HIGHLIGHTS
· MARKET TREND—Weaker: CK, down $.0175; SK, down $.0550; WK, down $.0125; KWK, down $.0050.
· MACRO—Jobs, jobs, jobs. 197 K expected for February with unemployment falling to 4.7%. Markets are optimistic. ASIA—Mostly higher. Nikkei, +1.48%; Shanghai, -0.13%; Hang Seng, +0.29%. EUROPE—higher: FTSE, +0.48%; DAX, +0.67%; CAC,+-0.67%. Wall STREET-futures higher: DOW, +77; S&P, +9.50; NAS, +20.75. EXTERNALS: $ Index, +0.002 @ 101.855; Gold, -$6.70 @ $1,196; and April Crude, +$0.34 @ $49.62. Del’y: C, 0; SB, 258; SBM, 228; SBO, 91; HRW, 2; SRW, 24; ETOH, 0
· Weather: Episodes of scattered showers and thunderstorms impact southern areas of Brazil including Rio Grande do Sul and Parana from today through Sunday. Moderate to heavy totals are expected. Further north, dry conditions or just a few light showers with locally heavy amounts are forecast through Sunday across Mato Grosso, Mato Grosso do Sul and Goias. In Argentina, dry weather is forecast across Cordoba, Santa Fe and northern Buenos Aires today, with scattered rain on Saturday
· Corn: CK down $.0175 @ $3.6525; CH down $.0150 @ $3.5825. The funds unloaded 15 K on Thursday
· SB: SK dn $.0550 @ $10.0550; SH: dn $.05 @ $9.9525. Funds: sold 10 SB, 7 SBM, 7 SBO. Board Crush: 0.76, 0; LY; $.60
· Wheat: WK, down $.0125 @ $4.4275; WH, NA; settled $.0150 lower @ $4.26. Fund selling again totaled 3 K
CORN/SORGHUM
· May 2017 corn futures on Thursday closed at $3.67—the lowest settlement price for the contract since Jan. 31
· ATI Research: USDA WASDE a bit bearish, more so new-crop. Brazil production +5.0 MMT to 91.5, +37% v. last year. Argentina crop +1.0 MMT to 37.5, +20% v. 2016. Total Brazil/Argentina exports +3.5 MMT v. Feb., +57% v. last year
· Export sales of U.S. corn for week ending March 2: 29.2 mbu, down 7% v. 4-week avg. and 37% below last year’s 46.2
· Consultant: Brazil corn production est. at 86.0 MMT with a neutral to higher bias. Current range is a minimum of 84.0 MMT and a maximum of 92.0 MMT. Planting ofsafrinha (double crop) corn in Mato Grosso is 92% vs. 83% last year
SOYBEANS/WHEAT
· ATI Research: Big Brazil soybean crop got bigger in WASDE report. USDA increased Brazil production by 4.0 MMT to a record 108.0 MMT, while U.S. exports were lowered 0.68 MMT
· Export sales of U.S. soybeans week end March 2: 17.8 mbu, down 8% v. 4-week avg. but slightly above last year’s 17.5
· ATI Research: Considerable export competition ahead for U.S. wheat from larger southern hemisphere crops. Australia production +2.0 MMT to a record 35.0, +45% v. last year. Argentina crop +1.0 MMT to 16.0, +42% v. 2016
· Export sales of U.S. wheat week ending March 2: 14.4 mbu, down 14% v. 4-week avg. but up 19% v. last year’s 12.1
· Weather: Mostly dry forecast for U.S. HRW wheat in Central/Southern Plains on Fri. Light/moderate rain in east Sat.
ENERGY
· Higher: CLJ17, +$0.34 @ $49.62; EBK, +$0.29; EBK-CLK, $2.34, -$0.02; RBJ, +$.0065;NGJ, +$0.035; HOJ, +$.0068
· Cash ethanol markets rose on Thursday, led by 2 cent/gallon gains for Dallas & Tampa. LA was up 1 ½ to $1.59; the Gulf & Chicago were ¾ higher to $1.48 ¼ and $1.42 ¾, respectively. NY edged ¼ higher to $1.51 ¾
· Ethanol RINs were all off ½ cent: 2015’s, 36 ¾ -37 ¾; 2016’s, 37 ¾ -38 ¾; 2017’s, 38 -39
· The April RBOB/Apr ethanol spread lsot $.0313, closing at +$0.13630/gallon, premium RBOB
LIVESTOCK/POULTRY  
· Choice boxed beef values firmed $1.95 on Thursday to $215.56, up $7.21 vs. last week & highest since June 22, 2016
· ATI Research: USDA WASDE increases 2017 U.S. beef production forecast 250 mil lbs to 26.3 billion—up 4.1% v. 2016
· USDA mandatory pork carcass cutout declined 5-cents on Thu. to $80.74, but is $1.10 higher vs. last week
· ATI Research: USDA WASDE increases 2017 U.S. pork export forecast 230 mil lbs to 5.67 billion—up 8.4% v. 2016
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather