HIGHLIGHTS

·        MARKET TREND—Mixed: CK, down $.01; SK, down $.0450; WK, up $.0025; KWK, steady.

·        MACRO—Still treading water ahead of Fed rate decision; NFIB survey results out today along with PPI.  ASIA—Slightly lower.  Nikkei, -0.12%; Shanghai, +0.05%; Hang Seng, -.01%.  EUROPE—Mostly lower:  FTSE, +0.15%; DAX, -0.04%; CAC,-0.23%.   Wall STREET-Futures lower:  DOW, -18; S&P, -2.50;  NAS, -3.50.  EXTERNALS: Sep $ Index, +0.215 @ 101.235;  Gold, +$0.20 @ $1,203.30; and April Crude, +$0.31 @ $48.71.  Del’y: SBM, 48; SBO, 82; C, 49; SB, 114; SRW, 37; HRW, 0; ETOH, 0

·        Weather: Dry conditions or just a few light showers forecast today-Wed. for northern areas of Brazil including Mato Grosso, Mato Grosso do Sul and Goias.  Temps above near to above normal.  Dry conditions or just a few light showers are also forecast today for southern areas of Brazil including Rio Grande do Sul and Parana.  Temps average near normal.  Mostly dry conditions affect key growing areas of Argentina today including Cordoba, Santa Fe and northern Buenos Aires.  Temps above normal

·        Corn: CK down $.01 @ $3.60; CH down $.0075 @ $3.5375.  The funds began the week selling 10 K         

·        SB: SK down $.0475 @ $10.0125; SH: down $.0625 @ $9.90.  Funds: sold 1 SB, 7 SBO, bot 2 SBM.  Board Crush:  0.75, -1; LY;  $.59

·        Wheat: WK, up $.0025 @ $4.3075; WH, down $.0025; @ $4.12.  The funds sold 8 KMonday

 CORN/SORGHUM

·        U.S. corn exports of 60.9 mbu for week end March 9 were a 16/17 marketing year high & 90% above last year’s total

·        ATI Research: Near-term U.S. corn export forecast model eased from 55.2 mbu to 53.0 per week, but that is still 3 mil above the past 4 weeks; 12.8 mbu more than last year’s up-coming 4-week total; and 20 mil greater than 5-year avg.

·        Consultant: Argentina 16/17 corn production estimate is increased 1.0 MMT to 37.0 MMT (vs. 29.0 last year).  Corn harvest underway across central Argentina with approx. 2% complete.  Early yields are higher than initially expected

·        The USDA this week will complete its survey in preparation for the release of the Grain Stocks report on March 31

·        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 dropped from 28.0 mbu last week to 23.5 this week.  This compares to 19.5/week last year; the 5-year average. of 23.3; and the latest 4-week average of 38.2

·        Consultant: Argentina 16/17 soybean production estimate is increased 1.0 MMT to 55.0 MMT (vs. 56.8 last year)

·        ATI Research: U.S. soybean balance sheet; 16/17 carryout est. at 429 mbu

·        ATI Research: Near-term U.S. wheat export forecast is 20-25 mbu/week v. 13.7 last year & latest 4-week avg. of 20.4

·        Weather: Latest NWS 8-14 day forecast through March 27 projecting above-normal precip for most U.S. HRW wheat

ENERGY

·        Higher: CLJ17, +$0.31 @ $48.71; EBK, +$0.39; EBK-CLK, +.05, $2.46; RBJ, +$.0077;NGJ, +$0.017; HOJ, +$.0055

·        Cash ethanol markets were mostly higher on Monday: Chicago up 3 7/8; New York firmed 1 ½; Gulf jumped 6; Dallas was unchanged; Tampa eased 1; and LA was ¾ higher at $1.64 ¼ ½ per gallon

·        Ethanol RINs weaker Mon.: 2015’s off 5/8 to 35 ½-36 ¼; 2016’s eased 5/8 at 36 ¼-37 ¼; & 2017’s fell 5/8 to 36 ½-37 ½

·        The April RBOB/Apr ethanol spread lost $.0324 on Monday, closing at +$0.04770/gallon, premium RBOB

Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather