HIGHLIGHTS
· MARKET TREND—Mostly Weaker: CK, down $.0150; SK, down $.0325; WK, down $.0125; KWK, up $.0050
· MACRO—Doubts growing about Trump’s ability to implement economic policies; repeal/replace reaction as expected. ASIA—Mostly higher. Nikkei, -0.18%; Shanghai, +0.57%; Hang Seng, +0.36%; EUROPE—Mostly higher: FTSE, +0.05%; DAX, +0.07%; CAC, -0.30%. Wall STREET-futures are lower: DOW, -26; S&P, -4.00; NAS, -9.5011. EXTERNALS: $ Index, +0.105 @ 101.750; Gold, -$1.30 @ $1,224; and April Crude, +$0.20 @ $53.40. Del’y: C, 5; SB, 193; SBM, 223; SBO, 297; HRW, 0; SRW, 332; ETOH, 0
· T-storm Weather: In Argentina, heavy thunderstorms occur Wed.-Thu. and Sun.-Mon., producing generalized rainfall of 1.25" to 3.75" with highest coverage and amounts in eastern growing areas (especially Entre Rios). In Brazil, upper-level high pressure forms in the first sign of the impending dry season that begins in earnest in May in central and northern growing areas. Although thunderstorms will occur from time to time, unseasonably heavy totals will generally be limited to Para and Rio Grande do Sul
· Corn: CK down $.0150 @ $3.7450; CH down $.0150 @ $3.7125. Fund sales were estimated at 4 K Monday
· SB: SK dn $.0325 @ $10.34; SH: dn $.0250 @ $10.3375. Funds: Bot 4.5 SB; 3 SBM; sld 1 SBO. Board Crush: 0.72, 0; LY; $.58
· Wheat: WK, down $.0125 @ $4.4725; WH, up $.0150 @ $4.3975. The funds opened the week buying 4 K
CORN/SORGHUM
· U.S. corn exports of 56.9 mbu for week end March 2 marked the first consecutive weeks of 50+ since end of Sep. 2016
· ATI Research: Near-term U.S. corn export forecast model rose from 50.7 mbu to 55.2 per week, which is 5 mil above the past 4 weeks; 15.4 mbu more than last year’s up-coming 4-week performance; and 22 mil greater than 5-year avg.
· Consultant: The full-season corn in Rio Grande do Sul, Brazil is 50% harvested and yields continue to come in above initial expectations. However, Brazil’s full-season crop represents only one-third of the country’s corn production
· WASDE March 9: Avg. trade est. 16/17 Brazil corn crop, 87.6 MMT (86.5 in Feb); Argentina corn, 36.6 MMT (36.5 Feb)
SOYBEANS/WHEAT
· ATI Research: Near-term U.S. soybean export forecast continues to seasonally work lower, declining from 31.5 mbu last week to 28.0 this week. This compares to 27.0/week last year; 5-year avg. of 25.7; & latest 4-week avg. of 44.3
· WASDE March 9: Avg. trade est. 16/17 Brazil soybean crop, 106.1 MMT (104.0 Feb); Argentina soy, 55.1 MMT (55.5)
· Consultant: Brazil soybean production est. increased 1.0 MMT to 106.0; generally, yields continue to be very good
· ATI Research: Near-term U.S. wheat export forecast is 20-25 mbu/week v. 15.4 last year & latest 4-week avg. of 18.1
· T-storm Weather: Several systems flow directly across the central U.S. over the next two weeks. The end result is that 1.25”-3.75” of precip occurs; wettest with eastward extent and including most SRW wheat
ENERGY
· Firmer: CLJ17, +-$.20 @ $53.40; EBK, +$0.16; EBK-CLK, $2.31, +$0.01; RBJ, +$.0208;NGJ, -$0.066; HOJ, +$.007289
· Cash ethanol markets were mostly lower on Monday: Chicago and Dallas down 1; New York off ¾; Gulf eased ½; Tampa declined 1 ½; but LA was ½ higher at $1.63 per gallon
· Ethanol RINs firmed on Monday: 2015’s up 2 ¼ at 32 ½-37; 2016’s added 2 ¼ to 33 ½-38; & 2017’s gained 2 to 34-38
· The April RBOB/Apr ethanol spread settled at +$0.1663/gallon on Monday, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values increased $1.53 on Monday to $209.60, which is the highest level since July 7, 2016
· 5-Area Weekly Weighted Average Steer price up $0.36 v. last week at $124.76/cwt, but is $11.00 lower v. last year
· USDA mandatory pork carcass cutout was $1.82 higher on Mon. at $81.90, and is up $2.10 compared to a week ago
· Current nearby board hog crush value is $44.53/cwt vs. last week’s $46.05, last month’s $45.93 & last year’s $52.01
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather