HIGHLIGHTS
· TRENDS—Down! CK, -$.0450; SK, -$.12; WK, -$.0975; KWK, -$.0725. Del’y: SBM, 62; SBO, 26; RR, 5; C, 106; SB, 220
· What caught my eye: Given the potential impact on the U.S. economy, it seems that even a somewhat brief pull-back due to coronavirus could boost the 20/21 corn carry-out to over 3 bbu fairly readily
· Markets fear coronavirus economic impact. Asia: Lower: Nikkei, -4.41%; Shanghai, -1.52%; Hang Seng, -3.66%; EUROPE: Lower—DAX, -5.56%; FTSE, -5.37%; CAC, -5.49%. WALL STREET: Futures, Painfully lower--DOW, -1,189; S&P, -130.75; NAS, -388.75. EXTERNALS: April crude, -$1.82 @ $31.16; Gold: -$6.10 @ $1,636; Mar $ Index, +.298 @ 96.790
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T-storm Weather®: heavy thunderstorms broke dryness on soybeans in Buenos Aires yesterday, and several more rains affect Argentina this weekend, and next week as the flash drought and two-week heat wave quickly end. Drying second-crop corn in Brazil also turns wetter with time — starting over the next several days on the northern ~60% as tropical waves pass, but not for another week on the southern ~40% where heat continues
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CK, dn $.0450 @ $3.70; CN, dn $.04 @ $3.7250. Fund selling totaled 6 K at mid-week
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SK, dn $0.12 @ $8.6125; SN, dn $.12 @ $8.6850. Funds: Sold 2 SB; 1 SBO; 1 SBM. Board crush: $0.93 (K/K), +1; LY, $0.99
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WK, dn $.0975 @ $5.03; WN, dn $.0950@ $5.0375. Fund selling amounted to 6 K on Wednesday
CORN/SORGHUM
·   Export Sales report at 7:30 am CDT for the week ending Mar. 05; trade expects 24-47 mbu for 2019/20 corn sales
· T-storm Weather®: in Brazil, safrinha (double crop) corn in Goiás and Mato Grosso (~50% of production) gradually turns wetter from north to south over the next several days as tropical waves of energy to the north shift southward
· Consultant: in the largest safrinha (double crop) corn producing state of Mato Grosso in Brazil, corn acreage is up 5% compared to last year. The long range forecast is for good rains for the state for the remainder of March
· Ethanol grind: Total of 1,044,000 barrels/day for week ending March 6—dn 3.2% v. prior week but up 3.9% v. 2019
SOYBEANS/WHEAT
· Export Sales report at 7:30 am CDT for the week ending Mar. 05; trade expects 15-29 mbu for 2019/20 soybean sales; 125-400 for 19/20 soymeal; and 7-35 for 19/20 soyoil
· T-storm Weather®: In Argentina, substantial rain totals of 1.25”-2.50” are forecast for soybeans over the next 10 days
· Consultant: the soybean growth cycle in Argentina would be the equivalent of about mid-August in the U.S., making confirmation of forecasted rain very important to yield potential
· Export Sales report at 7:30 am CDT for the week ending Mar. 05; trade expects 7-22 mbu for 2019/20 wheat sales
· T-storm Weather®: U.S. HRW wheat receives at least 0.50”-1.50” over the next 10 days to develop or maintain adequate to favorable soil moisture leading into April
ENERGY
· Lower: CLJ20, -$1.82 @ $31.15; EBK, -$2.15 @ $33.64; EBK-QCLK, -0.46; RBJ, -.1049; NGJ, -.095; HOJ, -.0883
· Chicago ethanol lost $.02125 to $1.2275; basis, mixed: NYC, +$.00125 @ $.1025; Gulf, -$.04375 @ $.0875; Dallas, -$.01375 @ +$.0975; Tampa, -$.00375 @ +$.20750; LA, +$.00625 @ +$.22250
· Ethanol RINs values, weaker: 2018’s, -1.25 @ 22-32; 2019’s, -1.00 @ 30 -32; 2020’s, -1.00 @ 33 -35    
· The April RBOB/April ethanol spread inverted further, $.0248 to -$.1117 yesterday
LIVESTOCK/POULTRY  
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Choice boxed beef was 8-cents lower on Wednesday at $207.07, but is still up 35-cents compared to a week ago
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U.S. cattle slaughter for Wednesday was estimated at 123,000 head vs. 122,000 last week and 110,000 last year
· USDA mandatory pork carcass cutout value increased 51-cents on Wed. to $67.56, and is $2.88 higher vs. last week
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CME Lean Hog Index gained $0.48 on Wed. to $57.75. April futures lost $1.125 & are $6.125 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather®
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