HIGHLIGHTS
· MARKET TREND—Steady/Firm: CK, unch; SK, up $.0250; WK, Up $.0075; KWK, up $.0025
· MACRO—Markets pause, they are near an all-time high; doubts of simultaneously achieving economic growth, a large U.S. stimuls package, deregulation, lower taxes & budget impact. ASIA—Lower. Nikkei, -0.35%; Shanghai, -0.97%; Hang Seng, +0.09%. EUROPE—Firmer: DAX, -0.02%; FTSE, +0.13%; CAC, +0.38%. Wall STREET-futures mixed: DOW, +2; S&P, -0.75; NAS, +3.75. EXTERNALS: Sep $ Index, -0.145 @ 99.85; Gold, +$1.40 @ $1,228.50; and April Crude, +$0.18 @ $48.93
· Weather: Episodes of scattered showers & thunderstorms continue today across southern Brazil including Rio Grande do Sul and Parana. Precip ends on Saturday; moderate to heavy totals are expected. Dry conditions on Sunday. Temps are forecast to be variable. Scattered showers and thunderstorms are forecast for northern Brazil from today through Monday, with variable temps. Dry weather continues across key growing areas of Argentina through Tuesday. Temps are forecast to be variable
· Corn: CK unch @ $3.66; CN unch @ $3.7350. The funds bought 5 K Thursday
· SB: SK up $.0250 @ $10.4 SN up $.0225 @ $10.1375. Funds: Bot 2 SB, 3 SBM, 0 SBO. Board Crush: 0.78, +1; LY; $.54
· Wheat: WK, up $.0075 @ $4.3675; WN, up $.0050 @ $4.5150. Fund buying: 3 K again
CORN/SORGHUM
· NWS April forecast, Midwest corn: Above-normal temps most of Corn Belt, except Minnesota & Nebraska (equal chance above/below). Above-normal rain for the northwest Corn Belt, equal chance above/below- normal elsewhere
· ATI Research: Projected increase in South American corn production of 1.3 bbu compared to last year could result in a significant decline in PNW corn exports this fall
· Export sales of U.S. corn for week ending March 9: 49.4 mbu, up 70% v. 4-week avg. and 2% above last year’s 48.3
· Consultant: Weather in central Brazil has started to dry out. Will be monitored closely for safrinha (double crop) corn
SOYBEANS/WHEAT
· Export sales of U.S. soybeans week end March 9: 17.3 mbu, down 8% v. 12-week avg. & 24% below last year’s 22.9. In contrast, export sales of soymeal of 389,500 MT were 58% above the 4-week avg. and more than 4X last year’s 83.4
· Consultant: The soybean harvest in Mato Grosso, Brazil (top soybean producing state) should essentially be completed sometime next week, which if accomplished, would probably be a record early completion date
· NWS April forecast, Central/Southern Plains HRW wheat: Above-normal temps except Nebraska, South Dakota & Montana (equal chance). Equal chance above/below normal rain for all areas except South Dakota, Montana (above)
· Export sales of U.S. wheat week ending March 9: 9.7 mbu, down 38% v. 4-week avg. but up 24% v. last year’s 7.8
ENERGY
· Firm: CLJ17, +$0.18 @ $48.93; EBK, +$0.16; EBK-CLK, -$.01, $2.49; RBJ, +$.0061; NGJ, -$0.004; HOJ, +$.0048
· A stronger trend was evident in cash ethanol markets on Thursday: Chicago up 2 ¼; New York increased 3 ½; Gulf climbed 2; Dallas firmed 1 ½; Tampa added ½; and LA was 2 ½ higher at $1.66 ½ per gallon
· Ethanol RINs up on Thu.: 2015’s added 1/8 to 34-36; 2016’s gained 1 1/8 to 36-38; & 2017’s climbed 1 1/8 to 36-38
· The April RBOB/Apr ethanol spread continues to firm, gaining $.0092 to+$.03820/gallon, premium RBOB
LIVESTOCK/POULTRY    
· Choice boxed beef values increased $1.04 on Thursday to $222.36, and are up $6.80 vs. a week ago
· April live cattle futures on Thursday closed at $119.20, the highest settlement price for the contract since Jan. 19
· USDA mandatory pork carcass cutout declined 96-cents on Thu. to $80.72, and is 2-cents lower v. last week
· CME Lean Hog Index eased $0.15 on Thu. to $71.84. April futures declined $0.175 and are $1.94 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather