HIGHLIGHTS
· MARKET TREND—Mixed: CK, down $.0025; SK, down $.0650; WK, up $.0275; KWK, up $.0250
· MACRO—Bond yields up, bank stocks rising as money lending margins improve; TrumpCare uncertainty limits gains. ASIA—Higher: Nikkei, +0.93%; Shanghai, +0.63%; Hang Seng, +0.13%. EUROPE—Lower: DAX, -0.12%; FTSE, -0.11%; CAC, -0.41%. Wall STREET-Futures are positive: DOW, +27; S&P, +1.75; NAS, +8.50. EXTERNALS: Sep $ Index, -0.013 @ 99.400; April Gold, -$3.30 @ $1,244; May Crude, +$0.33 @ $48.03
· Weather: Scattered light showers are forecast Fri. across southern Brazil including Rio Grande do Sul & Parana, but dry weather is projected for Sat. Temps are forecast to be near to above normal. A rainy pattern is forecast to continue through Sunday for northern Brazil including Mato Grosso, Mato Grosso do Sul & Goias. Temps are forecast to be near to above normal. Dry weather is forecast Fri. across Argentina including Cordoba, Santa Fe & northern Buenos Aires, with near to above normal temps
· Corn: CK down $.0025 @ $3.5650; CN down $.0025 @ $3.6425. Fund selling slowed somewhat, 6 K onThursday
· SB: SK down $.0650 @ $9.8450; SN dn $.0650 @ $9.95. Funds: sold 6 SB, 4 SBM, 2 SBO. Board Crush: $.80, -1; LY; $.58
· Wheat: WK up $.0275 @ $4.2375; WN, up $.0225 @ $4.3825. The funds were sellers of 3 K yesterday
CORN/SORGHUM
· ATI Research: Impact on domestic demand for corn in Brazil as a result of a potential long-term loss of the country’s broiler export market would be significant, freeing up an estimated 415 mbu of corn for export and/or stock building
· Weather: Showers and thunderstorms develop today across the U.S. western Corn Belt. Widespread rainfall spreads into the central and eastern Corn Belt on Saturday. Heaviest amounts (+1.00”) likely across central & northern areas
· Export sales of U.S. corn for week ending March 16: 53.0 mbu, up 59% v. 4-week avg. and 68% above last year’s 31.6
· Consultant: Later planted corn in Argentina is in the process of filling grain & is generally rated in very good condition
SOYBEANS/WHEAT
· Export sales of U.S. soybeans week end March 16: 27.1 mbu, up 72% v. 4-week avg. & 79% above last year’s 22.9. In contrast, export sales of soymeal of 134,300 MT were 49% below the 4-week avg. and down 71% vs. last year’s 468.7
· Consultant: Most Argentina farmers are expecting very good soybean yields with the exception of previously flooded areas the previously dry areas of southern Buenos Aires province
· Weather: While U.S. HRW wheat in the Central and Southern Plains is forecast to see only light precip through the weekend, longer-range models continue to forecast above-normal rainfall starting in the middle of next week
· Export sales of U.S. wheat week ending March 16: 15.4 mbu, up 17% v. 4-week avg. and up 13% v. last year’s 13.6
ENERGY
· Lower: CLK17, +$0.33 @ $48.03; EBK, $+0.33 @ $50.89; EBK-QCLK, +.02; RBK, +$.0079; NGK, -$0.006; HOK, +$.0089
· A mixed trend was noted in cash ethanol markets on Thursday: Chicago eased ½; New York fell 1 ¾; Gulf declined ¼; Tampa and Dallas added ½; and LA was 2 3/8 higher at $1.67 per gallon
· Ethanol RINs were higher Thu.: 2015’s up 1 to 54-57; 2016’s increased 1 to 56-59; & 2017’s added 1 ½ to 57-59
· The April RBOB/April ethanol spread again narrowed, $.0123 yesterday to+$.05260/gallon, premium RBOB
LIVESTOCK/POULTRY    
· Choice boxed beef values were 72-cents lower on Thursday at $222.28, and are down 8-cents vs. last week
· Estimates for today’s USDA Cattle on Feed: Mar 1 on feed, 100.1%; Feb placements, 98.9%; Marketed in Feb 103.3%
· USDA mandatory pork carcass cutout was $1.75 lower on Thursday at $76.83, and is the lowest since Dec. 14, 2016
· CME Lean Hog Index fell $0.12 on Thu. to $71.29. April futures were $1.20 higher but are still $1.94 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather