HIGHLIGHTS
· MARKET TREND—Weaker: CH, down $.0150; SH, down $.0025; WH, down $.0225; KWH, down $.0125
· MACRO: Trump Effect—immigration ban, Mexico, Iran and Aussie remarks have some pundits worried about business confidence & economy; markets are mixed. ASIA-Weaker: Nikkei, +0.02%; Hang Seng, -0.24%; Shanghai, -0.59%. EUROPE-higher: FTSE, +0.52%; DAX, +0.23%; CAC, +0.79%. Wall STREET-Premarkets firm: DOW, +40; S&P, +4.50; NASDAQ, +8.50. EXTERNALS: $ Index, +0.257 @ 100.045; Gold, -$4.20 @ $1,214; and Mar Crude is up $0.17 @ $53.71
· T-storm Weather: In northern growing areas of Brazil, numerous thunderstorms occur through early next week, maintaining areas of wetness. A strong cool front blows into the region Tue.-Wed., igniting additional rainfall, after which occasional thunderstorms continue. In the end, rainfall of 3.00" to 6.00" is most probable through Feb. 14. In Argentina, a strong system triggers thunderstorms within Friday-Sunday, resulting in generalized rainfall of 1.00" to 2.00"
· Corn: CH down $.0150 @ $3.66; CK down $.0150 @ $3.7350. Funds ended the day even
· SB: SH dn $.0025 @ $10.37; SK dn $.0050 @ $10.4675. Funds: even SB; sld 3 K SBM; bot 4 SBM. Crush: $.78, -$.02; LY: $.58
· Wheat: WH down $.0225 @ $4.3225; WK down $.03 @ $4.44. The funds purchased 4 K Thursday
CORN/SORGHUM
· ATI Research: Unshipped U.S. corn export sales of 809 mbu are highest back to 1988/89. It’s doubtful foreign buyers will be able to switch much of this to S America, so demand for U.S. corn looks pretty stellar for some time to come
· Consultant: After drought severely impacted Brazil’s safrinha (double crop) corn in 2016, Brazilian producers may take a conservative approach in moving first crop corn production this year
· T-storm Weather: Potential for more rain past 2/15 in Brazil, esp. across northern quarter to third of double crop corn
· Projected 2017 crop insurance price for corn through Feb. 2 is $3.9538 vs. the 2016 final projected price of $3.86
SOYBEANS/WHEAT
· ATI Research: U.S. soybean export sales for 16/17 for week ending Jan. 26 of 22.9 mbu were within the trade range of 18-29, up 16% from last week and compare to net cancellations of 1.6 mbu during the same period last year
· T-storm Weather: After generalized rain over Fri.-Sun. in Argentina, a drier period follows in eastern areas; however, some thunderstorms gradually return to at least western growing areas from late next week forward (Feb. 10-15)
· ATI Research: U.S. 16/17 all wheat export sales for week end Jan. 26 of 16.6 mbu sharply above last year’s 2.4 mbu
· T-storm Weather: HRW wheat in U.S. central and southern Plains generally experience dry and seasonable to mild weather over the next two weeks as significant storm systems bypass the region due to a lack of humidity
ENERGY
· Higher: CLH17, +$0.17 @ $53.71; EBJ, +$0.34; EBH-CLH, $3.18, +$0.16; RBH, +$.0033;NGH, -$0.091; HOH, +$.0020
· A steady to higher trend was noted in cash ethanol markets on Thursday: Chicago gained 78/; New York added ¾; Gulf up 1 ¼; Dallas climbed 1; Tampa firmed ½; and LA was steady at $1.59 ½ per gallon
· Ethanol RINs steady to higher on Thu.: 2015’s unch at 40-44; 2016’s up ½ at 42-45; & 2017’s unch at 42-45
· The Mar RBOB/Feb ethanol spread retreated $.0542 to +0.0439/gallon Thursday, premium to RBOB
LIVESTOCK/POULTRY    
·   Choice boxed beef values eased 74-cents on Thursday to $193.01, but are still up a penny compared to last week
· Dressed steer weight for week end Jan. 21: 889 lbs, down 9 pounds v. last week, 900 for 4-week avg. & 899 last year
· USDA mandatory pork carcass cutout value firmed 69-cents on Thu. to $83.01, and is 61-cents higher vs. a week ago
· CME Lean Hog Index was up $0.56 on Thu. to $69.63. February futures gained $0.925 & are $0.72 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather