HIGHLIGHTS
· MARKET TREND: CK, Down $.0150; SK, Down $.0375; WK, Down $.02; KWK, Down $.0050
· Global equity markets are fairly docile as they await the latest Federal Reserve announcement on the state of the U.S. economy and direction of interest rates.ASIA: Mostly lower with the Nikkei and Hang Seng dropping .83% and .15%, respectively. Shanghai posted a .21% gain. EUROPE: Higher with gains of .11% and .13% noted for the FTSE & CAC 40; the DAX is up .48%. U.S.: DOW futures, +14; NAS, +4.25; S&P, +1. EXTERNALS: Gold, +$2.70; $ Index, +.162 @ 96.885; April, WTI, +$.75 @ $37.09
· Weather: Mostly dry weather occurs across the U.S. Delta today followed by increased rainfall on Thursday-Friday. Temps near to above normal throughFriday and then turning below normal for the weekend. Dry weather is also projected for Central and Southern Plains wheat through Monday, with the exception of possible mixed precip on Friday. Temps remain above normal through Thursday before dipping below normal on Friday. Scattered rain continues to slow soybean harvest in Northern Brazil this week while Argentina stays dry, which supports early corn harvest
· CK, Down $.0150 @ $3.67; CN, Down $.0175 @ $3.7175. The funds sold 1 K.
· SK, Down $.0375 @ $8.8825; SN, Down $.0375 @ $8.94. Funds: sold 3 K SB; 3 K SBM & bought 1 SBO.
· WK, Down $.02 @ $4.7525; WN, Down $.0175 @ $4.8275. The funds sold 1 K yesterday
CORN/SORGHUM   <wbr>      
·   ATI Research: Bias on U.S. corn exports over the next month is 38-39 mbu per week
· Consultant: There are areas of northern Buenos Aires, Argentina and Entre Rios where corn yields are below expectations due to dry weather in January, but they are the exception and not the rule
· U.S. National Weather Service on Thursday to release long-range projections for the remainder of spring and summer
· May 2016 corn futures closed at $3.68 ½ on Tuesday; one year ago, May 2015 corn futures settled at $3.71
· Ethanol margins: $0.20 per gallon—up from $0.19 last week but below $0.40 last year. EIA report at 9:30 a.m. CST
SOYBEANS/WHEAT
· ATI Research: U.S. soybean exports during the next 4 weeks are projected to average 30-32 mbu
· Consultant: The weather in Argentina continues to be favorable for the soybean crop and the majority of the crop is now filling pods under nearly ideal conditions
· ATI Research: U.S. all wheat exports are forecast to average 12-17 mbu per week over the next month
· USDA crop condition ratings for 2016 Kansas wheat as of March 13 pegged at 56% Good/Excellent, which is unchanged from last week but above 41% for the 2015 crop at the same time a year ago
ENERGY
· Higher: CLJ16, +$0.75, $37.09; EBK, +$0.70; EBK-CLK, +$2.35, -$.05; RBJ, +$.0043; NGJ, +0.023; HOJ, +$.02
· EIA estimates: crude, +3.3 (API: +2.5); Gasoline, -2.6 (-1.2); Distillates, -0.8 (-0.8)
· A mostly steady trend was seen in cash ethanol markets on Tuesday: Chicago down 1/8; New York declined 1; Gulf, Tampa and Dallas were all unchanged; and LA was also steady at $1.55 ½ per gallon
· Ethanol RINs firmed: 2014’s added 5/8 to 71 ½-72; 2015’s up 5/8 to 71 ½-72; and 2016’s gained 3/8 to 71 ¼-71 ¾
· The April RBOB/April Ethanol inverse increased $.0084 to -$.0238/gal in yesterday’s trade
LIVESTOCK/POULTRY   </wbr>
· Choice boxed beef values increased $3.54 on Tuesday to $231.01 & have gained $10.76 (4.9%) the past 5 trading days
· April 2016 live cattle futures Tuesday closed at $140.425--the highest settlement price for the contract since Nov. 3
· USDA mandatory pork carcass cutout eased $1.04 on Tuesday, and at $75.19 is 20-cents lower vs. last week
· CME Lean Hog Index gained $0.04 to $66.79. April futures were $0.05 lower but are still $3.935 above the index
Sources: Bloomberg, Dow Jones, AP