HIGHLIGHTS
· MARKET TREND—Weaker: CK, down $.0175; SK, up $.0025; WK, down $.03; KWK, down $.0450.
· MACRO—Flat to weaker opening expected on Wall Street; market prepares for a rate hike, no major data reports out. ASIA—Higher. Nikkei, +0.15%; Shanghai, +0.76%; Hang Seng, +1.11%. EUROPE—Higher: FTSE, +0.21%; DAX, +0.16%; CAC,+0.14%. Wall STREET-Futures lower: DOW, -3; S&P, -2 NAS, -3.25. EXTERNALS: $ Index, +0.093 @ 101.340; Gold, +$6.20 @ $1,207.60; and April Crude, +$0.39 @ $48.10. Del’y: SBM, 90; SBO, 209; C, 49; SB, 193; SBO, 91; SRW, 12; HRW, 0; ETOH, 0
· Weather: Scattered to widely scattered light to locally moderate showers may develop today across northern areas of Brazil including Mato Grosso, Mato Grosso do Sul and Goias. Temps should moderate somewhat after recent above normal trend. Drier conditions are forecast for southern areas of Brazil including Rio Grande do Sul and Parana following recent heavy rain. Mostly dry conditions impact key growing areas of Argentina today including Cordoba, Santa Fe and northern Buenos Aires
· Corn: CK down $.0175 @ $3.6250; CH down $.0175 @ $3.5525. The funds sold 8 K to end the week
· SB: SK up $.0025 @ !0.0075; SH: up $.0075 @ $9.97. Funds: sold 5 SB, 3 SBM, 5 SBO. Board Crush: 0.76, 0; LY; $.57
· Wheat: WK, down $.03 @ $4.3750; WH, NA; settled $.0325 lower @ $4.2275. The funds sold 4 K on Friday
CORN/SORGHUM
· December 2017 corn futures on Fri. closed at $3.86 ½; one year ago, December 2016 corn futures settled at $3.82 ¾
· Consultant: The USDA’s 5.0 MMT increase in Brazil corn production in last week’s Supply/Demand report seems a bit aggressive given the key part of the growing for thesafrinha (double crop) is still ahead
· The USDA this week will complete its survey of producers in preparation for the release of the Prospective Plantings report on March 31
· Export Inspections released at 10 AM CDT; Corn, 44.2 mbu needed; 56.9 last week. Milo—3.8 needed; 2.2 last week
SOYBEANS/WHEAT
· November 2017 soybean futures on Fri. closed at $9.99 ¾; one year ago, November 2016 futures settled at $9.06 ¾
· Consultant: Bias at the moment is given current weather conditions, there appears to be upside potential in the size of the soybean crop in Argentina
· Export Inspections released at 10 AM CDT; Soybeans, 15.3 mbu needed; 33.9 last week
· CBT July 2017 wheat futures on Fri. closed at $4.56 ¼; one year ago, July 2016 futures settled at $4.82 ¾
· Weather: Mainly dry weather impacts U.S. HRW wheat today across the Central and Southern Plains
· Export Inspections released at 10 AM CDT: Wheat, 23.8 needed; 19.7 last week.
ENERGY
· Lower: CLJ17, -$0.39 @ $48.10; EBK, -$0.32; EBK-CLK, +.06, $2.40; RBJ, -$.0195; NGJ, +$0.045; HOJ, -$.0039
· Cash ethanol markets were firmed on Friday: Chicago gained 3; New York added 3 ¼; Gulf climbed ½; Dallas increased 2 ½; Tampa up 2; and LA was 3 ½ higher at $1.63 ½ per gallon
· Ethanol RINs declined Friday: 2015’s down ¾ to 36-37; 2016’s down 7/8 at 36 ¾-38; and 2017’s off 7/8 at 37-38 ¼
· The April RBOB/Apr ethanol spread dropped $.0562 on Friday, to close at +$0.08010/gallon, premium RBOB
LIVESTOCK/POULTRY  
·  Choice boxed beef values soared $4.27 on Friday to $219.83, is $11.76 vs. last week & highest since June 17, 2016
· Dressed steer weight for week end Feb. 25: 878 lbs., down 3 lbs v. last week, 882.75 for 4-week avg. & 887 last year
· USDA mandatory pork carcass cutout gained 78-cents on Friday to $81.52, and is up $1.44 compared to a week ago
· CME Lean Hog Index eased $0.08 on Fri. to $72.51. April futures were $0.10 higher but are $4.335 below the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather