· SB: SH up $.0325 @ $10.1475; SK up $.03 @ $10.2550. Funds: sold 8 SB; 6 SBM; and bought 5 SBO.
· Wheat: down $.0175 @ $4.3625; WK down $.015 @ $4.52. Funds sold 2 K on Thursday  
CORN/SORGHUM
· Export Sales to be released at 7:30 AM CST. Trade expects 31-43 for 16/17 corn
· USDA Ag Outlook Forum: 2017 U.S. corn plantings est. at 90.0 mil acres v. avg. trade guess of 90.8 (range 89.0-92.5)
· Ag Outlook Forum: 17/18 U.S. avg. farm price for corn forecast at $3.50 compared to current 16/17 midpoint of $3.40
· Ethanol grind: 1,034,000 barrels/day for week end Feb. 17—down 0.6% vs. last week but up 4.0% vs. last year
· T-storm Weather: Swaths of Mato Grosso, Brazil have been unusually wet since mid-January, with more than 20.00” of rain having fallen in some areas, especially in western and northeastern growing areas
SOYBEANS/WHEAT
· Ag Outlook Forum: 2017 U.S. soybean plantings est. at 88.0 mil acres vs. the avg. trade guess of 88.3 (range 86.5-92.5)
· Ag Outlook Forum: 17/18 U.S. avg. farm price for soybeans forecast at $9.60 vs. the current 16/17 midpoint of $9.50
· Export Sales report. Trade expects 20-31 mbu for 16/17 soybeans; soymeal, 100-300 K MT; soyoil, 5-25
· Ag Outlook Forum: 2017 U.S. all wheat plantings est. at 46.0 mil acres vs. avg. trade guess of 46.5 (range 41.3-52.0)
· Ag Outlook Forum: 17/18 U.S. avg. farm price for all wheat forecast at $4.30 vs. the current 16/17 midpoint of $3.85
· Export Sales report. Trade expects 13-20 mbu for 16/17 all wheat
· T-storm Weather: Best rain/snow chances next 2 weeks outside of U.S. HRW wheat belt, as is normal into late March
ENERGY
· Lower: CLJ17, -$0.37 @ $54.08; EBJ, -$0.30; EBJ-CLJ, $2.20, +$0.09; RBH, -$.0136;NGH, +$0.034; HOH, -$.0129
· Cash ethanol markets were mostly weaker on Thursday: Chicago down ¾; New York increased 2; Gulf declined 1; Tampa eased ½; Dallas off 1; and LA was ½ lower at $1.69 ½ per gallon
· Ethanol RINs firmed on Thu.: 2015’s added 1 ¾ to 48-50; 2016’s up 2 at 48-51; & 2017’s increased 2 to 48 ½-51
· The Mar RBOB/Mar ethanol spread is at +$0.0088/gallon, premium RBOB and .0158 weaker
LIVESTOCK/POULTRY    
·  Choice boxed beef values declined $1.66 on Thursday to $196.19 and are $6.97 higher vs. a week ago
· Estimates for today’s USDA Cattle on Feed: Feb 1 on feed, 100.7%; Jan placements, 111.1%; Marketed in Jan 109.8%
· USDA mandatory pork carcass cutout was 21-cents lower on Thu. at $79.55 and is down $4.88 compared to last week
· CME Lean Hog Index gained $0.09 on Thu. to $77.73. April futures fell $1.175 and are $11.155 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather
Brian Basting
mail to: bbasting@advance-trading.com
http://www.advance-trading.com